How to Attract Ultra-High-Net-Worth Clients with Jonathan Foster

Episode 071: Building a thriving business is about playing the long game—prioritizing sustainable value creation over fleeting, short-term wins. Organic growth strategies lie at the heart of this approach, leveraging the power of client referrals, collaborative partnerships, and the ability to craft compelling stories that resonate with clients. For advisors aiming to attract ultra-high-net-worth clients, focus on telling, not selling, and offer genuine value without the pressure of asking for referrals.

In this episode, Kyle Van Pelt talks with Jonathan Foster, President adn CEO of Angeles Wealth Management. Jonathan is a senior leadership executive with experience in all three major wealth management channels: wirehouse, registered investment advisory, and independent representative marketplaces. 

Kyle and Jonathan discuss the strategies and philosophies that drive long-term success in the RIA space. Jonathan shares the three ways to grow organically, how to attract ultra-high-net-worth clients, and the importance of long-term value creation. He also dives into the key factors driving RIA's valuation and the challenges of democratizing alternative investments.

In this episode:

• [02:34] - Jonathan's money moment
• [03:54] - Founding Angeles Wealth Management
• [12:27] - Three ways to grow organically
• [15:44] - How to attract ultra-high-net-worth clients
• [18:19] - The importance of long-term value creation
• [22:31] - Leadership's role in nurturing team members' well-being and growth
• [26:06] - The challenges and rewards of entrepreneurship
• [27:47] - Key factors that drive the valuation of an RIA
• [30:38] - Flexibility and adaptability in business planning
• [36:16] - The future of the financial services industry
• [36:29] - Democratizing access to high-quality private investment
• [40:57] - John's Milemarker Minute

Key Takeaways

• Building a successful business prioritizes long-term value creation over short-term gains.
• Organic growth strategies include referrals from happy clients, collaboration with colleagues, and hiring skilled storytellers.
• When attracting ultra-high-net-worth clients, it's important to "tell, don't sell" and focus on providing value rather than asking for referrals.

Quotes

[12:57] - "There are three ways that we've identified that could organically grow the business. The first is getting referrals from happy clients. The second one is being a good colleague with our sister company. The third way is hiring a good storyteller." ~Jonathan Foster

[26:12] - "People always talk about the wins. They don't talk about the ones that didn't work. What you don't want to do is spend five or 10 years of your life on a bad idea." ~ Jonathan Foster

[28:30] - "What makes a business valuable to own or valuable to sell is organic growth, high-quality people, and a high-quality process." ~ Jonathan Foster

Links 

• Jonathan Foster on LinkedIn
• Angeles Investments
• E*Trade
• A Sense of Freedom

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

Subscribe and stay in touch

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• YouTube

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