What You Need to Know
- Entertaining is essential to building relationships with high-net-worth clients and prospects.
- Don't be afraid to host dinner parties at home, even if you just live in a townhouse or an apartment.
- Do it right and not only will you be an in-demand party host, your guests will invite you to their own parties.
When cultivating relationships with high-net-worth individuals, entertaining is a key element. You can join the right organizations and see people once a month at meetings, but that can take forever. You want to accelerate the timeline.
Entertaining at home or in a restaurant setting is key. This might have been second nature pre-pandemic, but after 18 months of lockdown and social distancing, those skills might have become rusty. Time for as refresher.
Many agents and advisors think entertaining is expensive and complicated. You will have two logical options: entertaining in a restaurant or entertaining at home.
Entertaining Two Ways
Obviously paying restaurant prices to have the food cooked and served for you is a significant cost. Here are two ways to view it:
- The occasion: You are celebrating a major event like a milestone wedding anniversary or your spouse’s significant birthday. You are willing to spend for something splashy. You’ve been cultivating friends and family members as potential clients for a long time. Everyone is there.
- Client/prospect dinner. You have a marketing partner who will split the costs. You book a private room at a restaurant. You and they host a dinner that’s both social and business.
Wait! I Have Excuses
Let’s assume you’ve looked at both and said, “That’s not happening.” Entertaining at home is the other logical option. Now you see two different roadblocks:
- Wealthy people won’t accept. Why? Because you live in a townhouse or an apartment. They have estates. They would be taking a step down. But give yourself more credit! If they are self-made, they lived modestly before they made the big money. They will see their earlier selves in you. Earlier in my career, we had the great and the good over to the house.
- The house is covered with children’s toys. You think this would be a turnoff. There’s a simple answer: Have a BBQ or picnic in your backyard or the common area that your building allows you to reserve. Regardless of wealth, everyone loves grilled hamburgers and hot dogs. They only need to enter the house to use the bathroom. You can clear a path free of toys.
Here’s Another Excuse
You think hard and come up with yet another obstacle: Entertaining is too tough. Dinner parties are not what I do. It’s a common excuse.