3 - Building Relationships with Family Offices
Update: 2022-12-20
Description
Angelo Robles emphasizes the process of building relationships (not "selling") to Family Offices.
Transcript:
| I hinted at it in a prior section, but there is a nuance to interacting with families even when you're paying to be a sponsor. And I've done over 400 events. I featured some of the biggest speakers, Ray Dalio, Tony Robbins, etc., and many more in the industry. And yeah, I realize you may be a speaker or sponsor, but no, you don't approach someone and within 10 seconds your card is in hand. |
| And who has business cards anyway? Now. But okay, let's go with that. Like, really? That's so that's going to excite a CEO or a family member to want to call you. You're going to look ignorant. You're going to look impatient. You didn't develop a rapport. You didn't get to know someone even for a minute like, Hey, nice suit. |
| Where did you get it? I like the Yankee hat, whatever it might be. Remember the family or the CIO is not there to impress you. You're there to come across as a professional to them and someone who is high value. Where you have abundance, where, yeah, you could provide value to them. You don't need to show your business card. |
| Be careful in terms of how you engage and what you say, and maybe there's training that you could do to get that. And then there's opportunities to be a good speaker, to be a good presenter, to impart education, to leave them wanting more and not pound them and sell them from the stage. That may work a little better. |
| I don't know when the institutional and even MFA world really is not going to work with the ultra, ultra high net worth and single family office community knowing how to look the part. How to slow down Developer relationship and get to know people over time. Now I know institutions could take forever because of layers of management to make decision making and investing. |
| And yeah, you're not going to get those layers like me, which I guess is good in a single family office. But your personal connection probably has to be even more on point. And yeah, if you're a younger man in the industry and you're feeling a sense of pressure, it's going to be really hard pressure from your whatever managing directors or a fund manager that's harder to be successful in the single family office community. |
| There may be other markets of maybe people below 30 million where that could work or others in maybe the NFL market even. But in the single family office community, it's way more nuanced in terms of how you need to do it and go about it. And I hinted earlier there's things you could do from a social perspective. Golf or tennis or a great restaurant, an art showing, an NFT, whatever digital gallery that starts the relationship and trust. |
| So you get they get to know you as a person and vice versa. And then the opportunity to do business without necessarily pounding them. Now, I suppose you could say like, Hey, we're hosting an investment dinner, we have a closed in three months. And yeah, that could work because they know what they're getting into. But I would keep that short. |
| I would keep it there for the social interaction, the quality of the dinner and the company get to know people personally. And maybe it's a ten or 15 minute let's go with the work presentation as opposed to droning on and on and on, which is what so many of you will do. That's just not what they want. Yeah, Are some of them probably there for the free meal even though the rich vet that more carefully. |
| But some but like like an anything you're not going to get 100% of what you want. Getting some of what you want is better than none. So sometimes you've got to be a little bit more, you know, shotgun approach, a little bit more scattershot. But I know you wanted to be more focused. But again, that's not always it's not always easy. |
| It's complicated. In the single family office world, and it does take the right approach to get to know them and to have that bond where potentially in time it could lead to business. |
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