Centers of Influence: What Financial Advisors Can Learn From a Property Manager in Nicaragua

Posted By on Feb 5, 2014|0 comments

I was recently in Nicaragua over Christmas visiting my brother who owns a hotel and property right on the Pacific, which he rents to tourists. He spends most of his time living in Montreal, Canada, and has onsite managers for both properties.

When we arrived at his property on the Pacific, we learned that the property manager had been offering additional services to the guests without my brother’s knowledge or approval. These unauthorized services included laundry and cooking for the guests. My brother was not too happy about the new services. It was not that he didn’t like the idea…he did. What he didn’t like was not being informed that the services existed.

The important focus of this post is not on my brother. The point is that the property manager was creative and jumped at the opportunity to increase revenue by offering the captive guests additional services.

The result? The guests appreciated the offer and the manager was successful in generating further revenue for herself. A win-win!

This is what you can pitch to your centers of influence (COIs). Am I suggesting you start providing them with laundry and cooking services? No! But offer them ideas of how they can make more revenue. Whether it is simply building off a preexisting idea or creating an entirely new service, through your efforts, your COI will see how he can maximize revenue.

Accountants, lawyers and doctors are being squeezed. Bringing them other ways to increase revenue is a great way to create opportunities for them. They will appreciate your ideas, and if planned well, they will enjoy an opportunity to work together.

Learn more about creating opportunities for your clients by contacting us for a free consultation to assess your business needs. Contact us today.

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