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Why take a rich person out for lunch and pay for it?
Yesterday, I met a potential client with pretty high-net worth and we had lunch at the marina yacht club at one degree 15. The lunch burnt me a hole in my money pocket. Later, during dinner, I was discussing with my boss on how we should be allocating his investments to come out with an attractive portfolio.He threw me a interesting question which I am sure many FAs must have thought about at some point of their job but never stayed long enough on the question to find out."Why do we have to take a rich person out for lunch(dinner) and pay for it? What do I do if I can't afford it?"It set me ponderous and I have decided to put it here to share with others. For many whose sales expenditure is on yourself rather than the company, all these might prove useful.1. You are paying for their time The self-made rich have learned that their time is very valuable. By buying them lunch, you are covering some of the opportunity cost that they might be either using for work at Shenton or golf at Marina.2. You are paying f
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