How do you earn trust with ultra-wealthy private investors?
Short answer: A family may reach for a checkbook, but DJ says trust can still take weeks or longer. He says to stay available as a resource while educating them step by step.
In a panel discussion, Richard C. Wilson asks DJ how to work with wealthy families and earn their trust.
DJ on leading with a relationship
DJ says leading with a 21% return, 15% cash on cash, and a $5 million ask is the wrong opener. He says the relationship comes first. (at 0:20)
DJ on family money
DJ says families can view the money as personal capital they may never replace, and that emotion is involved. He says the first concern he hears is to avoid losing money. (at 0:48)
DJ on educating families
DJ says not to assume successful, intelligent families understand every investment area. They still need education, delivered step by step. (at 1:18)
DJ on staying available
DJ says building the relationship takes commitment. He advises staying available as a resource. (at 1:14)
"The first thing I've been told with every family is don't lose money. Don't lose money. Don't lose money."
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
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Frequently asked questions
How do you earn trust with ultra-wealthy private investors?
A family may reach for a checkbook, but DJ says trust can still take weeks or longer. He says to stay available as a resource while educating them step by step.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.