Quora Answer: What Should I Do When When My Niece Expects Me to Put Money with Her Husband, a Financial Planner?

The following is my answer to a Quora question: “My nephew-in-law is a financial planner.  I hesitate to put what little money I have into his hands, but I think my niece expects it.  What do you suggest?”

I suggest you consider the consequences.  I am a financial planner, and yet, for the first ten years of my business, I never sold to family.  Now, I handle some of their policies because they approached me.  Finances within family is a serious matter.  Many people have reservations about their family knowing the extent of their finances and liabilities, because these have consequences on familial relationships.  That is a valid concern.

Another point is how good is he?  Is he experienced with a long track record of delivering?  His being related to you should be a minor consideration.  Being related does not mean he deserves the business.  You should not fall for this emotional blackmail at your own expense.  I suggest you choose your financial consultant as carefully as you would choose a doctor.