One way to increase your wealth is to spread it around a little. That’s one of the ideas John Napolitano espouses in “Success as a Personal Financial Planner.” A good way to do that is to join the board of a non-profit organization in your community. Not only will your inner altruist be satisfied, but “your visibility in the local public and business communities will be heightened and you may also be on the receiving end of a few new clients,” Napolitano writes.
“These organizations are often looking for potential board members who can offer financial expertise or make and solicit very large financial contributions.” Napolitano points out some things to remember before you get involved:
- What will be expected of you? Make sure you have a clear idea about everything you’ll be expected to do, such as preparing annual budgets, cash management, or making investment recommendations.
- Is your position on the board in conflict with your broker/dealer or errors and omissions insurer? Get your appointment approved by your compliance officer before you accept it.
- Avoid conflicts of interest. While you want to volunteer with an organization you’re interested in, if you want to do business with them, you should look elsewhere. “You cannot do business directly with an organization with which you volunteer,” Napolitano writes. “However, that doesn’t mean you can’t increase your visibility and enhance your reputation through this give-back effort via the many contacts you are likely to make.”