How do u ask your family for money?
Doberman, I've lost money for family. Just like it doesn't hurt my relationships with strangers, it hasn't hurt my relationship with family.
Again, I believe that the work that I do is too important to not work with those who I care about the most.
I'm willing to take the chance of someone being mad at me because their account has lost value. I'm not willing to take the chance that my extended family will have financial difficulties forever because I didn't talk to them about insurance.
I push family members for the insurance sale. I don't push for the investment sale.
I love working with family members because then I know they aren't out getting screwed by some annuity geek or Ed. Jones rep.
I NEVER actively prospect family, I send them my monthly newsletter, but I don't hound them about their money. I let them come to me.
…and how will you feel if a family member doesn’t come to you and dies of a heart attack and your nieces and nephews and sister-in-law are screwed financially because there wasn’t enough life insurance?
[quote=Shrewd]Interesting to me that a group of people that are supposed to be knowledgeable financial professionals don't trust themselves enough to handle family money.[/quote]
How long have you been in the biz?
My family members were my first clients (still are). I began managing/advising them 3 years ago. I can see the possible calamities, but my comment was aimed at those who appeared to lack confidence in their proficiency. If people don't trust themselves enough to handle family money, and would rather watch their familial assets poorly managed by someone possibly less qualified that's surely their choice. It's just difficult for me to rationalize it to myself. Maybe when I'm older and wiser my thoughts will change.
[quote=bankrep1]I said stay away until you have some experience. Friends and family are fine but probably not where you should learn. I don't think a rep should start on his own either (even though I did), they should be mentored or work as an asst for several years.[/quote]
That makes perfect sense. If you were a surgeon you wouldn't want your first surgery to be on a family member.
I would add that it also depends on your age. If you're under 40 years old, you're still a kid in your family. You are still young, and won't be fully taken seriously.
If you're OVER 40, then you SHOULD be helping your family - and they should be more apt to help you.
Somebody will probably say that age shouldn't be an issue, but in families, it will be. We can mess with these "shoulds & shouldn'ts" until the cows come home, but the fact of the matter is that AGE DOES MATTER.
FYI, I'm 28 and don't make any attempts to manage family assets (yet).
I'm going to keep saying the same damn thing. Take care of their insurance issues, don't wait! Do whatever you want with the assets.