Go Where the Money Is
Go Where the Money Is
This is the kind of question that appeals to the do-gooder in us. We feel that some pro-bono service is a nice idea.
It isn’t. Don’t do it, no matter how good it makes you feel. Keep your business decisions separate from charity decisions.
You are trying to build a business, not a charity. Keep the idea of each separate in your mind. The more successful your business is the more you will be able to contribute in hard dollars to the charity of your choice.
In building a financial advisory business you need clients who are affluent, with financial assets that you can help them to arrange to maximize their net worth. The better they do, the more they will be able to contribute to charity.
So, if your aim is to be charitable make your business as successful as you can by seeking clients who can pay you what you’re worth. Then you can make h3ger donations to the charitable institutions you prefer. And the benefits will be spread more widely than a few free financial plans.
The other side of the charity thing is that free advice is rarely appreciated, or acted upon. A client who has paid you for your services is more likely to follow your advice to ‘get his money’s worth’ than someone who gets it free. And free advice not acted upon is worthless.
Also clients who get free services refer you to prospects who expect the same. So you debase the value of your work.
Howard said the same thing in 1988, but in fewer words.
Go Where the Money Is - To learn more about this author, visit Donald F. Pooley's Website.
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Fifteen years ago Howard Shenson, editor of The Professional Consultant, spoke at the CAFP Conference in Vancouver. In a session on fee-based planning someone asked about planning on a charitable basis for some prospects, i.e. for those who are unable to pay the fee, but really need a financial plan.
This is the kind of question that appeals to the do-gooder in us. We feel that some pro-bono service is a nice idea.
It isn’t. Don’t do it, no matter how good it makes you feel. Keep your business decisions separate from charity decisions.
You are trying to build a business, not a charity. Keep the idea of each separate in your mind. The more successful your business is the more you will be able to contribute in hard dollars to the charity of your choice.
In building a financial advisory business you need clients who are affluent, with financial assets that you can help them to arrange to maximize their net worth. The better they do, the more they will be able to contribute to charity.
So, if your aim is to be charitable make your business as successful as you can by seeking clients who can pay you what you’re worth. Then you can make h3ger donations to the charitable institutions you prefer. And the benefits will be spread more widely than a few free financial plans.
The other side of the charity thing is that free advice is rarely appreciated, or acted upon. A client who has paid you for your services is more likely to follow your advice to ‘get his money’s worth’ than someone who gets it free. And free advice not acted upon is worthless.
Also clients who get free services refer you to prospects who expect the same. So you debase the value of your work.
Howard said the same thing in 1988, but in fewer words.
Go Where the Money Is - To learn more about this author, visit Donald F. Pooley's Website.
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