Guest: Alexandra J. Miele, CFP®, Managing Director, Partner, and Chief Business Development Officer with The Andriole Group. Within the practice, Alex specializes in working with high-net-worth individuals and multigenerational families.
In a Nutshell: Referrals can be an important part of fixing the organic growth problem that has stalled many firms since the economy cooled. But if you’re just waiting around for clients to sing your praises to friends and family, you might be waiting forever. Referrals don’t just happen — they’re the end result of a process that starts with a world-class client experience and extends to the strength of your greater professional network.
On today’s show, Alex Miele discusses the “sphere of influence” referral program that generates 90% of her firm’s new business.
.Alex Miele and I discuss:
- What starting out in financial services in 2008 taught Alex about proactive outreach and transactional client relationships and how she applies those lessons to today’s economic environment.
- How Alex and her partners divide management and rainmaking responsibilities.
- The “sphere of influence” model Alex’s firm developed to make clients feel like they’re “part of my team” and also lower the “referral barrier.”
- Why The Andriole Group moved to a fee-based “menu” of services.
- How Alex built relationships with referral sources, including CPAs, a psychologist, and a florist.
- Best practices for training new advisors and helping them set achievable goals.
- Solving what Alex calls “the compensation quagmire” in our industry.