Avoiding Selling to Family/Friends
I’m early on the path and I just wanted to check on something I’ve heard. I’ve heard it’s common for firms out there, perhaps the worst of them but maybe even some more reputable ones, to encourage selling to family and friends.
While I of course plan to make use of my personal network, people who are familiar with me, I do draw a line. I don’t want to sell to family and friends. I’ll sell to regular acquaintances, “friends”, etc… even friends without the quotation marks if they show a sustained interest in what I’m doing and how it might benefit them that I have this knowledge. I’m just not going to engage in extensive persuasion of a long time friend or family member the way I would a stranger or acquaintance.
What are the chances I’ll be able to uphold this hard limit without incurring the disdain of management?
I have never heard of a reputable firm “making you” sign up friends and family. As long as you bring in the money and meet goals, why would they even know?
Hey thanks. First response I’ve ever gotten to a post on this site.
I didn’t really say “making you”, but I have read reviews of various firms and seen repeated complains about new advisors getting a lot of pressure to sell to relatives and friends.
What you’re saying makes sense, if you’re making your numbers then who cares who the clients are? But I suppose it would happen if you’re not making progress fast enough. So I’m curious if there are any firms known for being unfairly demanding and suggesting this as a way to meet their high expectations.
I’m still looking for that first job in the industry, and I’m confident in my ability to sell, but for me the answer to this says something about the overall integrity of the firms in question.