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Many people separate business from pleasure. It'ssound advice for avoiding workplace romances, yet not a good reasonfor eliminating friends as potential clients.
3 reasons for doing business with friends
Some people draw a line between their work and personal lives.Not necessarily a good idea.
1. Growth. It's difficult to growyour practice if you focus on who you won't accept as aclient. Imagine if someone said: "I'm not doing businesswith women." According to the US Census, they represent50.6% of the US population, so your prospect pool would behalved. Suppose you won't do business with left-handedpeople? They represent about 10% of thepopulation. The average American is said to know about600 people. Why take people who already know and like youoff the table?
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
