Taking a Baby Step With New Parents Can Earn You Clients For Life

By Marcia Nickerson, Account Manager on Friday, July 29th, 2011

Recently, my husband and I welcomed a beautiful baby girl into our family. After counting all her fingers and toes, we breathed a sigh of relief to know that she was healthy. As far as I could tell, all the disciplined planning that I did during the nine months of my pregnancy had paid off.  I had been very conscientious in carefully mapping out my diet in order to give my daughter the best chance for a healthy start. 

But what about another kind of planning—financial planning—after the baby was born?

Shortly after we came home, my husband and I decided to open a custodial account for her to give her a good financial start, too. However, we soon realized we had no clue how we were going to save for college tuition for two kids (we also have a son who’s three) and still meet all our other financial obligations.  

Sure, I feel like I did a pretty good job saving when I was younger: I contributed the maximum amount to my 401k, took advantage of the employer match, and made some good investment decisions. But I now realized that I was unsure of how to invest for my children’s future. How much will it cost to send a kid to college in 18 years? What if my daughter chooses a private school… how much will that cost?   How much do our current investments need to earn to help us meet our goals? Let’s not forget about our family vacation to Walt Disney World or daycare expenses. Will my husband and I ever be able to retire? Ahhhh, it was all so overwhelming!

Finding a good financial advisor is key—and that’s where you come in.  

In case I didn’t mention it, I spent 13 years working in the financial services industry selling custody to RIA’s… so I should know all about financial planning, right? Wrong! I had never sat down with anyone and put together a comprehensive financial plan before. Thankfully, I knew enough people in the industry that I was able to find a good financial advisor who worked with us to put together a manageable plan.

This type of scenario spells O-P-P-O-R-T-U-N-I-T-Y for advisors. Because the fact is, I don’t think my experience is unique. I’d bet that the majority of couples who are just starting to raise a family are feeling pretty overwhelmed. This is precisely the moment when you, the trusted family advisor, can really make an impact. 

Keep in mind, most new parents have very little free time. The time they do have is probably spent on catching up on sleep, so not surprisingly, they may place a low priority on calling their financial advisor. That’s all the more reason why this is the perfect time for you to reach out and initiate a conversation. Talk, meet, plan—and forge a professional bond that’s stronger than ever.  Of course, you might have to bring a large cup ‘o coffee to the meeting to keep your sleep-deprived clients fully alert, but they will always remember you as the person who helped ease their fears and made their transition to parenthood a little less stressful.

I can’t think of a better time to create loyal, lifelong clients… so reach out to all those new parents and grandparents out there, and show them that the value you deliver far exceeds portfolio performance.

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