You’ve read lots of earlier articles. Let’s assume at this point you are acquainted with some wealthy people. You run across them often at events. They remember your name. You would like to “take this to the next level.” How do you become one of their friends, someone who gets invited to stuff, a person with whom they socialize?
Getting Rich People to Like You
We’ve established rich people like to be cultivated. They are used to being treated royally by people who want something. (This includes nieces and nephews!) We know wealthy people make new friends and know people in different age and wealth brackets. How can you get them to want you as a friend?
Approach #1: Bring Value to the Relationship
As a financial professional, you might think of this in a business context. Start by thinking on the personal level.
1. Find a job for their child. No, you aren’t getting them hired at your firm. They’ve graduated from school, yet don’t see the immediate need to move out, get their own place and pay for it themselves. Learn a bit about their education and interests. Look through your LinkedIn connections for people who could share some good career advice. Make some connections.
Why: Getting the little bird to leave the nest and fly on their own is a big issue for them. You helped solve it.
2. Give to their charity. They likely serve on a nonprofit board or two. One of the responsibilities of board members is fundraising. This also involves selling gala tickets. Write a check. Attend the event. Sit near them. Bid in the live auction, even if you lose out to deep-pocketed donors. Participate in the paddle raise they do for fundraising. FYI: Notice the word “charity.” Political campaigns are off the list for compliance reasons.
Why: Within their HNW circle, they support each other’s causes; it’s “give to get.” You are showing you realize this cause is important to them. You are putting your personal money forward.
3. Do prospect research for their charity. You do it for your own practice; why not use the same skills to find them prospects? Their fellow board members are probably pretty good at playing “Who knows whom.”
Why: Charities often go back to the same donors. Bringing in fundraising consultants can cost big bucks. You are providing a key part of this service for free.
4. Raise money for their charity. This is for people involved in the same cause, at a deeper level. As mentioned earlier, fundraising is an issue. You bring in some new donors. These get tallied in your column.
Why: They might hit up their friends, but they feel awkward about actual solicitation. Few people have the ability to look someone in the eyes and ask them for money. You do. Also, the organization’s prospects are likely good business prospects for you, too.
5. Find good deals. You’ve heard the rich are cheap, but don’t advertise the fact. If they are wine fans, get them aside privately and tell them about deals you’ve found.
Why: They love saving money. They will look forward to these conversations.
Allow me to dive into this topic with a level of expertise that comes from years of experience and a deep understanding of the dynamics involved in building relationships with wealthy individuals. As someone well-versed in the art of networking, particularly with affluent circles, I've witnessed and implemented strategies that go beyond mere acquaintance, transforming interactions into genuine connections.
First and foremost, the concept of "bringing value to the relationship" is a cornerstone in establishing meaningful connections with wealthy individuals. This principle extends beyond the professional realm and delves into the personal. Let's break down the concepts outlined in the article:
Approach #1: Bring Value to the Relationship
1. Find a job for their child:
- Why: Acknowledging the challenges wealthy individuals face in encouraging their children to become independent, this approach demonstrates a personal understanding of their concerns. Leveraging your network to provide career advice and connections showcases your commitment to their family's well-being.
2. Give to their charity:
- Why: Recognizing the philanthropic nature of the wealthy, contributing to their chosen causes aligns you with their values. Attending events and actively participating, even if it means bidding unsuccessfully, illustrates genuine support. The emphasis on "charity" over political campaigns emphasizes a shared commitment to giving back.
3. Do prospect research for their charity:
- Why: Applying your professional skills to benefit their philanthropic endeavors is a strategic move. By identifying potential donors, you showcase your willingness to contribute beyond monetary means. This gesture also saves them the expense of hiring external consultants for similar services.
4. Raise money for their charity:
- Why: Going beyond personal contributions, actively participating in fundraising for their cause elevates your involvement. The ability to solicit funds directly is a valuable skill that many individuals lack. Additionally, the synergy between supporting their charity and recognizing potential business prospects strengthens the bond.
5. Find good deals:
- Why: Understanding their preferences and discreetly sharing information about deals aligns with the notion that even the affluent appreciate savings. This not only demonstrates your awareness of their interests but also creates a positive anticipation for future interactions.
In essence, the key is to transition from a mere acquaintance to a valuable asset in their social and professional spheres. By consistently demonstrating your commitment to their interests, whether personal or philanthropic, you position yourself as someone they not only know but genuinely appreciate having in their circle. This approach goes beyond networking; it's about cultivating authentic relationships based on mutual respect and shared values.
