When Clients Consider You 'One of the Family'

Start Slideshow

“We consider you one of the family.”

Many advisors have heard this from a client before. It is very flattering. You feel you have passed a test and are brought into the inner circle. It is important to realize “You are family” comes with it’s own set of pros and cons.

The pros center around acceptance. You have nothing left to prove. You will likely be brought into their confidence. They will talk you up. This could be a good source of referrals.

In China, there is the concept of Guanxi, your own selection of close advisors. This might include professionals, family members and professors from your past. If you are part of someone’s Guanxi in your financial advisory role, you are in a great position. It is considered very bad behavior to look outside your circle for advice on financial matters without consulting the expert in your Guanxi first.

The cons are familiar to anyone who has experienced unreasonable expectations from family members. They want you to change your plans at the last moment. They want to borrow your car because theirs won’t start. In most other situations your answer would be “You have got to be kidding me! Absolutely not!” When family is involved, you are expected to say: “Of course.”

Let us look at 16 “We consider you family” scenarios. Being “promoted” to this level is an honor, but it comes with pros and cons. You cannot coast on past accomplishments. You must be aware this is not necessarily a lifetime position.