I had coffee this morning with an estate attorney whose practice is stuck because of the fall-out of referral-based marketing.
Brilliant lawyer, excellent business man …
But the conventional wisdom about how to grow an estate planning law firm has failed him.
You know the drill. All the “experts” say you grow an estate planning law firm by building referral relationships with financial advisors.
Well, this attorney has done a GREAT job of that and now he has a GREAT BIG problem to solve.
Maybe you do, too?
Here is what he told me is wrong with his practice:
• The firm has too many “eggs” in one “basket,” with the majority of referrals coming from one source and less than half from all other sources combined.
• The financial advisors have too much control over the client relationships.
• Clients are confused about the relationships, even calling their financial advisor when they want changes to their legal documents
• The firm is missing out on at least half of their target demographic who are now self-advised and don’t work with financial advisors.
• They are not getting any business from online marketing because they just don’t know how.
I have good news for him!
** First, it’s not his fault. He followed the advice that nearly every so-called marketing expert in this industry doles out. And got the EXACT SAME results that every estate planning attorney gets when they rely on referral-marketing.
** Second, this is our specialty! It’s what we love to do and what we do every day. Other agencies just build websites. We build law firms. The right way. We help estate planning lawyers build a solid pipeline of new clients without relying on financial advisors or hosting seminars.
In fact, you can learn our exact step-by-step strategy in my newest training. When you’re ready, book a call to see if we can help you, too.