Networking with Millionaires…and Their Advisors

The best affluent networking book I’ve seen!
I first became aware of Stevens after reading his landmark study, “The Millionaire Next Door”The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley, PdD and William D. Danko, PhD – First Edition, 1st Edition – Printing 1998. As an insurance agent wanting to gravitate toward affluent clients, I was interested in Stevens’ approach. After talking with a number of development directors of charities, they agreed that his approach to fund raising is a winner! It also fleshed out the advice I had been given, to approach affluent prospects through their “influencers”; CPAs and attorneys. The entire series, Networking, Marketing, and Selling to the Affluent, reflects Stevens’ research and depth of knowledge of the affluent client. If there’s a better book out there, I haven’t seen it yet!

One Star
Paper quality

The other 80% system for networking
This audio program, in a form of interview, explains how to make business contacts with successful business owners and affluent professionals via the people whom they trust – their advisors. The author here presents “The other 80% system for networking”:1. Think about your own patronage habits. Patronize a CPA, a lawyer, a doctor: suppliers in general, that already have a network that you can benefit from. In other words, pick a CPA and other suppliers that essentially have the clients that you wish to serve.2. You have to determine right upfront before you sign up for their service that you will join and benefit from their network. Many people have networks, but they do not share them with people. Interview a supplier like you are interviewing for a job for life. Ask these people whether they have a network that you can benefit from. For example, if you would like to have a large number of construction contractors as clients, find a supplier that has large number of construction contractors as clients. In other words, “you will be my CPA if you will refer me to your contracting clients”.3. Be willing and communicate your willingness to reciprocate regarding referrals.4. Have a long-run view. Be patient. It’s give, give, give, before you receive.5. Spend more time with the members of your influence network than you spend with your colleagues and your competitors.6. Be willing and be able to recruit business for the members of your influence network. And when you do this, document your referrals via a letter.7. Keep in contact with important members of the network. Provide then with intelligence concerning prospects, endorse them, do your PR for them, do your homework for them, be their intelligence system.8. Entertain.9. Work with several CPAs, help them in terms of revenue enhancement. You will find that CPAs in the USA are the single most important opinion leaders in terms of the patronage habits of successful business owners and affluent professionals.10. Never make a referral for profit only. Never refer a client or any other network member to those who cannot do the job. To do so would be a breach of integrity and to the foundation stones with which your affluent network is composed of. Deal with people honestly and refer them to the best that you know.As a summary of this audio program, foundation stones to networking with millionaires and their advisors are:1. Most affluent people are members of one or more affinity groups.2. Information about the quality and integrity of suppliers, including referrals and endorsements, diffuses much more rapidly among members of the same group.3. The affluent market segment is growing seven times faster than the household population in the USA.4. High-performance networkers gain endorsement for reasons that go beyond the basic product or service that they offer.5. High-caliper networkers focus their efforts.In addition to this audio program, I can recommend the other publications by Thomas Stanley. His style may seem academic, but this is what I like. Robert Kiyosaki reiterates most of the Thomas Stanley’s ideas for wide audience, in popular language, but I prefer Thomas Stanley, because he is the source.

Great book!
Interesting way to plan on success.I found the recommendations valuable. I will incorporate these into my life, and recommend them to my daughters as well.

Outdated stuff