I agree with this as sound advice, but theres a difficulty, Unfortunately, I'm a hermit, and dislike the trappings and pretensions of wealth. It might be a bit different in the US, but most places you really need to 'play the game' to be in with incrowd wealthy.
Probably theres 1. a bragging 'show off' aspect. 2. greater responsibility that motivates towards keeping proper records and do things with more attention and care 3. Theres the difference of having a 'real job' when asked 'what do you do? 4. The competitive aspect of having results monitored and compared and so on
I can't explain it, but I can observe and report it. Understanding psychological difficulties is outside my skill set.
Results do not stay great forever, so theres the wish to be noticed when the trackrecord is good and to be in a position to have the advantage of increased funds when results are more moderate. I might be wrong but I think money managers income is much more easily earnt than traders income. Trading is not easy for me.
A couple of thoughts. Read the book The Millionaire Next Door: Surprising Secrets of America's Wealthy. Or at least read the section from the Library Journal. You may find your model of the American wealthy needs adjustment. The beauty of the internet is you can conduct your business in your underwear, unshaven and unbathed with no one the wiser. Your first few contacts from money seeking you may require a personal meeting, but some sacrifices may be required. It's your life and your call.
Trading is mechanical/autoexecuted, or discretionary? Hint: the former is more appealing to most prospective clients.
If I gave you some of my $$$, then I would be banging on your door a lot more often then you think. I would not just sit there from day to day and trust you with it which means that you would have to put up with my phone calls, emails and in-person visits. During the in-person visits, I would question every detail of what you are doing. I would not just take your word for it, but inspect your paperwork and sheets closely. If at any point you started to ignore me or I felt you were not forthcoming, then I would request you give the money back (redemption). I would expect that you have a website where I can actively look at my account. In any event, my expectations would be high. I think Jim Cramer was not a trader, but a salesman in the front office for the Cramer-Berkowitz fund. He is a guy that talks fast, sounds like he knows what he is talking about and pitches real well oftentimes about things he has no idea about. He is the perfect example of the personality you have to have when dealing with people like myself. If I ever wanted to go into such a business, then I would find someone to mentor under for a year to see how they do it. Not so much the trading end of it, but putting up with and handling the clientele.
rule #1 on how to make friends. to make millionaire friends, u should be worth at least equivalent or more, the greater the better. you = 25 million capital guy your friends = 5 million capital people u can be-friend that loser in about 3 seconds, and he'll wag around you all day. you = 2 million capital guy your friends = beer drinking 100k in the bank they will hand over their 99k in 5 seconds after knowing how much u have. =================== you = $50k capital guy your non-existent friends = 100k in the bank nobodys going to give you shit.