I feel that IB at the junior level exposure to the c-suite is through a fish bowl essentially. Where can I go to actually INTERACT with these individuals and upgrade my social circles? PWM maybe? Maybe a startup with some ex-industry guys? I'm saying this because the faster I can build a book, the easier entrepreneurship comes later down the line.
For reference I'm actually at a startup with ex-industry guys and I've met firsthand their LPs and had dinner with them and stuff and they were just normal people. But I want to build a book of my own and try and actually drive business. I'm thinking one way is to pitch our investments to private bankers/PWM firms to see if their clients would be interested? Then overtime just by doing business I can strengthen these relationships to a personal level?
The country club is the best bet
Whats the obsession with country clubs? Seems like everyone hangs out there but I don't see the overwhelming appeal. Ok food, nice scenery and golf but that's about it. What draws people there?
So you can say “I belong to xxx country club” in every conversation
It’s a filter
At a nice golf course
These people can sniff out people like you (self-interested and transactional) from miles away. Your best option is to be the best at what you do and stop trying to become friend with 50y old BSDs when you're a 20-something wanker (not gonna work).
What's BSD?
This
Its implicit that I'm not trying to follow the herd with this 2+2+2 bullshit. I personally believe people in finance are way too risk adverse and will shoot down anything thats not "wait until ur 30 with +10yrs of experience and XYZ super safe prerequisites r met". I don't want to wait a decade when my class enters the HNW space. I have a nice group of seniors as support and I just want to know how I can start those introductory conversations on my own before passing off the actual advisory to my seniors. I don't want to hear the million reasons it won't work (as if I don't already know being in my 20s is tricky enough and I will likely fail), I'm curious on learning what the gameplan would be for that 1% chance it does work.
Because I will also say the HNW people I have met aren't particularly intimidating or overly sharp in any way. They're ironically not the overly polished NYC IB guys who know the ins and outs of everything and most didn't even have IB experience. They just were hustlers who also took similar risks young. This with our relatively straightforward and geniunely solid investments makes me more confident I can hold my own enough to make it through these conversations.
I'm aware of that, but you misread my post. I'm not telling you to "pay your dues" like a boomer, but I'm telling you that most if not all UHNW individuals have no interest in being your friend, because you're just not on the same level as them, both in terms of age and position in life. Imagine a 15y old kid acting all serious and trying to "network" with a principal in PE. Same dynamic.
The only solution against that is to be the best at what you do. That Indian kid who recently won the World Chess Championship was invited for dinner by a large hedge fund in London because the founder is a big chess fan; the whole team was listening to him speak like it's the fucking gospel. Same for Magnus Carlsen's start-up - you think he raised from Coatue and Peter Thiel because he's a master networker?
My point being, you need to understand that entrepreneurship is not the field where you start with the money and then somehow come up with the business afterward, maybe it was the case up until 2021, but not anymore. You need to start with the business itself - top knowledge of your field, top market opportunity, top product, top GTM strategy, top execution, and top team. Once you build that you won't need to worry about becoming friend with billionaires because the universe of fundraising options will be much wider.
“Passing off actual advisory to seniors”. You’ve got the pyramid the wrong way around my friend. You’re trying to do the senior MD role as an analyst, and think the analyst job is the MD role (ie execution). The trickiest part is when you haven’t won the mandate so why would anyone let you lead those discussions? Those discussions are effectively the advisory but without the ability to prep or knowing what questions might be asked
If you want to do this you either need to be very well connected with family friends essentially which give you access others don’t have, or truly venture off on your own. No MD is going to let you do their job and they’ll do the execution from there.
Its admirable to try and wish you the best of luck.
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