In reflecting and talking about trying to start a business in finances, I can’t help but hear all the voices in my head remind me, you are not big unless you are the first person someone calls because they thought of you.
Turns out a close relative recently lost his job. His company decided to fold out the investment portion of their organization. I work in finances. It hurt that he didn’t call me first to see what I was offering. Or even want to hear what I was offering.
In talking to set family, it turns out that his wife wants to become his assistant. I asked if she was going to get licensed, she said no. I knew that would be a red flag. The financial world is riddled with compliance. So much that you can’t even post blogs on financial information. 😦
She also said that his clients aren’t my “company” material. Irony is, clients could give two craps about who you are with. They bought into you as their advisor. They will follow you. It’s human nature 101. You only work with those you want to and those you trust.
My issue with the “old financial” industry is that they cater only to the rich and wealthy. Irony is if set uncle had set policies in place for my family — two uncles who have had strokes, few uncles who have cancer — they could have also gotten a big pay out. (Critical illness insurance is necessary nowadays. No one can afford medical costs. 😦 )
The other argument she had was that my clients are poor immigrants. Irony is, Canada needs immigrants to sustain their economy. Not only have I sat down from “white” families who have over 750k in assets. I knew I could do way better than what their current advisor was doing.
Can you imagine having all of your assets in one investment options like RSPS? Don’t people know that the money you get from income taxes from rsps is less than the income tax you will pay when you withdraw it? Here is the simple equation: every dollar you take out from an RSP is taxed like income!
I also asked what the dealer’s cut is. She didn’t understand what this means. Which means to me, I’m not sure he even knows what he is getting himself into.
I think my biggest lesson here is this. I am not big enough or do not have the current lifestyle they desire so they wouldn’t even think of joining my team. This means I really have to look at what imagine I am projecting and I need to become bigger and better so I am the first person people think of when it comes to finances.