If I want to get into my community and rub shoulders with HNW individuals, what’s the best way to do that? By your own experience, which clubs or organizations do the wealthy tend to congregate? Any success stories out there?

I’m kind of under the impression that joining clubs and orgs for meeting these types of potential clients is a dead end as the wealthy stick to themselves, focus on their work, and spend time with their families.

Thoughts?

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It sounds like you’re newer to the business. Why not focus on reaching normal folks who are near retirement and may have a few hundred thousand in a 401k to rollover to you? Even if you are able to find the HNW folks they aren’t very likely to turn over the keys to the kingdom to someone new to the business.

On-boarding 100 clients with $250k each in your first few years will put you in great position to build a profitable business. I’m 4 years in managing 40mm, of which I brought in 31mm. Currently I only have three 7 figure clients (none of whom would consider themselves HNW) and that’s ok. Ask around, I think you’ll find most advisors got their biggest clients at least a few years in and many times they were referrals from clients with lower asset levels.

Best of luck!

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No, year four, but this is the second year in a row when I’ve made enough such that I was financially able to swing maxing out my 401k.

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Join your local country club.

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