Frank Agin – Get to Know Your Customers and Your Vendors

Dec 8, 2020

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Frank Agin works to empower small businesses to achieve more by helping them create dynamic professional relationships. He does this by operating a membership-based referral program called AmSpirit Business Connection and shares insightful content via his Networking RX podcast, articles, and books. Learn all about Frank here.

“Everybody I know can benefit from somebody else I know.”

Frank Agin

Worst investment ever

Frank worked for a while as a tax consultant with PricewaterhouseCoopers, one of the most prestigious public accounting firms. He left the job and got paid his pension. Frank decided to invest that pension and 401k.

Working with the familiar

Frank approached a financial advisor he had met at PricewaterhouseCoopers. The man was on the board of some of the clients Frank had worked with. Frank, therefore, trusted him and chose him to be his financial advisor. Frank didn’t bother to find out more about him. Working for his former firm was enough credibility for Frank to trust him with his money.

The advisor with no advice

This was Frank’s first investment, and he didn’t know much about investing. He thus just went with the flow. The financial advisor would call Frank once every six months with a few updates on how the stocks were performing. He never gave Frank advice on how to improve his portfolio.

Whenever Frank would make suggestions, the financial advisor would brush them off. Frank ended up missing out on so many investment opportunities. The financial advisor didn’t seem to have time for Frank and wasn’t too bothered about getting to know him and what he truly needed as an investor.

Going for some who truly cared

When he left his previous job, Frank ended up in a smaller investment firm where he occasionally engaged with one of the financial advisors. This advisor would randomly offer Frank advice on how to best invest his money even though he was still working with his old financial advisor.

Frank grew to like the new financial advisor as he seemed to care more about his financial well being. Eventually, Frank decided to drop his old financial advisor and started working with the new one, who continues to be his advisor to date.

Lessons learned

Know your customers by building relationships with them

You need to know your customers and have a relationship with them and your vendors. We do business with those we know, like, and trust.

Andrew’s takeaways

Cheap is expensive

Going with the lowest cost supplier is probably the most expensive thing you can do. You may think you’re cutting corners, and you’re getting something cheap, but chances are, you’re getting it super expensive.

Actionable advice

You need to get to know whoever is in your world. Engage with people whenever you have the opportunity. When you’re vetting vendors or looking to hire somebody, make sure you engage with them to know them better.

No. 1 goal for the next 12 months

Frank’s number one goal is to keep meeting people and grow his networks.

Parting words

“Find something you’re passionate about and volunteer. It’s a wonderful thing that will make you feel good and connect you to people that you didn’t even know existed.”