EL 026: Networking is Not Working: The Secret to Creating Real Connections, with Derek Coburn
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“The success of your networking is going to be depended upon how effectively you surround yourself with people who are doing it for the same reason as you are.” – Derek Coburn
Have you ever regretted attending massive networking events which gave you no prominent results? Are you in the finance or law profession that seemingly limits your networking circle? Derek Coburn, the finance advisor who is a marketing enthusiast at heart, is here to transform and repackage your ideology of networking.
While he has made a name for himself in the financial circle, he has always been an entrepreneur and marketer at heart. Same as the law profession, the finance industry can be just as limiting when it comes to marketing oneself or going out to network.
One point Derek Coburn brings up during the interview, which I try my best to enforce in my own practice, is that without compromising the quality of our work and what our clients expect of us, we make at effort at understanding their business and becoming a business development rep for them.
Why networking is not working? Derek Coburn explains:
- “Networking” is a broad term. 20 people may have 20 different definitions and 20 different reasons to be at a networking event.
- Networking events normally happen at big venues filled with hundreds of people who will not be able to build a true connection overnight.
In this interview you’ll learn:
- 01’31” How Coburn started Cadre and why he wrote Networking Is Not Working
- 05’50” Why isn’t networking working today
- 09’21” The cons of networking
- 12’20” “The Connector” and its elements
- 20’19” Hosting networking events
- 24’40” Client referrals
- 26’36” Online networking – Never retweet a compliment regarding yourself!
- 31’42” The future of networking
- 33’59” Coburn’s favorite quote and book recommendation – The Obstacle Is the Way
If you prefer to watch the discussion in action, here is my recorded interview with Derek Coburn (please refresh your browser a few times if it isn’t loaded properly the first time):
Written Podcast Transcript:
Jacob: Hi, this is Jacob Sapochnick — hi everybody — with enchantinglawyer.com in our podcast. Today, I have a very interesting and exciting guest, Derek Coburn.
Derek is a financial adviser. He’s the author of Networking is Not Working. He’s also the founder of a very unique networking group called Cadre in Washington D.C.
Welcome to the show, Derek. How are you today?
Derek: Hey, Jacob. Glad to be here, man. Thanks for having me.
Jacob: I’m very happy that you’re here because, like I told you before, I read your book this weekend. Before starting reading the book, I didn’t know what to expect. I thought maybe it’s not another networking book and we have so many of those. But when I finish reading it, I stopped and I thought, you know what, I think there’s something here. There’s something different. Maybe I’ve discovered a new way to not only build my network but also connect with people. I’m very, very excited to be able to ask you about this book. But why don’t you tell us briefly about yourself.
Derek: Sure. How far back do you want me to go?
Jacob: I know you’re a financial adviser but why you don’t you tell me a bit kind of beginning in your profession and kind of what led you to find out the strategy about networking and then, of course, writing the book.
Derek: I started off right out of college in 1998 in the Wealth Management Business and built a pretty successful career. I still am a partner and own a wealth management firm with two other guys – we have 15 employees. Especially by their metrics – I’m talking about the broker dealer — I was successful, I was a cold calling machine and, you know, was qualifying for the trips and whatnot.
But what I realized — and I think that there’s a quote from Gary V. in the Thank You Economy where he’s introducing a lot of the different tools and social platforms and ways that you can mark it and develop relationships with people. He said if you’re in legal or finance then you’re pretty much screwed; because of compliance, because of regulations.
I don’t know how it is with law firms and with attorneys but to this day, I’m not even allowed to have testimonials from clients. Like you’re not even allowed to have those on there.
To read the complete transcript of this podcast, click here.
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