Pre-Holiday Tips for Emerging Managers (Opalesque)

As we enter the holiday season, it’s important for Emerging Managers to remember some of the “pearls of wisdom” I’ve tried to impart in my column over the past few months. They all boil down to the following:

EVERYTHING COMMUNICATES… AND EVEN DURING THE HOLIDAY SEASON, YOU WANT TO CONVEY THE MESSAGE THAT YOU ARE PROFESSIONAL AND TRUSTWORTHY!

Each area below warrants consideration as you begin your holiday cheer, to ensure that it conveys the message you want it to:

PARTIES AND SOCIAL MEDIA People love to party, especially during the holidays. Don’t let your partying get out of hand, though:

• Be careful how much you have to drink, especially at a business party or event. You’d be surprised what gets talked about (and shows up on Instagram, TikTok, etc.) during and after an event.

• Be careful of selfies that get taken and what pictures get posted online, especially if they don’t show you as the fine, upstanding, trustworthy professional you want people to see. Once online, it is difficult, if not impossible, to remove then (others may have already downloaded it!)

• Dress Appropriately. (If in doubt, err on the side of overdressing).

• Engage in light conversation and neutral  topics like holiday travel, hobbies, favorite books; stay away from politics, religion, and office gossip.

• Be sure to thank the host and the people that organized the event to show your appreciation.

BEST PRACTICES OF SHOPPING ONLINE  You might ask, “Why does this affect me professionally?”  Your online shopping can have a material effect on your business if your desktop or laptop becomes affected with malware. After all, protection of your investors’ data and other confidential information is paramount!

• Use 2-Factor or Multi-Factor Authentication (2FA, MFA). While a pain, it’s the safest way to go. With 2FA and MFA, once you’ve entered your username and password, you’re sent a one-time use code to your phone or email that has to be additionally input in order to proceed. The code changes every time you (or the hacker) try to log in. Without your phone at hand, the hacker can’t get the code. Take advantage of sites that offer this kind of authentication; they’re becoming more and more prevalent as security bubbles up to the top of the technology priority list.

• Look for web addresses with https:// or the “lock” symbol indicating the site is secure.

• Use the same credit card for holiday purchases and check your statement carefully and often.

• Avoid email offers and clicking on ads.

• Use strong passwords and different ones for each site. “password,” “123456”, and “qwerty” are the most used passwords. Don’t use them!

• Keep your anti-virus and anti-malware software up to date!

HOLIDAY CARDS  It’s always nice to send a holiday e-card but it can have a boomerang effect if you’re not careful:

• Whether using a store-bought e-card or a self-crafted one, be sure that the person’s name shows the way you want it to. “Dear Carol R.” sends the message that you’re just churning out cards from a mail merge!

• Send the card to yourself on your phone, your tablet, AND your computer to be sure it comes across properly. It might look different on different devices. However it shows up, you want it to come across as professional. Check spelling, grammar, font, everything about it before you hit that “send” button.

• Consider giving holiday cards for New Year’s. This way, you won’t accidentally offend anyone’s religious beliefs.

GIFTS  To Gift or Not To Gift?

Gift-giving at holiday time is tricky. The best message you can send is one that shows you care for your client as a person, making yourself a real person to your client. If you’re giving a gift, make it personal.

• If they have a pet, consider giving a pet-friendly goodie bag filled with natural treats.

• If they love beer, consider holding off on the champagne and giving them a special case of IPA or craft beer (or their favorite, if you know what it is). Craft beer glassware is always another option. Go to @hopvessel on Instagram for great ideas!

• Consider giving the gift of a donation to your client’s favorite charity.

IF YOU DECIDE NOT TO SEND A GIFT OR A CARD…  How about a heartfelt phone call, wishing your investor (and prospective investor) a Happy Holiday, New Year, etc.? Perhaps one of the best gifts you can give is a personal call, just to find out how they’re doing, what they’re planning for their holiday and to wish the person who invested in you (or is considering investing in you) a very happy holiday season.

Conclusion

The holidays are an exciting time and it’s safe to say that most people look forward to the spirit of the season. Among parties, gifts, holiday cards and even phone calls, you have many opportunities to make an impression and let your clients know that you care about them. Unfortunately, you have equally as many opportunities to give them pause for concern. This year, put yourself in your investors’ shoes and imagine what they will be thinking about you, based on what you do…or don’t do… for them over the holidays. Make this year a memorable one for you and your client…in a positive and trusting way.

Carol R. Kaufman

Founder/CEO

Alternatives TLC, LLC

201-562-3500 (c)

ckaufman@alternativestlc.com 

Carol R. Kaufman, Founder/CEO of Alternatives TLC, LLC has been consulting to emerging and seasoned alternatives managers and various types of industry businesses since 2005. She performs operational and organizational due diligence using her Emerging Manager Roadmap, helping firms find the resources they need to successfully scale. Her first product, InvesTier^®, was acquired by SunGard in 2002. An entrepreneur for over 40 years, Ms. Kaufman’s specialties include public speaking, training, and software/service-based solutions to organizational problems. She resides in Hawthorne, NJ.