In Business Development, a Little Luck Goes a Long Way


Financial Advisor – September 2013

Baseball Hall of Famer Lefty Gomez was often heard to say, “I’d rather be lucky than good.” Advisors who hit pay dirt through a fortuitous introduction or a random round of golf can probably relate to that sentiment. It’s tempting to think that if one stroke of fortune can bring in more assets than months of business development, you might as well just sit back and wait for the next stroke. But although you can’t make luck happen, you can — and should — make the most of it when it does.

For Kevin Fitzwilson, a managing partner of Coldstream Capital Management in Bellevue, Wash., the goose that laid the golden eggs was a Microsoft vice president whom he met 17 years ago through a banker friend. Back in the 1990s, even secretaries at the software company could become millionaires by buying its shares. Fitzwilson’s new connection was in charge of several business units — bringing the advisor access to dozens of Microsoft executives and employees. “I knew at the time it was a good piece of business,” says Fitzwilson of his initial relationship with the vice president, “but I didn’t know until later what a good piece of business it was.”   Read Full Article