We have all heard the saying: “It’s what you know, it’s who you know.” Here’s another expression I saw on a tee shirt: “Old age and treachery will always overcome youth and exuberance.” (David Mamet). These are ways of saying “The Old School Tie” and connections confer an advantage in many situations. As a financial advisor, “what you know” is important. You would never achieve your professional certifications otherwise. In a world where remote working and online relationships are prevalent, it is important to keep up personal connections, even if you don’t see each other face to face that often.

1. Get to know your manager. You might be one of many financial advisors in your office. You might work at a large firm. As a financial advisor, you are on the revenue side of the equation. Your manager has seen many people enter the business and wash out. They have an intuitive sense when they know someone will succeed, if they get encouragement and support. There are many rules governing what managers can and cannot do, but they still have many ways they can help advisors succeed.

2. Friends from your years at college. This includes former roommates, classmates and fraternity or sorority members. You were close during your college years, then you drifted apart. As they years progress, they move up the corporate ladder. They inherit money. You want to be the person they turn to for advice.

3. Your religious community leader. Many congregations have roles for volunteers and paid professionals keeping things running smoothly. At the top is the person in charge of the congregation. They are approached for advice by congregation members. Sometimes they have the answers, other times they need to refer. If the questions involve investing or financial planning, you want to be the first name that comes to mind.

4. The professional staff at community organizations. This category includes nonprofits and private organizations like country clubs. Certain people are gatekeepers. This might be the membership chair, for example. They know everyone. When you find the name of someone you want to meet face to face, you want to know someone who can make that happen.

5. The very successful advisors in your office. Now we are talking about mentors. Your immediate peers at the same level of service can be downbeat at times. “Business is terrible.” Find the successful, experienced advisors who are upbeat and always seem to be working. Befriend them. Like your manager, they can distinguish between someone who is passing through on their way to another career and someone who reminds them of themselves.

6. Leaders in the community. You will meet them through your nonprofit involvement. You will also meet political leaders too. You want to become a familiar face, someone they will greet by name. This can help with introductions, but is also helpful for “name dropping” when you meet someone new and want to establish “we know some of the same people.”

7. Connections at your college alumni association. These are people across the age and wealth spectrum. They are likely business leaders. They may have accumulated wealth in cash and investment assets. Perhaps they already have a good advisor, but that person might be retiring. You want connections who can talk about the state of their industry and represent possible client potential.

8. Analysts and specialists at your firm. These are people at the home office. They might have passed through on a road trip. Maybe you met them at a conference. They are experts in their field. If your client has questions about a stock, industry or the market, it’s powerful to say, “I reached out to (expert) and asked questions on your behalf.” Your client is impressed you have connections.

9. Mutual fund wholesalers. This also includes people on the insurance side and money managers. There will be events you want to organize. It might be a seminar or a client/prospect dinner. You might cover some of the costs, but it helps if you have a partner. Wholesalers have traditionally had a budget for supporting advisor activities in the field that might lead to business.

10. Former colleagues now working at different firms. When you work at a firm, it’s often like being part of a family. You know what is going on around you, but you are often in a bubble. Some of your friends might have joined the competition. You are happy where you are. Keep in touch. They can share what their analysts are saying, the temperature of the mood in their office and what sales ideas are getting traction.

11. People you met on vacation. This is something I have done for years. You have heard the expression, “A dog is for life, not just for Christmas.” When you make connections on vacation, why write them off the moment you return home? It helps to have connections in different parts of the world. During Covid, we learned what everyday life was like not just in our area, but across five continents. You might travel to their city or country on vacation someday. It is helpful to have a friend who can tell you what you must see.

12. Favorite professors and other teachers from your school years. This is big in Asia. After students graduate and enter the corporate world, they keep in touch with some professors. They become part of their circle of influence, known as guanxi. My assumption is they act as unofficial guidance counselors. They likely have great connections too.

13. Bankers in your community. You will want to buy a house someday. If you already own one, your children might want to get their foot on the property ladder. When it comes to getting a mortgage, knowing someone in the business can help. They can provide an insider’s view to how the mortgage approval process works at their bank.

14. Photographers at the local newspaper. If you are active in the community, your paths have already crossed. They often cover several events in the same evening. If you get to know them by name, dress well and treat them respectfully, they might work you into photos. When clients see your picture in the paper attending community events, that is a good thing.

15. Advisors you met at industry conferences. Have you ever noticed if you meet another advisor locally and they share their secret of success, you get the feeling there is an ingredient or two missing from the recipe? This might be because they consider local advisors direct competitors. If you talk about sales ideas with an advisor on the other coast, they might share more details because you are in totally different markets.

16. The owner and manager at your favorite restaurants. You entertain clients. You get together with community leaders after attending meetings. It is good to be greeted warmly by the owner. It’s even better when they say: “We are busy tonight, but we will find you a table.” The people you are with realize you are treated with courtesy and respect. You must be someone important.

There are relationships you tend to develop in person, face to face. It is a good investment of your time.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.