Centers Of Influence (COIs) play a vital role in the growth and service capabilities of a financial advisory firm. When cultivated with care, these relationships can become valuable sources of client referrals and collaborative insight – especially because COIs and advisors often work with similar client profiles. However, establishing these relationships isn’t always easy. Advisors must first identify potential COI relationships, then find a way to get ‘in the room’ with them, assess for mutual fit, and set clear expectations for building a long-term, productive partnership.
In this article, Tiffany Charles, Chief Growth Officer at Destiny Capital, and Kitces.com Senior Financial Planning Nerd Sydney Squires offer a thoughtful framework for approaching COI relationship development with greater intentionality. Drawing from Tiffany’s real-world process, they provide not only practical guidance for building productive COI partnerships, but also strategic insights into why a more structured approach can lead to stronger, more sustainable results. The goal is to help advisors move beyond surface-level networking and into truly collaborative relationships that can benefit both professionals – and the clients they serve.
As a starting point, recognizing that COI prospecting deserves the same level of structure and care as client prospecting is crucial to developing fruitful COI relationships. When initial meetings are focused solely on small talk with only a vague mention of “doing business together”, the results often lead to little, if any, follow-through. Tiffany’s process, by contrast, begins with those who are already within her own – and her clients’ – network and progresses over a three-meeting framework that lends structure to the early stages of a COI relationship while creating space for genuine connection, thoughtful evaluation, and meaningful alignment.
The first meeting is focused on building rapport and conducting an initial assessment. It serves as an introductory conversation with COIs who may be a valuable resource, with the primary goal of exploring values, communication styles, ideal client profile, and experience working with other professionals. In the second meeting, the goal is for both the advisor and COI to deepen their understanding of each other’s services and client experiences, comparing ideal clients, service models, and overall business value propositions. If there’s alignment and mutual interest, a third meeting is arranged to commit to a working relationship – agreeing on shared goals, referral expectations, and how to communicate effectively moving forward. From there, Tiffany recommends evaluating the relationship at regular six-month intervals to evaluate what’s working and where opportunities for deeper collaboration might be possible.
Ultimately, the key point is that COI relationships can flourish when there’s a shared commitment to collaboration, clarity, and long-term value. By following a repeatable process and prioritizing genuine alignment, advisors can build COI partnerships that don’t just generate referrals – they help both professionals grow together and better serve the clients they support!
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