MICHAEL SONNENFELDT EXPLAINS WHY PEER-TO-PEER NETWORKING WORKS
Tiger 21’s Michael Sonnenfeldt explains why peer-to-peer networking worksQ: What makes Tiger 21 unique from otherhigh-net-worth organizations?A: TIGER 21 has been built on a core premisethat meaningful personal and financialgrowth can be generated by having wealthyinvestors share with and learn from peersin a confidential setting where they can beopen, honest and transparent without thefear or worry of being ‚Äòsold to’ by someonewith a product or service to peddle. Thisis in contrast to the usual model of beinglectured to in a room of dozens or evenhundreds of people, which lacks the intimacy,confidentiality and transparency that theTIGER 21 experience engenders, or beingsolicited by a broker that is more interested inselling than serving the client. Our members,all of whom are wealth creators, have come tounderstand that everyone has blind spots, andthat the experience we help shape is designedto shine a light on those blind spots in aproductive and safe environment.Q: How are you looking to grow synergiesbetween your investor groups nationwideand in Canada?A: We spend a lot of time thinking abouthow to promote increased connectivitybetween groups and among members. Wehave developed a number of mechanisms topromote connections between members fromall across North America. The members-only section of our website is a hotbed ofdiscussions. Members share questions andanswers on specific issues pertaining tomarket outlook, manager selection, familyvacations or physician recommendations.In addition, we host regular, all-memberconference calls that focus on specifictopics of interest. All TIGER 21 Membersare welcome to attend any group meeting,whether in their home town, or in one of theother 10 cities across North America where TIGER 21 groups are active. We held ourfirst Annual Conference at The Breakers inPalm Beach in January, which about 75% ofour members attended, including a numberof our new Canadian members. The 2012Annual Conference will be held in Scottsdale,early next February.Q: Why do you believe it is critical for high-net-worth individuals’ peers to play an activerole in making investment decisions?A: We have a deep respect for the bestinvestment advisors, and a deep repulsionfor the worst. The peer-to-peer environmenthelps our members separate the good fromthe plenty, and create a framework forunderstanding the role of the advisor. Ourmembers are generally wealth creators. Asmanagers, some were ‚Äì or are hands on,while other’s success came from a greatability to delegate. The same holds true withadvisors. TIGER 21 is agnostic about selfmanagement versus delegating to excellentadvisors. However in structuring one’sinvestment approach relative to how manyand which advisors to use, and in thinkingabout asset allocation without regard to whatcommission or fee someone will receive, wehave found the confidential peer-to-peerprocess unparalleled in its ability to helpmembers refine their approach and pickspecific directions and managers.