Summary: Reaching out to family members is a common strategy for advisors just starting in the business. Yet many say relatives can be tough customers. A close relationship by blood or marriage is a “good way to get your foot in the door, but it’s not a basis for continuing to work with somebody,” says David Schneider, principal of Schneider Wealth Strategies in New York.
 You have to put [relatives] through the same educational process and vetting process as you put someone who’s coming in off the street. You have to make sure they’re actually on board with you, or it can be a disaster.”David Schneider, principal, Schneider Wealth Strategies. |
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