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INTERVIEW: Preparing HNW Youngsters For Elite Universities

Tom Burroughes

14 August 2013

This publication recently interviewed , the founder and chief executive of ThreeEQ. His firm advises wealthy families, such as those from the Asia-Pacific region, among others, on issues such as education for children, universities and business. Such work represents the kind of "added value" services that wealth managers can provide to clients in ways that go beyond the standard areas of estate planning, tax and investment. As the new academic year looms over the horizon, this is an issue this publication will continue to track. 

In a nutshell, how do you help kids get into Ivy League universities?

Admit rates to the eight Ivy League universities, Stanford, MIT, Caltech, UChicago, Northwestern, UC Berkeley, and other elite universities on average continue dropping (getting increasingly fiercely competitive each year), as more qualified applicants click "Submit." This past season, Ivy League university admit rates were 5.8 per cent at Harvard, 6.7 per cent at Yale, 6.9 per cent at Columbia, 7.3 per cent at Princeton, 9.2 per cent at Brown, 10.1 per cent at Dartmouth, 12.1 per cent at Penn (but lower at its Wharton School), and 15.2 per cent at Cornell. Most applicants as usual were high achievers. In other words, only a small fraction of amazing kids get admitted to these elite universities. I hear often `My kid is very smart’ from parents. To admissions offices at Ivy League universities, this type of comment or thought typically causes polite yawns.

Admissions offices at the very elite universities are typically chartered to build special communities of very bright young people, to help:

•          Create diverse classes where students inspire and teach each other;

•          Retain top professors by providing top students;

•          Provide future university alumni that will be leaders of society and maintain the top reputation of university.

The elite universities' admissions offices want diversity in a class. They look for high-achieving applicants with authentically high-quality independent thinking, communications skills, emotional maturity, likable character, interesting stories, and strong aspirations.

Realising how hyper-competitive it is these days to get admitted to Ivy League and other elite US universities, I have honed a highly effective, time-tested, step-by-step methodology in personally guiding and mentoring students - helping them become as good as possible authentically as human beings, students, and truly competitive university applicants.

With my support team, I combine my experiences and skill set as a seasoned independent elite university admissions consultant, personal life success coach, globally well-connected CEO, and serial entrepreneur into ThreeEQ's high-powered capabilities. This approach offers uniquely inspirational, motivational, and useful know-how that benefits profoundly our students and their relationships with parents. In a nutshell, we routinely upgrade the mindset, skill set, and habits of our students, while taking them through the awfully complex and demanding top-tier university planning, applications, and admissions process, strategically and pragmatically...with warmth, focus, and mutual trust. I try to help them authentically stand out in context.

When should kids start preparing for college applications?

Students should start preparing for college applications for undergraduate freshmen admission during their junior year in senior high/secondary/upper ("high") school. So, start a few quarters prior to the college applications season, which spans late summer (August) through early January of high school students' senior year in most high schools in Asia, America, and Europe. The university transfer applications season spans autumn (north of the Equator) through early March for most applicants who are mostly college/university sophomores in these regions.

College applications are when students pedal hard to the metal, when the rubber meets the road, when dozens of apps-related decisions are made by the student, in addition to dozens of academic/testing and non-academic decisions, many of which are interconnected, that need to be made through his/her high school career. Making wrong decisions can sting later on, reducing (dramatically) chances for admission to top schools and lowering practical competencies in college.

The college planning and personal success habits building process should really start in middle school, if not earlier.

From your experience, which are some of the universities favoured by wealthy Chinese applicants?

Wealthy Chinese applicants generally believe in the value of quality education and experiences through attending top universities as part of the journey towards a bright future. Parents often are the ones who push or instill this ideal into their kids.

For those who dream about the very elite US universities, Harvard, Stanford, Princeton, Yale, MIT, Columbia, Penn (including Wharton), Cornell, and UC Berkeley often pop up in conversations. Of course, a gap may (subconciously) exist between dream and reality at many families' belief systems.

Other top-tier US universities that are popular among Chinese include UCLA, UC Irvine, UC Davis, University of Southern California, New York University, and others. A popular, still upper-tier one that is easier to get admitted to is University of Washington. Another popular but non-top-tier university that is on average easy to get admitted to is University of San Francisco. There are some 4,000 colleges and universities in the US. I generally think the top 80 or so range from decent to great in quality, depending on a family's values and standards.

Applying to top UK universities is actually a simpler and easier process as compared to applying to top US universities, where the preparation and admissions processes can be very complex and demanding. As many know, elites in the UK include UCambridge and UOxford ("Oxbridge"), and a few others.

