Meet R360, the members club for UHNWIs with a social conscience – Robb Report

Think of joining R360 as a mindful move for your money, at least when money is never on your mind. The return on investment for ultra-high net worth individuals who sign up for this new club is not measured in percentage points, according to Michael Cole, managing partner and former chairman of Merrill Lynch Trust. “These people already know how to make money,” he says. Robb Report, “So we want to help them make the best impact with the resources they have, helping great families do great things. It’s about being more self-aware and more reflective.

It’s also about being shamelessly exclusive. Membership is limited to those with assets of at least $100 million and willing to spend $180,000 up front for three years of membership. About 20,000 American families are eligible on this basis. Unlike its more established rivals, however, this upstart member-run network isn’t obsessed with making money, whether it’s making it, trading it, or bragging about it. Compare the more than two-decade-old Tiger 21, now part-owned by private equity firm Education Growth Partners; R360 co-founder Charlie Garcia was once its chairman. Tiger 21 specifically suggests that its members can trade investment skills to fine-tune their returns, as does newcomer BConnectClub. The Family Office Exchange, or FOX, also emphasizes peer networking alongside financial education. Garcia admits there might be an occasional deal struck between the R360 sidekicks, but the club’s main role has a higher purpose than improving results.

“Some of the other bands are really focused on making money,” he says. Robb Report, “We are focused on recruiting the right people who have more than enough money in the bank.” Club Jos is designed for a world where more and more billionaires are embracing the Giving Pledge, the philanthropic mission co-founded by Melinda Gates in 2010, a world where the selfless instincts of Gen Zers, like Garcia’s own daughter, a college student freshmen at NYU, increasingly dominate. decision making. “Individuals are more socially conscious today – the younger generation believe much more in diversity, empathy and sharing wealth.” As an example, Garcia cites one member, a 53-year-old Indian immigrant who sold a global company and now wants to donate his fortune to create lasting impact and have his two children help guide his philanthropic direction. He wants his fellow R360 members to help him in this mission.

Richard Branson, founder of the Virgin Group and Virgin Galactic, is among the members of R360.

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Garcia calls the past two years “the icing on the cake” as the pandemic has re-emphasized structural inequalities that were once much easier to ignore. During this period, the world’s wealthiest saw their fortunes swell while the poorest struggled. Everyone yearned for more connection and consideration. Michael Cole, Managing Partner, adds: “People feel isolated and are crying out for community. And the willingness to share and to be extremely open and vulnerable among our members really surprised me.

Cole isn’t just a veteran financial executive; he is also the author of More than money, a book that all members receive when they join. In this book, he breaks down the different forms of capital that matter: not only financial, but also emotional and social among others. This philosophy drives every decision R360 makes, including the rejection of over 40 eligible multi-millionaires who have applied since its inception, as Charlie Garcia proudly explains. “Other groups just collect annual dues. If someone meets the minimum requirements and writes a check, they’ll take the money. We don’t do that,” he said. Those deemed ineligible generally intend to use the club as a source of investment rather than wisdom.

“We have a pretty difficult membership process,” admits Michael Cole, noting that it not only involves the club’s traditional mechanism of appointing existing members, but also background and reference checks. “Then it all goes to a membership committee of just our members, who want to make sure people are like-minded. What if you come to us and your only goal is to find a good deal and make more money? We are the wrong organization. Indeed, R360 is so exclusive that it limits the total roster to 500 people in the United States, with an additional 500 locations available for those based outside the United States.

Necker Island hosted a private retreat for R360 members in 2021

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Once admitted to this UHNW safe space, members can exchange advice instead of actions. “That level of wealth can be very isolating,” says Cole, pointing out that regular club meetings are more than just cocktail parties. Club members, for example, gathered at the United States Military Academy in New York, better known as West Point, for leadership courses. He recently facilitated a two-day retreat in Miami for more than a dozen second-generation wealthy people to discuss their experiences growing up in a family of extreme wealth, to help them refine their own purpose. It’s a crucial task, he says, when only 30% of family businesses survive to the second generation, often through a toxic combination of broken trust, lack of preparation and unequal values. “We wanted to help them maximize their human potential, so we brought in the world champion speaker to help them present compelling ideas to their parents,” Cole continues.

It’s not just a club for the worthy and the wealthy, however. Upon acceptance, members are assigned a ghostwriter to create a personalized 200-page biography as a welcome gift. They also benefit from bonuses such as cyber insurance and membership in the elite Global Guardian emergency insurance. Even better, they can ditch their travel agents and rely on the R360 one percent getaway program instead. This year, the club is organizing trips to Morocco, Spain and back to Richard Branson’s Necker Island, where it has already organized a successful jamboree. When it comes to R360, money can’t buy these experiences, it can only help.