Friends without money can add to your book

By Bryce Sanders | May 6, 2013 | Last updated on September 21, 2023
2 min read

You may have friends or acquaintances you’d like to help. Problem is, they have little or no money to invest.

But they may know people who do, and can put you in the same room. Remember, everyone should know who you are, what you do and why you’re good.

Read: Mass affluent investors need advice, unlikely to get it

Here are some avenues they can open up for you:

  • Parents, grandparents and friends. Find out what they do and if they have an advisor. They may not be happy with their current arrangement.
  • The rich aunt. You might meet her at a picnic. Tactfully let her know what you do when she asks. Later, if you learn she buys something standardized with few moving parts, maybe she could buy through you.
  • Volunteer work. They might serve on a committee at a cultural or faith-based organization with an endowment. Try to get introduced to the finance committee.

You can also help people who have had a recent misfortune and need advice.

  • Layoffs. People who lose their jobs often need to make decisions about retirement assets.
  • Death of a loved one. When a spouse who paid the bills and managed the household money dies, the surviving spouse may need advice.
  • Divorce. Often there are no winners and two losers. They may need comfort, help and financial guidance.

Read: A checkup for your practice

While some friends may not have a large nest egg, they still have needs you can advise them on.

  • Education funding. Advise them to set up small accounts. Relatives can give checks as gifts to the education fund at holidays.
  • Cash flow. They may earn a good income; suggest putting a little aside every month. Mutual funds have plans to fit this scenario—some success might build their investing confidence.

Your friend may not have a lot of money at the moment, but it’s likely not permanent. Get on her radar and be the one she taps on the shoulder when things change for the better.

Read: Attract other people’s satisfied clients

Bryce Sanders

Bryce Sanders is President of Perceptive Business Solutions Inc. in New Hope, PA. His book “Captivating the Wealthy Investor” is available on