A Networking Gold Mine

13 replies [Last post]
snaggletooth's picture
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Joined: 2007-07-13

Here's the situation:
Through a personal contact, I just met with the operating work horse of a VERY prominent local family business (family is worth around $150MM+).
-Family is very philanthropic, dedicated to their religion (same as mine which helps), and holds a lot of very high positions around the state.
-Now through this contact I just met (he is part of this family), the gates of heaven have begun to open into being invited on to certain committees.  I figure I will work hard on these committees and show how responsible I am, and eventually be invited onto the actual board.  The body within which these committees are at is a place where some of the biggest money in the area "hang out" for various activities/reasons. 
I know it will take a long time to be recognized and before business, if any, rolls in the door.  That being said, it is a great way to become an active/trusted person with some stature in the community.  I do not want to come across as being there to attract clients, so I will not be talking about anything I do until I am asked, and when that happens, it will be very short and I will redirect the conversation.  I am genuinely interested in helping and giving my time as my success will be determined by making those around me successful.
Sorry for the rambling, but has anyone else here gone through similar situations in an effort to gain stature in the community and meet prominent individuals?  Have you had success?  Anything else I should be aware of?
*FYI, I am younger than many of the people involved so I know I will have to work harder and smarter than others to gain any traction. 

Oldproducer's picture
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Joined: 2007-05-14

You still have to ask for the sale. Good luck.

doberman's picture
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Joined: 2005-02-22

The first place to start is to subscribe to the same type of publications they may read. And I'm not talking about the stuff you can pull-off newstands. Of course, WSJ and Barrons are obligatory. I also subscribe to Worth Magazine, CFO Magazine, and Retail Traffic Magazine.
Worth is directed toward the wealthy consumer. (You won't find the ads that run in Worth in Newsweek or Time!)
CFO Magazine is...well, self-explanatory as to whom it is directed.
Retail Traffic is directed toward owners and developers of retail property.
Oh yeah, and here's the good part, I don't pay a thing to subscribe to either of the magazines.
If you read the same stuff they do, you'll fit right in.

coolshoos's picture
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Joined: 2007-07-20

Good for you. Treat this endeavor separately from your business, don't have any expectations, let people see you for who you are.
If you survive the next down market and the time away from your family, it may pay handsomely.

Broker24's picture
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Joined: 2006-10-12

Snag, best of luck. Just hang tight.

apprentice's picture
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Joined: 2006-06-06

Snuggletooth - What's compelling about who you are and what you do that would cause any of these people to want to do business with you?
If you can answer that - you're in.  Also - I would treat this like any other elephant hunt, don't tie up too much of your time waiting for them to write you a check.

pretzelhead's picture
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Joined: 2007-03-23

doberman wrote:
The first place to start is to subscribe to the same type of publications they may read. And I'm not talking about the stuff you can pull-off newstands. Of course, WSJ and Barrons are obligatory. I also subscribe to Worth Magazine, CFO Magazine, and Retail Traffic Magazine.
Worth is directed toward the wealthy consumer. (You won't find the ads that run in Worth in Newsweek or Time!)
CFO Magazine is...well, self-explanatory as to whom it is directed.
Retail Traffic is directed toward owners and developers of retail property.
Oh yeah, and here's the good part, I don't pay a thing to subscribe to either of the magazines.
If you read the same stuff they do, you'll fit right in.

How do you get those mags for free. 

doberman's picture
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Joined: 2005-02-22

[quote=pretzelhead
How do you get those mags for free. 

Try Googling the magazine name or use the search engine "goodsearch.com" (they donate money to your favorite charity, every time you perform a search).
If you still cannot find out how to subscribe, pm me. I'll try to dig-up my notes. They used to be offered by the parent company of RegRep, I think. But that company has changed ownership and/or changed their name.

theironhorse's picture
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Joined: 2007-03-03

no offense guys, but how the heck is reading a magazine going to even remotely generate business for him/her in this situation?  to me it is just another avoidance behavior.  maybe get involved with the community at large so these people see you are active and someone they might want to be around.  offer to help them with a current project or whatever, knowing full well the worst thing you can do is volunteer to help and then begin soliciting them.  congrats on the contact snaggletooth, work to transition them into a colleague.  spend less time reading 4-5 magazines and more time cultivating relationships and being seen as a professional businessperson in your area.

doberman's picture
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Joined: 2005-02-22

theironhorse,
Unless you run in the circles of the ultra-rich, how do you ever hope to be able to relate to them and them accept you as one of their own? Granted, reading a magazine won't magically transform you into a rich person, but it might give you insight as to the issues that group consider important. And wouldn't that knowledge give you an advantage in possibly securing their business.
Immersing yourself into their lifestyle is, obviously, the best way to learn about that group. However, few FA's can afford the price of that tuition. Thus, the next best thing is to read what they read.

theironhorse's picture
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Joined: 2007-03-03

I think the biggest mistake you can make as a new advisor is to think you aren't ready just yet to "run in their circle."  Too often the newb bypasses a golden opportunity simply because he/she needs to "learn more" or "get better" before calling on the affluent.They do have different planning issues but at the end of the day they want someone they can trust and see as a long-term advisor.  Human emotion does not change simply because someone has more money.  Most successful people I have been around don't spend a whole of time reading periodicals.  They are too busy.Maybe it was just the way the response came across.  That "THE FIRST PLACE TO START" was read all those magazines.  You probably didn't mean it to sound the way I took it.

anonymous's picture
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Joined: 2005-09-29

The first place to start is to subscribe to the same type of publications they may read. And I'm not talking about the stuff you can pull-off newstands. Of course, WSJ and Barrons are obligatory. I also subscribe to Worth Magazine, CFO Magazine, and Retail Traffic Magazine.
If they are men, the publication that they are most likely to read is the sports section of the local paper.   Most likely, you can't get in with the top dog.  He's probably been working with the same people for a long time.  Your "in" is really the next generation.  It is his children in their 20's and 30's etc.  This doesn't mean that you shouldn't try to get involved with him.  Until you ask for a meeting, you have a 100% chance of not getting one.

bluestars80's picture
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Joined: 2007-07-12

Become an EXPERT in the issues that wealthy folks care about, i.e. how to transfer wealth intergenerationally, etc. Learn about charitable remainder trusts and the like, pick the brain of a smart estate guy that works with welathy folks, then you'll have something to offer at the proper moment..........

troll's picture
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Joined: 2004-11-29

snaggletooth wrote: Here's the situation:
Through a personal contact, I just met with the operating work horse of a VERY prominent local family business (family is worth around $150MM+).
-Family is very philanthropic, dedicated to their religion (same as mine which helps), and holds a lot of very high positions around the state.
-Now through this contact I just met (he is part of this family), the gates of heaven have begun to open into being invited on to certain committees.  I figure I will work hard on these committees and show how responsible I am, and eventually be invited onto the actual board.  The body within which these committees are at is a place where some of the biggest money in the area "hang out" for various activities/reasons. 
I know it will take a long time to be recognized and before business, if any, rolls in the door.  That being said, it is a great way to become an active/trusted person with some stature in the community.  I do not want to come across as being there to attract clients, so I will not be talking about anything I do until I am asked, and when that happens, it will be very short and I will redirect the conversation.  I am genuinely interested in helping and giving my time as my success will be determined by making those around me successful.
Sorry for the rambling, but has anyone else here gone through similar situations in an effort to gain stature in the community and meet prominent individuals?  Have you had success?  Anything else I should be aware of?
*FYI, I am younger than many of the people involved so I know I will have to work harder and smarter than others to gain any traction. 

Anyone looking for a girl to spoil in this family? .

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