Best Advice: High Net Worth Individuals

If you’re young and ambitious, this is a skill you’ll want to develop. Some of your best chances for investment, connections, and job opportunities will come from people who are already successful. Being able to confidently talk to, act around, and deal with high net worth individuals is an essential skill. This post is especially for the young and ambitious (like I used to be) and can also help those who find themselves in a different station in life. For those who didn’t grow up near or around wealthy people, interacting with people from a different socio-economic status can be hard. I won’t turn you wrong, and you’ll be hanging out with successful people in no time. No matter what you are doing (even food service), maintaining a high professional conduct level is one of the best things you can do. Using this advice, you’ll look, feel, and sound like a professional. 

Rule 1: Don’t waste time

This is the first rule for a perfect reason. Net worth can vary, but all humans’ common denominator is time. We only have so much of it on the planet, which means that neither gold nor silver is the most precious commodity. The most precious commodity is time. This means that if you have the chance to have a conversation with a high net-worth person, do not waste their time. Many wealthy people tend not to engage in meaningless small-talk. If you have drawn attention to yourself, then make sure of the 2-5 minutes of conversation that you’ve earned. Skip over the introductory questions and skip straight to a few conversation strategies. Inquiring about their line of business or what they are looking for where you are is a great way to get them talking. Many people will jump right into, “I am __, and I’d like a job/investment. This is no good. Wealthy people get pitched stuff all the time. It is best to get to know them first. Ask about passions, “What are you doing this weekend?” It will likely be a sport or activity of some variety so do what you can connect on that basis; even if you don’t do that activity, get them talking. This creates engagement and a more memorable connection, which will be useful later. Many business deals and jobs have been earned on a ski slope, driving range, shooting range, golf course, or hiking trail. Keep conversation simple and direct. At the end of the conversation, make sure to trade numbers if the connection has been good and, if you’re old school like me, leave your business card. If you manage to last a phone number, don’t overuse it. Keep these same rules in mind. Be concise, direct, and consistent. 

Rule 2: Be clear with your offer

For this part, let’s presume that you’ve gotten to a place with this wealthy person, and they are interested in you. Now is the prime opportunity for your offer. I’ll begin by telling a story. I had the opportunity to do some social media work for the Denver Merchandise Mart. DMM is a large showroom for product conventions, buying shows, and consumer shows. I wanted to show them the power of digital advertising, and I had the chance to build a campaign for an upcoming product show for them. The person I was working with got me 5 minutes with the owner of the facility. She dumped me right into the meeting after an introduction. This was my chance to make that 5 minutes count. I walked away with a client from that meeting. What did I do to land a client like that in 5 minutes?

1) I had rehearsed my offer. I knew what I wanted to pitch him
2) I was succinct in my delivery 
3) I listened to his history of DMM and heard what his needs were so I could customize my offer 
4) I demonstrated my expertise 
5) I acted as I belonged there and was worthy of talking to him

 The best thing you can do before meeting with a high net-worth person is to rehearse what you’re going to say. I have 2-3 major points in mind and practice saying them. Analyze what you are saying; is it too wordy? Are you concise in your words? Are you demonstrating clear expertise? Have you learned the latest industry jargon to show you’re familiar with what is going on? Practicing in advance is essential. When you’ve done some rehearsal and gotten your pitch/offer perfect, then you’ll be ready when it is time to present yourself for your opportunity. 

Rule 3: Professional appearance

This one can be a little bit controversial, but it is important. Maintain a professional appearance, depending on your industry, is an essential part of connecting with high net-worth individuals and gaining new opportunities. The standards in different industries can change, so make sure to fit in. If you work in nightlife and clubs, wearing a suit might not be appropriate. Conversely, showing up to a luncheon at a tennis club in an outfit better suited for the night club is equally gauche. Look around and see what people in that life are wearing and dress accordingly. Outfits should undamaged (unless appropriate) and in good shape. Cut off annoying tags and avoid ill-fitting clothing. If you have a slim build, then buy slim clothing that hugs the body. If you’re a larger person (like me), don’t reach for the baggy clothing. If you need more fashion advice, then see this and this. 

This is also where I usually advise those looking for advancement to be careful with body jewelry and tattoos. I have tattoos and scarification. I’ve long said that I would not get any tattoos that can’t be covered with a suit until I had a certain number in my bank account. A similar policy for most people is helpful. Although tattoo acceptance is certainly well on its way into mainstream society, many high net-worth individuals might not be on board with a neck tattoo. Avoid those kinds of career-limiting mistakes. 

Rehearse your pitch, act as you belong, and keep a professional appearance are all apart of making sure that you’re ready to talk with high net-worth individuals and create some new opportunities for yourself. These opportunities can change your life, and they may not come around again, so make sure to take full advantage of them. Also, don’t forget, not all business deals work out. Remember that story I told about the Denver Merchandise Mart? I only had them as a client for a short period of time. I was all set to bring my expertise to a project, and other people decided to in-house the marketing and cut me out of it. I was hurt, but I moved on with new connections in hand for future business. Don’t take it personally, and stay prepared for your next great opportunity.