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Many financial advisors see estate planning attorneys as a potential goldmine for referrals, yet often struggle to create meaningful, mutually beneficial relationships. They encounter attorneys who are reluctant to refer, make weak introductions, or are already partnered with other advisors. Heck, some “experts” in our industry have declared Centers of Influence as a “dying strategy.” Nothing can be further than the truth. This article is only one of many conversations I’ve had with advisors who have built truly productive and profitable relationships with Centers of Influence – such as CPAs, Estate Planning Attorneys, Salespeople, Business Consultants, and many other strategic partnerships.
For example, Anat Yoder, CFP®, CRPS®, a principal at Yoder Wealth Management has not only has Anat discovered a formula for success that many advisors overlook by partnering with a specific type of high-level estate planning attorney, Anat generates over $1M of annual revenue and only works 30 hours per week. Here’s how she did it—and how you can, too.
The Problem: Traditional Estate Planning Attorneys Fall Short
Many advisors initially turn to solo practitioners—attorneys who handle the "mom-and-pop" type of estate planning. Unfortunately, this approach often leads to frustration. These sole practitioners typically work with clients who fall under the estate tax exemption and don’t require the advanced strategies that a high-net-worth financial advisor might offer. Moreover, they are often inundated with advisors seeking referrals, meaning they already have relationships in place and can’t offer consistent introductions.
Anat faced the same challenges at the beginning of her career. “Sure, you can get some referrals here and there,” she explains, “but they won’t be consistent.” The main issue, she found, is that there are far more financial advisors than estate planning attorneys, making it tough to break into these networks in a meaningful way. So, Anat did something different.
The Solution: Partner with Attorneys Who Specialize in High-Level Estate Planning
Anat shifted her focus from sole practitioners to estate planning attorneys who work in the high-net-worth space. These attorneys often specialize in more complex estate planning strategies, such as charitable remainder trusts (CRTs), grantor-retained annuity trusts (GRATs), and other advanced techniques. Not only do these attorneys have a different client base, but they also tend to operate in larger firms and don’t face the same competition for financial advisor partnerships.
“If they do CRTs, GRATs, and GRTs on a consistent basis and are incredibly well-versed in it, they are our people,” Anat explains. These attorneys, typically part of mid- to large-sized firms, have more sophisticated clients—precisely the kind of high-net-worth individuals that Anat seeks to serve. Significantly, they rarely have established relationships with financial advisors, creating ripe opportunities.
How to Find These Attorneys
Identifying the right estate planning attorneys is the first critical step in this strategy. Anat suggests looking for attorneys who have a specialization in taxation, particularly those with an LL.M. (Master of Laws) in Taxation. This level of expertise often correlates with the advanced knowledge required to handle high-net-worth estate planning.
Anat’s process for finding these attorneys is refreshingly straightforward: she Googles them. “I literally Google estate attorneys who specialize in CRTs and charitable remainder trusts, GRATs, and GRTs,” she says. While there may be fewer of these attorneys compared to sole practitioners, the quality of referrals and potential for partnership makes the effort worthwhile.
Building the Relationship: Become a Resource, Not a Salesperson
Once you’ve identified the right attorneys, the next step is to build a relationship based on mutual respect and value. Anat emphasizes the importance of approaching these attorneys as a resource, not just another advisor looking for referrals. “We made ourselves available to work through cases with them, to be a resource for them,” she explains. By collaborating with attorneys on complex cases, she demonstrated her expertise and built trust.
Over time, this approach led to a deep, reciprocal relationship. As Anat notes, “We’ve relied upon them as a resource for ourselves, and you build enough respect and relationship that you are their person to go to for these unique situations.”
Providing Value Beyond Financial Advice
Interestingly, Anat’s partnerships with these high-level estate planning attorneys extend beyond financial advice. In some cases, she’s found herself offering business advice. “We’ve sometimes found ourselves to be more of a business coach with them at times,” she says. This added value further deepens the relationship and positions her as an indispensable partner.
When it comes to initiating these conversations, Anat recommends keeping it simple and focusing on the mutual benefits of a partnership. “We work in this space, and we’re looking for a better partner in that arena,” she says. From there, the conversation becomes an opportunity to learn more about their practice and identify ways to support each other’s goals.
The Key to Success: Offer Expertise and Listen
Anat’s success comes down to two key factors: offering expertise and truly listening to what the attorneys need. When approaching these attorneys, Anat doesn’t lead with her credentials or bombard them with details about her practice. Instead, she starts by listening—understanding what success looks like for them and figuring out how she can contribute to that.
By demonstrating her understanding of their world, Anat subtly conveys her expertise without overwhelming them. This approach helps the attorneys see her as someone who “gets it”—someone who can speak their language and offer real value to their clients.
Final Thoughts: Implementing Anat’s Strategy in Your Practice
For financial advisors looking to build stronger strategic partnerships with estate planning attorneys, Anat’s approach offers a powerful blueprint. The key is to shift your focus from the crowded pool of solo practitioners to high-level attorneys who specialize in complex estate planning strategies. These attorneys not only have a more affluent client base, but they’re also less likely to have established relationships with financial advisors—creating a valuable opportunity.
By positioning yourself as a resource, offering expertise, and genuinely listening to the needs of the attorneys you partner with, you can build strategic partnerships that consistently provide high-quality clients to your practice.
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