For this level of wealth, being a thought leader must tie tightly to the services and products you would be providing to billionaires. While cutting-edge solutions are not necessarily the answer every time, your ability to deliver state-of-the-art strategies and financial products intimately connected to your expertise is a necessity.
The value is not asset allocation, for example, but being able to source customized investments that fit into the billionaire’s asset allocation model. Another example is being able to put together a life insurance portfolio for a person this affluent. Here it is more about the ability to deal with underwriters and integrate the life insurance into a wealth plan than it is about the life insurance per se.
Communicating your proficiency at asset protection planning only the super-rich can use, such as the “floating island” strategy, is important for it lets you stand out from the array of very, very smart professionals seeking to do business with billionaires. It is not only about being able to deliver esoteric strategies when they are appropriate, but communicating that you are quite skillful at using these strategies.
Certain broad-based methodologies are also in high demand by billionaires. Being seen as incredibly adept with them is a complimentary way to be recognized as a thought leader. For example, stress testing is normative at these pecuniary heights. Stress testing is the evaluation of particular wealth management solutions, or, more broadly, the overall wealth planning presently being used by the billionaire. The aim is twofold:
• To ensure what the billionaire has done produces the results he or she desires
• To ensure the billionaire is not missing anything major when it comes to wealth management
Being seen as exceedingly skilled at high-quality stress testing, which entails not only addressing the technical issues but—more importantly—the human element, is a powerful way to attract the attention of billionaires (and their family offices) and deliver considerable value.
Being a thought leader with specialized, in-demand expertise will rarely result in billionaires contacting you. It is, however, foundational to establishing and nurturing strategic partnerships.
Build Strategic Partnerships
Strategic partnerships are strong relationships usually with other non-competing professionals who are working with billionaire clients. It is important to keep in mind that billionaires habitually have relationships with a multitude of professionals. Some of these relationships are transaction based; others are more extensive. Almost never do billionaires establish totally exclusive relationships with external providers.