Typically how do wealthy Chinese families (parents and children) differ from Western eg. US families, with regards to attitude towards education and Ivy League universities?

Wealthy Chinese families (and wealthy Korean and Indian families) in Asia and in the US generally share similar values: they (we) treasure quality education, family, and pro-business attitudes. Likewise for wealthy Jewish families. Each ethnic group has their cultural nuances, of course. Bear in mind Chinese and Indians in Asia are super-large societies and have a more dynamic diversity in achievement levels because of various circumstances. I would say that overseas Chinese, Koreans anywhere worldwide, and overseas Indians are more homogeneously achieving souls.

Yes, some parents desire for their sons and daughters attending and graduating from Ivy League or other elite schools.

Is attending an Ivy league college a money-can’t-buy status symbol for wealthy Chinese? For the kids or parents?

Let's be honest. In addition to brightening your kids' future, wouldn't you appreciate status symbols and reflections on you as parents that may be more favorable? Ivy League schools and some other elite universities are huge brand names. These days the price tag to hang your name on a new building of a top Ivy League school is maybe US$20-30 million, and your sons/daughters may get a large "quiet discount" for admissions.

I am aware of parents who donated a million or two dollars and their sons or daughters still got rejected in admissions because their academic and non-academic achievements and profile and quality of communications were simply not up to par. Elite universities tend to keep a `Chinese Wall’ between Admissions and Development, which is their department that subtly markets to and schmoozes select UHNW families for large donations.

80 percent of businesses in China are family owned and the majority want the next generation to take over. Do the wealthy Chinese families you work with see top-tier/Ivy League education as a way for gearing their kids up for a takeover?

Indeed. It is hard to beat the potent combination of Asian values/work ethics/discipline/connections and Western creativity/lateral thinking capabilities/knowledge/skills, as well as global networks, largely gained from top US education and experiences.

Are you seeing increasing interest from private banks for your services?

Yes, slowly at first when the concept was fairly new to them. The interest is picking up as they move up the learning curve.

Why is this?

What typically matters to wealthy families are health, wealth, and happiness. For caring parents, aside from business, happiness largely comes from the welfare of their children and grandkids and their relationships with them. Most want the best for their kids, including quality education and a bright future. My mission in life and in work is to empower and groom a new generation of young leaders (ages 11 to 30+). In addition to gratefully having a tremendous track record of success in elite university admissions and life coaching, I am humbled that Forbes, goes to me as their contributor on preparing students for elite university admissions and a lifetime of leadership. This resonates with the private bankers/wealth managers who are astute.

And what do the private banks gain from introducing you to their clients?

I would say I help them enhance their client relationships by empowering the soft side or EQ, as well as university admissions if applicable, for their clients' children, the next gen. They view me/ThreeEQ as a valuable strategic friend who adds value to their client relationships. Simply, I make them look good or better for profoundly helping their select clients in ways never seen before.

Which private banks are you working with?

I would like to keep this confidential like I would keep the confidentiality of client families with whom ThreeEQ works. Currently informally engaging a few, I prefer to be open-minded and helpful to the ones who are wise to see the uniqueness and value-add in working with us.

How do they involve you in their client servicing activities?

Select private speaking engagements and referrals to select clients of interest. Perhaps in the future they may get more creative?

From your experience with clients made through private banking connections – do the private banks/relationship managers stay involved in your mentoring process?

It is not appropriate for private bankers, including relationship managers, to get involved during my/ThreeEQ's mentoring process with client students/families, which is confidential and requires highly specialised and trained functional skill sets that are out of their banking skill sets. As needed and to my discretion, I would update at a very high-level summary status with the private bankers who manage the given client family relationship. I think and do win-win all the time.

You work with closely wealthy Chinese families – it must be very difficult to firstly get introduction to them and secondly gain their trust – what advice do you have for private banks trying to forge new relationships with wealthy Chinese?

ThreeEQ client families have mostly come from referrals. It is not difficult for some families who are astute and see the value or light in what I do. Private group speaking engagements for me at private banks help get the word out to their client ecosystems.

Like dealing with any customers or qualified prospects, be sincere, responsive, thorough...truly helpful. Know how to help bring tangible and spiritual added value and excitement into people's lives. Know how to tap into (U)HNWIs' identity or significance and cater to their values, needs, and goals. Wise private bankers know how to upgrade or change people's beliefs for win-win. I hope to extend my sincere helpfulness and friendship within the private banking ecosystem.