Networking With the Affluent and Their Advisors

by Thomas J. Stanley

The top 1 percent of households in America account for nearly 40 percent of the wealth. This same affluent market is growing seven times faster than the household population in this country Thomas J. Stanley - author of Selling to the Affluent and Marketing to the Affluent - shows that, dollar for dollar, the most productive way to penetrate the affluent market is to network with its members, their advisors, and key members of their important affinity groups.

Genres: Business, Nonfiction, Finance, Relationships, Psychology, Audiobook, Personal Development

276 pages, Hardcover

First published March 1, 1993

About the author

Thomas J. Stanley was an American writer and business theorist. He was the author and co-author of several award-winning books on America's wealthy, including the New York Times’ best sellers The Millionaire Next Door and The Millionaire Mind. He served as chief advisor to Data Points, a company founded based on his research and data. He received a doctorate in business administration from the University of Georgia. He was on the faculty of the University at Albany, State University of New York. He taught marketing at the University of Tennessee, University of Georgia and Georgia State University (where he was named Omicron Delta Kappa's Outstanding Professor).
Thomas Stanley was born in the Bronx in 1944. His father worked as a subway car driver, while his mother was a homemaker and secretary. He attended college in Connecticut, doing graduate work at the University of Tennessee. He earned a doctorate at the University of Georgia, and eventually moved to the Atlanta area to teach at Georgia State University. Stanley spent most of his career studying how the financially successful Americans in a wide range of professions and with a varying level of income acquired their wealth on their own. In 2015 he was killed by a drunk driver at the age of 71. During his last days, he was working on a book with his daughter, an industrial psychologist, who later finished it. The book is called The Next Millionaire Next Door: Enduring Strategies for Building Wealth, and attributes authorship to Thomas J. Stanley and his daughter, Sarah Stanley Fallaw.

Reviews

[Chad · Rating 3 out of 5]

There are some good networking techniques, but it's somewhat repetitive and the anecdotes are longer than necessary to make their point (even in the abridged version). This isn't an audiobook; it's a series of recorded conversations with Thomas J. Stanley of The Millionaire Next Door fame, in which he gives advice surrounded by many examples. It's more anecdotal than statistical, though there are some stats. I don’t like that Stanley uses the word "apostle" to mean "advocate"; those aren't synonyms.

Stanley walks through 8 methods to network with the affluent: be a family advisor, advocate, publicist, mentor, talent scout, purchasing agent, loan broker, and revenue enhancer.

I read this because I liked The Millionaire Next Door and (even more) The Millionaire Mind.

Notes
Give before receiving; help your prospect with their problems before soliciting.

Target a narrow niche to become an expert in it, and become known in it.

Join groups where your prospects are, and publish in the publications they read.

Become known in an affinity group (group of individuals of similar industry, interest, etc.). Information and word-of-mouth endorsements spread far faster within affinity groups than through general population.

Network with accountants. They are the strongest influence on the wealthy in terms of the suppliers they work with.

One of the best ways to earn the favor of the wealthy is to help them earn more. Most affluent people have something to sell, whether they're self-employed or employed. The top thing they're looking for is revenue. They want other people to act as salespeople for them.

Most affluent people are looking for providers that go beyond offering a basic service, and want a provider who will support the same causes they support (industrially, politically, environmentally, etc.).

[David · Rating 2 out of 5]

Stanley is such a wise and effective marketer and very good author, but I obviously set my expectations too high for this work.

The audio book was set in a conversational tone, which I liked. He gave powerful examples of how he helped Nelson focus his investment attention to the food service by serving them and not expecting anything in return. But it was such a disconnect after that for me. So I took the principle of helping others without expecting anything in return. But if you read Seth Godin, Dave Ramsey, Zig Ziglar, Tony Hsieh, etc. you will get the same principle packaged differently.

I have to be honest, I really feel bad for not enjoying this more. If you like his other books, check this out and make up your own mind. I just cannot be honest with myself and rate it higher than ok. I will still get his next one because he is a great author and I look forward to learning more from this mentor."

[Michael · Rating 4 out of 5]

This book was easy to listen to because it's written largely as an interview (Q&A) with lots of examples and case studies. I found the information and examples very enlightening. If you're in business and what to learn how to more effectively network with other business owners, do read this book.

[Cindy Santos · Rating 5 out of 5]

This audiobook is more of a four-hour Q & A session, but it’s filled with indispensable networking advice.

[Mohammed Mamunur · Rating 5 out of 5]

Nice

[Hector · Rating 5 out of 5]

Great food for thought on going beyond your core product to make yourself invaluable to your clients and prospective clients.

[Seemy · Rating 2 out of 5]

Interesting audio - more a recording of a conversational interview vs book - so not the typical stuff you would expect from Thomas Stanley

... Which brings me to my next point - this audio is about the benefits of networking and how it can excel ones business and contacts - bit like joint venturing to helping each other succeed - whilst the topic is not bad it's not mutually exclusive to " millionaires " and can be applied to almost anyone

Rather than " networking with millionaires " this should be renamed " good principles of networking for business growth and contacts" - which is cool - but certainly not ground breaking to millionaires which is my primary reason to read the authors books / material - study the characteristics of millionaires - not this general stuff

To Our Continued Success!
Seemy
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[Mike Ogilvie · Rating 2 out of 5]

While there are a few nuggets of good information within the content of this audio book, I don't think it's worth slugging through to get to it. It's a series of "interviews" of the author who describes various professionals he's worked with and how they've improved their networking to the affluent. I'm pretty sure it's available only as audio - I can't image how they would even attempt to put this in print.

It's way too schmaltzy and forced for my liking. And based on the examples they give it's really tailored for the needs of financial advisors and wealth managers only.

Skip it.

[Olajide Paris · Rating 4 out of 5]

Don't let the title of this book fool you. Networking with the affluent is a great case study for how to improve relationships, build trust and loyalty with any client regardless of their level of wealth. A great read and although most of the scenarios are given within the context of the financial services field, I found that it was easy enough to relate to them and and adapt them to my own business as a service provider in the entertainment industry.

[Bob · Rating 4 out of 5]

Good book, with some interesting strategies on how to network with high networth people, who tend to be very skeptical of salesmen. The idea proposed in the book is to "give, give, give, ask", instead of "ask, ask, ask, give".

The general idea of the book is similar to "how to make friends and influence millionaires" by dale carnegie, but he gives some very specific strategies which dale carnegie doesnt elaborate on.

[Joseph T Farkasdi]

I read Millionaire Mind and was greatly impressed with what I learned. Seeing how our family business is all about networking with others, guess it's time to learn more from Thomas. Attractive title!

[Tim Gillen · Rating 4 out of 5]

I thought this was an interesting book.

I am not in sales, which is what the book is ultimately targeted toward. The networking principles mentioned are applicable to any vocation, and are helpful.

[Ray Cobel · Rating 4 out of 5]

The basic elements of effective networking strategy and practice.

[Keith Brooks · Rating 3 out of 5]

Ok but not great. Dated at this point.