Jun 25, 2019
Are you looking to attract high-net worth investors for your
business? If so, you have to listen to this episode with Richard C.
Wilson. Richard is the founder of Centimillionaire Advisors and the
Family Office Club. He works with $100M+ net worth families
providing a full balance sheet solution to their wealth management
needs. On this episode, he shares some of the pain points of high
net worth investors, how to find the ultra-wealthy, and how to
structure deals that will appeal to family offices.
Key Market Insights
- Family offices service high-net worth investors needing a full
balance sheet solution
- Ultra-wealthy mistakes: after liquidity event, families start
spending right away based on who has access to them
- Focus on what the family is best at and create the daily life
they want to live
- One family had 42 car leases and they would get a lease for
their friends
- Tips for families: create a clear set of rules on managing
family funds
- Suggests a narrow focus on direct investments – opposite of
what many wealth advisors suggest
- Tips from the Ultra-Wealthy: What game can you play and play it
better than your competition
- Average investor does not have teams around them, family
offices have a full team to source and vet deals
- Some investors are sitting on $5MM in cash and have no
investments outside of a primary residence
- Credibility, context, uniqueness and compelling
- Do you look like everyone else or is it compelling?
- Family offices do not like to see layers of fees,
misalignment
- Financing fee, 1-2% management fee – has no skin in the
game
- Key: Being transparent on the equity that is being raised
- You can get funded on your first deal if you have a strong
story
- Family office may come in on a small level on a first deal
- There are family offices that service a single family and
offices that service multiple families
- Each client has a different risk preference and if they get
comfortable with a specific sponsor and if it goes well, it can be
offered to the family offices
- How to meet high net worth investors: go to events targeting
ultra-wealthy (family offices), be a part of a high-end community
(business owner club), live where the ultra-wealthy are living,
look locally on Facebook or Linkedin for family offices, who serves
family offices (estate planning, dealerships, advisory group)
- Most syndicators are buying B- assets and looking to produce a
17-22% IRR, but needs to be a truly unique process
- Everyone is saying we’re 12-24 months from a reset and people
are now tired of missing out from being too conservative
Bull’s Eye Tips:
Winning Your Market: Identify a choke point that you can own –
source of research, flow of investor
Tracking Market Changes: Hosts two events each month and day to
day discussions with clients
Daily Habit: Accountability call each week, meditation daily
Resources:
Capital Raising
Book
Centimillionaire Migraines
familyoffices.com
Best Business Books:
Game Changers by Dave Asprey
Success Principles by Jack Canfield
Digital Resources:
Hubspot
Tweet This:
“The best way to add value to any investor is dialing into
the pain point of the investor”
“Mindset is more important than a track record”
“Everyone is saying we’re 12-24 months from a reset and people are
now tired of missing out from being too conservative”
Places to Grab a Bite:
Delirio
Kyu
Keybuscane
Connect with Richard:
Website: FamilyOffices.com
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check out more info at TargetMarketInsights.com.