7 Ways Your Kids Can Help You Find Clients

Slideshow June 03, 2022 at 01:11 PM Share & Print

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Many advisors have young children. These cute toddlers can hold the keys to getting you business.

No, you are not going to put them in any awkward positions. They will not be visiting the upscale shopping mall at Christmas, approaching Santa on his throne and saying: “All I want for Christmas is five new clients for my dad. Ideally, they should each have $5 million liquid and be comfortable with managed money.” Nothing like that.

Children have parents. Parents get together with parents of other children. This puts you shoulder to shoulder with people in similar financial circumstances. You get to know each other socially. People do business with people they like.

A friend who is a professional art dealer explained: “People with young children often feel they cannot get involved socially because of their responsibilities at home. The opposite is true. Parents with young children at home have many opportunities to get involved because they have young children.”

Bryce Sanders

NOT FOR REPRINT

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1. The advisor and the soccer league.

One of my favorite stories concerns an advisor in New England who organized the kid’s soccer league. It gave him a logical reason to have basic information and e-mail addresses for all the parents. He respected the unseen wall for ethically protecting data, yet when he chatted with people, he knew the firm where they worked. He heard about layoffs early in the process. On one occasion he made the right introductions so a fellow who was now out of a job landed another one. It isn’t hard to guess where that parent transferred their retirement assets from their previous employer.

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2. We are all equals.

The above advisor lived in a wealthy community. The parents would ask each other the usual questions like “What do you do?” He had a great answer. He mentioned he was an advisor with (firm). “I work real well with moms, pops and families. If you ever want to talk, give me a call.” His position as a fellow parent put him on an equal footing with the other parents, even if they were wealthier.

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3. School sports.

Many advisors send their children to private schools. The same goes for celebrities and professional athletes. Not all athletes are instantly recognizable. An advisor told me how he got into the habit of talking with one parent he would see on the sidelines at various games. They just talked as two parents, nothing about work, probably just the game and their children. One day they did open up about what each other did. He was a sports professional with a recognizable name. The advisor was astonished! “I never knew! To me he was just another dad!” The relationship was built on an equal footing.

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4. Play dates.

If you have young children, you know all about them! The young gather at one house and the parents get to know each other better. They talk about everything and bond. The wife of an executive, who was also an executive herself, talked about how the mothers would establish bonds among themselves. The next step beyond play dates was for the mothers to go out themselves. Once they got very comfortable, someone would suggest bringing their spouses along for the next get together. Parents bonded while the children played.

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5. Parent association at school.

There are usually many roles for parents at the school itself. This includes general meetings, committees and fundraising. Everyone shares a common bond: Their children attend the school. There are plenty of other bonds, like the desire to send their children onto higher education and how the bills will get paid. There are plenty of opportunities to meet fellow parents 1:1 on equal footing.

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6. Alumni association.

There may be an alumni association for past graduates at the local high school. You may be a graduate yourself. There are alumni reunions. This can be very big in smaller communities. I have heard it said that one of the “tests” for newcomers to the community is the social question “Where did you do to high school?” If you attended the school in town, then you qualify as a (returning) local. Apparently, it is understood you might leave the area to attend college, but high school is the thread that holds people together. This bond can help you get accepted by people.

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7. Scholarships.

Perhaps your firm awards one. Maybe community organizations you are connected with have an application process. Everyone needs help and guidance to understand what is out there and how to apply. The school should have staff who help students in this area. Paying for college education is something you understand, as an advisor.

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