A
lush breed of businesses is out there, waiting to serve.
Companies like My Moneypenny, Quintessentially, Preferred
Group, TenUK and Triangle and are all competitors that
call themselves “lifestyle management” companies.
The idea behind them is that high net-worth individuals
and time-stretched executives—even those who may
already employ personal assistants—still often
require more help to run their demanding business and
personal lives.
Part concierge, part gal Friday and part savvy social
director, these services claim to be able to juggle
everything from obtaining hard-to-get dinner and theatre
reservations to renting a villa in St. Tropez, arranging
for a personal Pilates session in your hotel suite
and having your dog walked.
And the price may not be all that worth fretting
about. According to the reps, it’s relatively
cost-effective to hire a concierge service, especially
when measuring it up to all you’re getting in
return. Services can prove especially valuable when
your time is better spent on other things.
“It
is very cost effective to utilize a concierge service,”
says Emad Ghobrial, Founder and CEO of Preferred Group,
a company headquartered in Los Angeles and maintains
an extensive network of affiliates in major cities
and popular travel destinations world-wide. The company’s
clients include royals, dignitaries, and affluent
individuals and their families.
“Individuals often pay a personal or executive
assistant double the amount of a good concierge service
and they won’t get the resources and knowledge
of a seasoned professional concierge,” insists
the master of savvy, sophistication and discretion.
And when you’re willing to pay, the companies
aim to please. You’re promised the A-Z of anything
lifestyle, with extensive and practically unlimited
services for both business and pleasure.
“We also handle general requests such as hiring
of estate staff and personal shoppers,” throws
in Ghobrial.
Preferred Group also arranges its share of heydays,
from full trip arrangements for clients to attend
the Summer Olympic Games and regularly shipping cases
of a particular iced tea only found in the United
States to clients overseas; all the way to flying
in a particular beluga caviar from France for a client
to enjoy on a private flight from New York to San
Francisco.
“Other extraordinary requests include locating
a particular type of gym equipment, and delivering
it to a clients’ suite in every city that they
visit,” adds Ghobrial.
At Preferred Group, Membership is $2,000/month for
the VIP ‘Preferred Circle’ level. This
level is best suited for International clients and
for clients that require assistance with heavy travel
arrangements, detailed project work, access to one
professional concierge in addition to a full team
of professionals at all times.
To justify their cost, the companies are diligent
about getting personal and understanding each individual
member, all the way from detailed profiles for each
client and their immediate family members to each
individual’s specific preferences. Profiles
include travel preferences, food preferences, and
sporting and entertainment preferences, interests,
allergies, favourite flowers, favourite beverages,
and any other favourite you may think of.
Granted
all the exclusivity and personal touches they can
provide, the question is how these companies plan
to survive. The smart strategy seems to move beyond
individual to corporate accounts. Quintessentially,
for example, has clients including Cartier, Jaguar,
Le Reve and The Phillamores. “Corporates use
as an extension of their product and services to take
care of their VIPS where their particularly niche
service cannot.”
But Preferred Group doesn’t see it that way.
The company has just let go of its corporate accounts,
claiming that busy executives were using the Group
as a tool, an extension to their executive assistant
to give them an edge for maintaining client relationships.
“One other service that sets us so far apart
is that we manage American Express points,”
differentiates Ghobrial.
Knowing how to utilize these points properly is extremely
time consuming and can be a very daunting task for
those who are not familiar with this. Preferred Group
utilizes points in ways that bring the most benefits
to the client. Utilizing American Express points for
travel upgrades and buying first class tickets has
resulted in savings up to $80,000 annually for some
clients.
“In
addition, all of our Preferred Circle level clients
and 90% of our Executive Member level clients are
American Express Centurion card holders.”
Most people who are members of Preferred Circle and
other concierge companies are likely to be holders
of the Centurion Card from American Express. Also
known as the ‘black card,’ this wallet-sized
status symbol has been designed for a very select
group of people to support busy and demanding lifestyles.
In the UK, annual membership costs £650. For
their money, cardholders get a raft of concierge-type
services—as well as astronomical spending limits.
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