2 - Connecting with Family Offices
Update: 2022-12-20
Description
Angelo Robles describes the do's and don'ts of connecting with family offices.
Transcript:
| Easily the most common question I get is like, how do I like what's the proper way to even find out and approach a family office? So the hardest one is going to be the single family office. They're are private entities. They usually don't have to register, but that gets a little complicated. But I don't want to drag you down with that. |
| So databases are going to be limited. I'm not saying they're not good at all. They could be valuable. And there are certain technological resources and database from FIN to others where it may be worth spending the money to have the database and access, whether traditionally mail, phone call or commonly email. So that's better than nothing. But the challenges, again, are to identify now not to be self-serving, but organizations like mine and I'm not saying I'm the only one, I might be the best one, but I'm not the only one. |
| So organizations that are dedicated to the family office community more so than just an events company, although that could be acceptable to some extent. But I produce original content, original thought leadership. I'm extremely active on social media. I'm Angelo Robles, Metta to show my interest in the metaverse on Instagram. I'm extremely active on Apple and Spotify on YouTube, moderately active on Twitter and LinkedIn. |
| So those are all things that you should be active in as well. You should be writing original creative thoughts, you should be outputting content even if you're using outside writers to help you craft that. But broadly it's your ideas. So you need to be positioned as a thought leader. You need to get access and probably pretty quickly. So an organization like mine that yes, we're going to charge you to be a member and just like an event company is going to charge you to be a sponsor, that is a way to get in front of larger groups of people that are hard to get in front of. |
| And simply it may be worth it from a monetary and timing perspective and some of the databases that I noted I believe could be as value as well. Where do the families hang out? What country clubs do you belong to? Do people still play golf anymore? Are looking at your rolodex of people they work with in banking and accounting and legal in developing relationships where you're giving back to them so they see value in making introductions to you. |
| These are all going to be valuable if you're in the investment management space or a fund or a hedge fund. Having your numbers get published, picking up on various hedge fund and like databases that families subscribe to now, yeah, that means you may have to stand out. You can't be average. But of course, none of you watching this are average are all great. |
| So you should have that confidence that the family should be having their eyeballs on you. And the other reasons that I mentioned earlier, they should be doing better than just average because average may not cut it relative to the reality of their lifestyle and how inflation truly is for them. So they likely, in my opinion, do need some level for part of their portfolio in alternatives of quote unquote outsized performance. |
| Listen, you're looking for a magic bullet of meeting whatever half billion dollar plus families. There is no magic bullet. I live and breathe this now for what, close to 15 years? It's hard. It's hard. By the way, I go to conferences, although it slowed down from Milken to the old Clinton Foundation to various things at Davos. And I spend tens of thousands of dollars because I want to get out there. |
| I want to learn what's the topic, Who are the people, who are the thought leaders? And I meet and interact with families. I don't judge it on one event. So I spent 15,000 that I make a return on it. That's way, way too shortsighted. It's over the course of a year or two years. And yeah, I monitor more broadly how much I pay whatever, say 70 or $80,000 a year on that, and look for that to be valuable to me. |
| Maybe I learned something where I had had a great investment. Maybe I met people that became friends that are valuable to me or yeah, I hope I did business as well. I became a member or an engagement partner of mine through my family office association. There is no magic bullet. There is no easy secret. I mean, going through alumni at your college, your database, so you know, who knows? |
| So yeah, those are all some of the blocking and tackling that you should do. Now, multifamily offices are going to be easier. They're registered entities, so therefore there's much better databases relative to that. So yeah, the single family offices are generally going to be the much, much harder ones to reach. The multifamily offices will be easier. Also, you guys in the investment management space or whatever, hedge funds, maybe you should be putting on some private dinners, some events. |
| If you're in the world of crypto and digital, bring in a non competing fund, Bring in a thought leader like me that could potentially come in, speak at the event. So doing things that are also proactive in terms of your reach outs, you hosting dinners, hosting events, hosting digital zooms and educate. You don't have to be pounding them with selling them every second. |
| That's offensive to many of them. You need to have the right balance. And yes, it would help if you know how to engage with those kind of families to do that. And there is training and method and methods you could go through to make you better relative in that role in terms of market outreach and marketing relative to engaging with families and social gatherings and functions. |
| I have hosted pool cabana parties no recently I know this, this presentation where we lapsed and that's when you actually get to know the families and eventually follow up with them. Art Gallery events. I do a truckload, not just during Art Basel. I'm very active in Miami, look to do things. I mentioned the country club, a little bit of a dated idea, but still works. |
| And the younger people may be more active as generational Investors are in crypto. Like where are they going? What do they want to see? Hosted NFT digital studio event Do something vibrant and fun that's social. There's there's lots of things to do. It is going to take some time and money if you think there's an easy way again, especially with single family offices, there's not. |
| You have to roll up your sleeves and you have to be proactive. You need trial and error. Some things will work, some things won't, and you just need to make it happen. You doing nothing. It's not going to come to you. You need to be proactive. |
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