{ "media_type": "text", "post_content": "Had a conversation with my <1 year aunt-in-law over the holidays. She knows I’m relatively new and was asking a lot of questions about the business and how it’s going etc. She divulged a bit...CONT..", "post_id": "5bfc137b9c1063001200a9e4", "reply_count": 8, "vote_count": 3, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

Had a conversation with my <1 year aunt-in-law over the holidays. She knows I’m relatively new and was asking a lot of questions about the business and how it’s going etc. She divulged a bit...CONT..

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Gotcha. Yeah that’s exactly what I did! Because I didn’t have any specifics on the stock I just talked about all of the non technical details and the story and the emotions. I think it was a positive interaction.

helpful

She divulged a bit and told me she holds some shares she inherited and because of her emotions she didn’t want to part with the shares for quite some time. She said she finally got to a point where she feels like she can part with them but the shares went from $35 to $13 now. She also told me they fund Roth IRAs. Not much info I know but I feel like it might be an opportunity to reach out now that the whole family isn’t together and just let her know if I can ever be of service, I’d love the chance to help. I was also going to send some research reports on the stock she said she owns. I have two questions:

1) How exactly would you word it given it’s family? I’m probably going to zip an email so I don’t blind side her with a call.

2) She mentioned 2 years ago that she wouldn’t want someone she knows helping her with her money. It wasn’t to me directly but I overheard it at the dinner table. With that I’m not expecting anything to come of it but I just feel like Since we’ve broached the subject, I should at least let her know when/if she ever wants my help, I’m open to it and that there’s no pressure either way.

Thoughts?

She was just hoping you would give her some free advice.

@FA1 lol - I’ll give her my thoughts on the stock when/if I end up reaching out. 🤷🏽‍♂️

I’m sure a lot will disagree with this but I don’t do any investing/managing for family members. I’ll give advice, but I don’t want to be their advisor. Heard too many horror stories. So far it’s been a great decision. It was hard in the beginning when I really needed clients, etc. Be careful

@VPSFA1 - I keep going back and forth on this because I need clients and I’ve kinda stalled in acquisition the last few months. At the end of the day I do truly want to help but am nervous about something going wrong. I know I can’t control markets but feels like not everyone else fully understands that. I already help lots of friends but only really have one family member client (my mother in law). But like you said, it’s something you think twice about so I haven’t even brought it up with any other family member to this point.

Op - I was saying that when you were talking to her at the holiday party she was probably fishing for free advice then. My family members do this to me all the time. Just like SFP1, I’ll give advice but don’t want them as actual clients. The best thing to do with family is give them free advice, treat them well and hope to gain a few referrals from them over time. Honestly, your best shot at your Aunt-in-law is to talk all about the emotions that surround the stock, not the actual stock. Ask her lots of questions about the person she inherited the stock from and that whole back story. She’ll probably have all kinds of stories to tell you and will open up too. You’ll build rapport and gain trust.

Open the account. You can always fire each other later if it doesn’t work out

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