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  1. #1
    SitePoint Evangelist
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    Becoming your client's client

    One of my clients is a Financial Advisor. She helps people set & manage financial goals, investments, etc.

    I think I'm in a spot to benefit from some of her services but I'm a bit reluctant as I'd have to "put all my cards" on the table in order to give her a clear picture of my financial status.

    A similar analogy: Your CPA is also a client of yours. He/She will be able to know your profit margin on their work.

    How do you guys feel about this?

    -Costas
    In order to understand recursion
    one must first understand recursion

  2. #2
    busy Steelsun's Avatar
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    Depends on the situation.
    Do you get alot of biz from this client or is a one time purchase with occasional updates?
    If you are doing alot of business for them, then there could be some conflict of interest and some pressure on both sides that unwarranted.

    As an investigator, one of our main client types is Lawyers. We also are the clients of lawyers (we need to hire them).

    In some cases, it may actually help to be the client of your client, as that might give more incentive for them to refer you for other client's jobs. In the example about lawyers above, the lawfirm we have on retainer as our corporate lawyers has given us more work directly or referred more new clients to us for work, than any other single client we have. In fact we got a referral from them for a job that exceeded my whole departments monthly income budget. Can't beat that. And when you do a great job for the referral or other client, it get's back to the main person and you look real good in their eyes.
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  3. #3
    King of Paralysis by Analysis bronze trophy
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    There's a ton of financial advisors out there, I'd just go with a different one and eliminate the potential for hassle down the road.

  4. #4
    Resident Grump BillyParadise's Avatar
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    Did you bone them hard? Or just charge your standard pricing? If they chose you to do the work after looking at your competition, then you got the business fair and square.

    People expect you to make a profit on the work you do. Accountants and advisors especially. They'll politely laugh at you if you don't make a profit.

    BP
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  5. #5
    SitePoint Evangelist
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    Quote Originally Posted by Steelsun
    As an investigator, one of our main client types is Lawyers. We also are the clients of lawyers (we need to hire them).
    I agree that reciprocal business fosters the relationship, but my concern is that the other party will know "too much" about me - my personal income, my business income, etc.

    Perhaps the lawyers you work with know these things about you and that's why you brought it up?

    -Costas
    In order to understand recursion
    one must first understand recursion

  6. #6
    SitePoint Evangelist
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    Quote Originally Posted by tke71709
    There's a ton of financial advisors out there, I'd just go with a different one and eliminate the potential for hassle down the road.
    That was my initial thought but I felt kind of silly about it. Afterall, here is a client that contributes to my ability to earn a living. Why wouldn't I choose to help her just as she's helping me?

    I hear what you're saying though, and that may be a good move. Anyone else agree?

    -Costas
    In order to understand recursion
    one must first understand recursion

  7. #7
    Life is short. Be happy today! silver trophybronze trophy Sagewing's Avatar
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    Successful people LIKE it when other people make money, too. My CPA makes tons of money on me and it doesn't bother me.

    As long as your price is fair (albeit high) and your services is GREAT, what's the problem? As long as your rates arent ridiculous, there should be no problem.
    The fewer our wants, the nearer we resemble the gods. Socrates

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  8. #8
    SitePoint Wizard wdmny's Avatar
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    I don't see how she would know your profit specifically on the work you did for her. She is really looking for totals of your monthly take home compared to what you are spending to determine how much you have to save or invest.

    If her work is good, go with her. Your concerns are not an issue in my mind.

  9. #9
    SitePoint Evangelist
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    Quote Originally Posted by Sagewing
    As long as your price is fair (albeit high) and your services is GREAT, what's the problem?
    Well, my concern isn't her knowing my profit on her job. (Don't think a financial advisor would look at my billing program. )

    It's the other things that are "mysterious" to her at this point. Like how much money I have, how much revenue my business brings in, how much I pay myself, etc.

    You know?

    -Costas
    In order to understand recursion
    one must first understand recursion

  10. #10
    SitePoint Wizard wdmny's Avatar
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    Quote Originally Posted by firehous
    It's the other things that are "mysterious" to her at this point. Like how much money I have, how much revenue my business brings in, how much I pay myself, etc.
    You would have to tell this to any financial advisor. I'm certain she has seen people who make more (and less) than you. It's her professional obligation to keep this confidential. If you still have a problem with it, learn how to manage your own money.

  11. #11
    Life is short. Be happy today! silver trophybronze trophy Sagewing's Avatar
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    You have to trust your financial advisor, CPA, attorney, doctor, and partners with all of your financials. If you aren't comfortable doing that, you NEED to either re-arrange your attitude towards them (i.e. get used to it) or find people that you are comfortable with.

    What kind of useful help are you going to get from a financial advisor if you can't show your finances to them?
    The fewer our wants, the nearer we resemble the gods. Socrates

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