I’m curious how much everyone here spends on professional appearances like tailored suits, expensive watches, and client dinners. My mentor told me I need to look the part if I want to move into Private Wealth Management, but it feels like a waste of money. I’d rather put that extra $5k a year into my brokerage account than a Rolex.

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It can be important to have decent clothes, but something like a fancy watch is a waste of money in the modern era. If someone in today's world wants you to handle their money, they're more likely to be turned off by gaudy displays of wealth. Having a smart watch and a good head on your shoulders will be far more impressive.

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Honestly, it all depends on the part of the country and you dress for your client’s. If your client is a farmer, you aren’t going to be wearing a 3 piece suit to meet them.

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Just bought two dress shirts from Goodwill for $5 each.... Appearance might matter depending on workplace and such, but I haven't worn a tie or jacket in a long while. Pants and a polo or a dress shirt is about as dressed up as I get.

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I don’t think you have to buy tailored clothing to look nice.

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I think VP1 hits the mark here. It depends on your niche. I work primarily with middle class, and my biggest accounts are Gen X. In both cases fancy clothes and fancy cars mean you could lower your fees and can't relate to them.
In the HNW-UHNW world that is far less true, regardless of generation. A multi-millionaire with a mansion and a yacht is going to want to see that you understand them, and therefor does not want you to roll up in a 2002 Toyota with a Casio on your wrist.
I wear a short sleeve polo most of the time, because in my book that is on par with my clients' daily dress. If I was in New York working with the jet-set crowd, I would spend on clothes and a fancy office... so basically, look at who you work with, or want to work with, and match them (or be half a step above).
Finally, in this world, a smart watch is not a negative at any level due to their functionality.

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I think it depends on your audience. I wear suits because of my work environment; Banana Republic has reasonable suites for both men and women and they can always be dressed down to look more casual.

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Dress professionally and looking sharp is important, especially at that first prospect meeting. But you don’t need to spend a ton on tailored clothes, plenty of nice suits and shirts off the rack.

Watches are more of a personally thing, but don’t buy it to impress people, buy it because you like watches, whether it completes a look and/or you are fan of horology.

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H&M or Chinese brands off Amazon. I work in ib

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You can find excellent professional clothing on sale and at thrift stores if you want the look but don’t want to spend the money. Over the last 22 months I slimmed back down to my weight from pre-husband and baby and had to overhaul my entire wardrobe. I did splurge while in Italy on 2 Italian suits, but everything else came from Macy’s 30% - 50% off or from a thrift store. I bought a $300 dress for $19. Considering I donated prob $5k or more in clothing.

I do own and wear a Rolex, however it was a gift from my husband for our 10th Wedding Anniversary while I was employed as a Registered Nurse. Most clients won’t comment on your clothing or if they do it’s to say they like what I’m wearing. I’ve had many comment on my watch. I share the story behind it. They share their stories. I also have a special ring I occasionally wear it too has sparked many conversations and has led to client introductions and referrals (I have 3 clients who collect Rolex’s - it also helps I have a friend who is a Rolex dealer). Whether you’re into watches or something else, Be you and be authentic and you will connect with your clients. They want the real genuine you not some guy or gal in a fancy suit with a fancy watch. I dress with more of a high end look, not because I’m trying to attract high net worth clients, but because I love the way I look and feel. ❤️

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You don’t need to buy name brand to make you look expensive. I think it’s a waste of money and would also rather pocket it than spend thousands on name branded clothing just to impress clients

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