11 ‘Credentials’ That Give You an In With the Wealthy

2. Visibility equals credibility.

I serve as a lector in my local church. I’ve been doing it for as long as I can remember. It’s a highly visible position. People greet me on the street. (Though I sometimes draw a blank on their name.) This has even happened in Paris!

Your visibility credential: If you volunteer in a highly visible role, your reputation is intertwined with the reputation of the organization. “He must be good. He must be honest because he does the readings on Sunday.”

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3. The neighborhood where you live.

There are towns and neighborhoods that signal, “you have arrived.” When someone mentions Scarsdale, New York, Princeton, New Jersey, or Greenwich, Connecticut, the first thing that comes to mind is; “This person is rich.”

Your town credential: Ever see the British sitcom Keeping Up Appearances? If you live in a “highly desirable private residence of outstanding natural property values,” it makes sense to work your town name into conversation often. Remember, ZIP Codes cover large areas — you can have an address in an upscale area without spending a fortune on a leafy estate.

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4. The nonprofits you support.

High-net-worth and ultra-high-net-worth individuals tend to give back to the community. In the world of “old money,” it was considered an obligation! Wealthy individuals tend to serve on nonprofit boards. You want to serve on one too.

Your charity credential: Choose an organization aligned with your interests. Hopefully, a client already serves on the board. Start attending events and express an interest. Nonprofits can be welcoming to advisors for a few reasons: they consider advisors as already wealthy or on the right path; advisors are great at soliciting money from others; and you will be identified with the organization where you serve on the board.

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5. The car you drive.

You’ve heard the expression “you are what you drive” before. It’s not a hard and fast admission requirement, but it can work against you. You do not need an exotic car, but driving a Mercedes, BMW or Audi helps a lot. Porsches are common in our area too.

Your car credential: The right car helps you look like you belong. The next time you go car shopping, check out the “right cars” that have recently come off their lease.

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6. Your personal appearance.

When I started at Merrill Lynch in the early 1980s, advisors were sent to class to learn how to dress! This was serious — things like how many folds you could roll up your sleeves on a hot day when visiting a farmer! Times have changed and life is more casual, but one lesson that remains: “Do not dress as if you will be on the next plane to Rio De Janeiro with your client’s money.”

Your “best face forward” credential: Dressing and grooming well pays off in many ways. This even counts when you are dashing out of the house to run errands (and may run into someone who recognizes you from church).

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7. Events you attend.

Years ago, an art dealer explained why she needed to spend the money to have a booth at the major art shows in New York City — the kind celebrities visit. She explained, “When you don’t have a storefront shop in the center of town, attending shows is how you show you are still a major player.” You need to attend some of the events the other wealthy folks do.

The “see and be seen” credential: It will be expensive, but you need to do the fall and spring nonprofit gala circuit. You will see the same faces over and over.

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8. Where you have been.

Wealthy people travel. They talk about where they have been or where they are going next. They have second and third homes. They talk about them, too. You need to go to places so you can talk about them.

The globetrotter credential: You do not need to go to the same places they do. Choose your own places. A Caribbean cruise stopping at a port a day gives you a good handful of destinations plus the ship itself. Fit in a handful of world capitals, too. Rome, London, and Paris are good examples. Taking a river cruise helps.

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9. Your country club membership.

You might dislike the idea of a place that exists for the purpose of excluding others. But think of it as a gathering place where you can be around the people you want to meet.

The country club credential: Join the best one you can. This becomes an ideal place to invite business owners you want to cultivate as prospects. You will soon find yourself surrounded by the people you want to know better. You will be referred to “as a member” when your name comes up in conversation.

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10. Your college.

This can be a major factor when making connections. In our area, Penn State is a school with a huge alumni base. Going to local alumni events can gain you access to the right social circles.

The alumni credential: If your school is local, join the local club and attend their events.

Bonus: The cardiologist credential.

I now have the ultimate HNW credential, a cardiologist! Since HNW and UHNW people tend to be older, they have them too! In smaller communities, you often share the same cardiologist. “I can’t get together that day, I have an appointment with my cardiologist” turns up frequently in conversations.

Our first museum chairman, a property developer, once remarked, “My cardiologist is so good, I can never get in to see him.” Having a cardiologist is the ultimate credential!

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