Why It Matters:
  • The right friendships can add years (and quality) to your client’s life.
  • Just like investments, they need a balanced portfolio of pals.
  • Bad habits are contagious. As are good ones.

As a financial professional, you might want to consider chatting with your clients about other portfolios to consider to live long and prosper. Choosing the right friends is as important as the right investment options. Quality over quantity is key. Quality friends add years to your life and more importantly, the quality of your life.

Just like investments, you’ll do better by choosing friendships for the long haul. People whom you admire, can count on, and whose company is uplifting yield best results. Studies from The Blue Zones (focused on secrets of longevity), show friends with bad habits can be contagious. Those who hang out with smokers, heavy drinkers, or obese friends are more apt to pick up those same habits.

The reverse is also true. You’re more apt to stay fit by hanging out with physically active pals, especially if you make plans to join them on walks, meet for a workout class, or hit a round of golf or the bike trail. And glass-half-full types are way less of a drain than Debbie Downers.

Just like a tanking stock, encourage your clients to know when to cut their losses with those who don’t add value to their lives. It’s one thing to be there for a friend when they hit a rough patch. But if you find your friendship investment is a chronic poor performer, it might be time to invest in one that contributes to your growth.

As with an investment portfolio, a balanced mix may be best. You wouldn’t put all your proverbial eggs in one basket with a single stock. Likewise, one lone BFF puts too much risk (and strain) on one person. Better to have a core group of complementing friendships to provide balance. That friend who totally “gets you” on the parenting front may not be the same one who knows your workplace like a colleague. A high-yield performer to any friendship portfolio is a workout buddy who would never flake on you (and vice versa) to meet for a bike ride, Pilates mat class, or neighborhood walk.

A sure bet for netting those gem friendships is to simply be the kind of friend you want to hang out with. And gravitating to healthy environments to find like-minded positive influences. The Blue Zone study revealed friendships are so important to longevity and well-being that there’s a new movement sweeping the nation to help encourage better connections. Here is an article well worth sharing with your clients. As the saying goes, money will make you wealthy, but friends will make you rich.

Things to consider:
  • Invest for the long term in quality performing friendships
  • Diversify your portfolio of high-yielding pals.
  • Know when to cut your losses.
  • Like attracts like. Be the friend you want to attract.