Networking is often presented as the go-to solution for everything, from getting a work-experience placement to finding a mentor in the financial advice sector.
But, if you have no idea about who you want to connect with and why, it is likely to be a disappointing experience.
So, how can you build and sustain relationships with people who can open doors for you at the start of your career?
Money Marketing put that question to 20-year-old Rishi Lad, an entrepreneur and trainee wealth management consultant at Mattioli Woods, who attributes his career journey and his various company directorships to successful networking.
Genuine interest
Lad’s interest in networking started when he launched his own company, a fashion brand, at the age of 16. That early taste of business fuelled his ambition to get into the world of finance.
By the time he was 17, Lad was working at Mattioli Woods and being mentored by the firm’s chief executive, Ian Mattioli.
“When I was 16, I started working at a gym – on the front of the desk – where I got to know Clare Mattioli [Ian’s wife] and her family,” he says.
When you start to help each other, you – as an individual – become more valuable
That connection led to Lad’s first break in wealth management as the family took him under their wing. But, stresses Lad, he had known his current employers for some time before the talk turned to jobs.
“I had done the small talk. I’d got to know them and had built a genuine interest in them before I asked,” he says.
“When people now approach me and ask if I can put them in touch with someone, without building a genuine relationship with me – without me knowing them – it’s like, ‘No, I don’t know you. Why would I do that?’”
Lad’s point is a pertinent one. Even people we connect with remotely on social-media platforms like LinkedIn – a strategy that Lad found helpful – are human. Nobody wants to feel used and exploited by prospective connections.
A politician or whoever could say to me, ‘Rishi, I’ve got a great opportunity for you.’ That happens when you’ve done all the hard work
The difficulty for newcomers to financial advice is that, because they lack experience and contacts, trying to connect with senior professionals for help navigating the industry can appear one sided.
However, as Lad says, explaining that you simply want to learn generates a lot of goodwill.
Short, sweet and snappy
Lad found it best to approach senior professionals directly rather than through people such as personal assistants, who often act as gatekeepers.
Asking for 20 to 30 minutes of a contact’s time to learn about how they got to where they are now paid off for him.
I had done the small talk. I’d got to know them and had built a genuine interest in them before I asked
“People love to talk about themselves, so I’ve been able to jump on so many calls with people in different industries,” says Lad.
“I’ve got some great contacts who are sitting in the House of Lords, members of parliament, former MPs. So that approach does work.”
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It is important, says Lad, to keep initial communications with prospective connections “short, sweet and snappy”. Influential people are busy and do not need to hear your life story at this point – save it until you are better acquainted.
Schedule regular catch-ups with contacts – once a year, at least – even just to show an interest in what they are working on. And always thank them for their time – it demonstrates professionalism and strengthens the relationship, says Lad. If you show that you appreciate them, they are likely to think of you when they come across any suitable opportunities.
The long game
Sometimes, says Lad, you have to play the long game. It can be months or years before an opportunity comes up, but it can be worth the wait.
“A politician or whoever could say to me, ‘Rishi, I’ve got a great opportunity for you because I know you’re interested in financial education.’ Or, ‘I know you serve on these boards – and I know someone who is looking to fill a board role,’” he says. “That happens when you’ve done all the hard work.”
Another key point in nurturing relationships with influential contacts is to add value to them where you can.
People love to talk about themselves, so I’ve been able to jump on many calls with people in different industries
“When you start to help each other, you – as an individual – become more valuable. Your added value is increased and people want to know you because of your contacts,” says Lad. “It’s always about who you know.”
Contacts may ask for your help if they have some work that needs doing or if they want you to introduce them to someone.
“Try to find synergies with these people and try to add value,” says Lad. “Because it goes both ways.”
Amanda Newman Smith is features writer for Money Marketing
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For more practical information on how to get started in financial advice, please visit our Future Financial Adviser community. We tell you how to take the first steps, how to get ahead and what attributes you need to flourish. Even better, we can put you in touch with helpful contacts.
