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Advice 4 Young Advisors

05/19/2016

Everyday, I receive emails from various firms that offer to teach me how to network and get referrals from centers-of-influence, such as attorneys, CPAs, and insurance agents.  My advice to young advisors is to hit the delete key.

Over many decades of experience, I have received a handful of referrals from attorneys and exactly zero from either CPAs or insurance agents.  Almost all insurance agents are your competitor, with their array of mutual funds, and many CPAs maintain “sweetheart” arrangements with other advisors.

Of course, one can argue that just proves that I did need their service in getting referrals.  My experience has been that existing clients are the best source of additional clients, especially those additional clients who are worth keeping.

Don’t waste your time . . . and don’t waste your money!

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