Last week I got a call from my financial advisor to do lunch. At first glance, you probably think this is normal. However, if I told you what my investable assets were, you’d probably be entertained that someone would even bother to take me to McDonald’s. I’m not exactly what you would call “high net worth” or anything close to it. However, while I may not (currently) have anything to invest, from an FA’s perspective, I sure am worth investing in.
My FA is not schmoozing with me, he’s schmoozing with the potential of “future me” … and the rest of my network. I’m not recommending that you start buying filet mignon for every young professional you meet; I’m recommending that you research these potential clients as you would any other investment. My FA understands that while I may just be a blog-writing, e-mail marketing expert now, I seem to have the ambition and intelligence to one day have 100 blog-writing, e-mail marketing experts working for me, and the paycheck that comes along with it. Further, as an active alumna and board member of one of the biggest alumni associations in the world, and an active participant in social media, my influence and network is evidently larger than average for someone of my age and position (insert tooting-own-horn sound here).
Right now, my FA is helpful with my renter’s and disability insurance, and making smart decisions with my 401(k) contributions versus paying down debt and saving for an emergency. But by doing so, he’s also building a trusting and lasting relationship. I genuinely appreciate the time and effort he puts into helping me become a fiscally responsible and confident person, and as a thank you, I’ve referred a friend who does have a bit more to invest, and will refer more. And when I do have money to invest … guess who I’ll call to help me invest it.