1st yr advisor. also a CPA (tax). I think people really do value my opinion & I appreciate it. How do you tactfully address friends/acquaintances(non-clients) that approach you asking for free advice?

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I tell them if my clients found out I was giving out my advise for free they wouldn’t be too happy

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Good advice brings good business. It’s not free advice... it’s an investment in your future. In time they will do business with you... remember though U do have to ask at some point to get the business.

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I mean other people don't expect to work for free and neither do I. We are in a knowledge for profit business and I have to build a practice/make a living. Just trying to not be an asshole so that I don't burn bridges...

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Asking for free advice is good for you. As an attorney I️ get it all the time. Attorneys are professionals at not giving free advice. The question is an excuse to learn more about the person and their overall financial well being. You can then use that as an excuse to have more comprehensive discussion which will lead to business.

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I’d say something like I don’t give off the cuff advice. If you want my professional opinion we’d have to sit down together so I can get to known situation.

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If it’s a project, I would ask them, “what kind of budget did you have for this?” That should get them thinking that you actually do this for a living. And then, if they say none, you can say, “all we have to offer is our time and expertise, and so we charge for it” unless you want to do it for free, then go for it.

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I work with serious investors. Serious investors have money in their accounts with me

Flip side of that though is my mentor was in the business 35 years and was a 3 mil producer and refused to take on a single family member his entire career. He would tactfully refer them to a trusted colleague

@LPL I like that!

@FA1 I struggle with this thought process too. I am a super nice guy and I think to myself "I have to give a little something to show I know my stuff, right? " I guess when do you draw the line in the sand and say you can't anymore? Have a friend who has done this a couple times where he's asked me specific strategy questions. I've told him it depends and asked he come see me at the office. Never did. He came to a lunch and learn I recently did and completed the comment card and said he was "somewhat satisfied" with the event and put in the comments that he wanted more advanced strategies and recommendations (which will never happen in a lunch and learn!). I reached out after the fact to address some information he said he was interested in and then got no response.

@FA2 that would be awesome. Take out all the emotion out of it. I wish I could but to this point I've strictly been bringing on family/friends because I care about them and because it's just the first set of people I've been reaching out to.

@EJ1 I use that one too! Tell them I really need to know their situation in depth to be able to provide sound advice

@SMP good point. Thank you!

@FA3 I like that approach too! Thanks!

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