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Your Network Builds Your Net Worth

John Donne, the English poet wrote: “No man is an island, entire of itself”

This phrase expresses the idea that human beings can never stay isolated for a longer period of time and always feel the need to be a part of the community to thrive. In our lives and work, relationships are the most consistent source of meaning. It can be colleagues, supervisors, family, friends, or social connections that create a sense of belonging and depth along with richness in our daily lives. 

Xerxes Mullan, Founder and Global Advisor of wealth management firm Avestar Capital LLC is a firm believer that networking is one of the biggest assets you can possess. With years of experience in the financial advisory industry and as an entrepreneur himself, Xerxes has cultivated a community of like-minded professionals and believes that this community is a gateway to opportunities that you are unlikely to come across otherwise. 

“The team that Xerxes and the other Board members have built and the clients that we cater to are nothing but a product of good networking”, remarks Shilpa Konduri Mullan, President of Avestar Capital LLC. The firm has enriched relationships, within and externally as well. It’s only by connecting ideas, opportunities, and people that great value is generated.  As a business that is heavily service-oriented, firms such as Avestar Capital LLC are taking on the challenge to go beyond the usual and build their social capital which in turn enhances their credibility and growth.

There are five things that are worth learning to build powerful relationships that can impact your network and help you overcome any challenge. Xerxes Mullan and Shilpa Konduri Mullan of Avestar Capital LLC share their insights on networking- 

  • Networking isn’t about selling products or service

Networking and sales are poles apart. You can’t just focus on selling your product or service while meeting someone in this professional world. Many people deliberately network with other professionals only to sell a specific product or service. Instead, the perspective towards networking should be more on the relationship-building side right from day one. This not only helps you build a healthy circle but also gives you visibility to potential prospects and people of influence, who could be your future customers. 

  • Relationships are built on mutual trust

If you want to work in this competitive world where you want people to talk to you and work with you then, trust and faith is the only thing that you need first. To work with someone in a space of finance specifically, you should be able to trust the other person and offer something of value to them and expect nothing in return. Investing in relationships goes a long way which in turn helps you to grow your business. 

  • Your network should exist outside of your work circle

There is a life and an extended network that goes far beyond that outside cubicle of yours. It’s not always about the professional relationships or the bonds you make while you are working for someone. Networking helps you exchange thoughts and ideas outside the workspace. Unlike any other job or corporate company your network stays with you forever as a strong support system. 

  • A Cookie Cutter solution for all does not work

Customization or personalization are such factors that encourage bonds, and mutual understanding and are considered a great relationship-building exercise between the buyer and the seller. The important thing here is to understand that to build a network or to help you in difficult times the person whom you are dealing with should trust you. You cannot be a trickster while building healthy relationships. You should always alter your responses making them more personalized with a humble approach according to the person you are building the relationship with. 

  • Sharing your knowledge matters more 

Entrepreneurship is not only about locking deals. It’s also about making informal relationships outside work and sharing the knowledge that you have gained while running your business. This can be considered a great tool and exercise to start a conversation or to build a network which in turn will push you forward whenever you lack something in your business. 

  • Patience and perseverance are the 2 P’s which can lead you to a highly fertile network 

To build a fertile network one needs to patiently nourish the relationships and keep persevering with a “never give up” spirit. This requires a lot of time and effort. All efforts put into building a network will eventually manifest into goals one sets for themselves or their business.