A new invite-only investment club for the super rich charges members $180,000 for a required three-year membership, but those not meeting...
A new invite-only investment club for the super rich charges members $180,000 for a required three-year membership, but those not meeting its lofty integrity standards - along with a net worth of at least $100 million - need not apply.
Charles Garcia, 60, founded the new uber-exclusive R360 this year and said the group's goal is to connect his wealthy members with investment and philanthropic opportunities.
However, Garcia claims to have turned away at least a couple of billionaires who didn't have the right motivation for a club built on 'honor, entrepreneurial grit and generosity of spirit.'
'One person seemed to want to leverage the group to benefit their own business activities, and the other didn't want to integrate his family,' said Garcia, who founded Sterling Financial Investment Group in the late 1990s and chaired his local chapters of wealth network Tiger 21 in Florida for many years.
'I took some grief for that.'
Charles Garcia, R360's founder, wants the investment club to eventually have 1,000 members - 500 in the United States and 500 abroad, but claims he wasn't afraid of turning away two billionaires who applied
Necker Island is a private oasis owned by the mega-rich founder of Virgin, Richard Branson
Richard Branson (pictured above) has met with 360 members at his private island
A three-year membership to the private investment network costs $180,000. The goal for members is to achieve wealth in six different types of capital: financial, intellectual, spiritual, human, emotional and social.
'When people get wealth of $100 million or more, their issues are far greater than for people who are wealthy but not at that level,' said Michael Cole, 61, one of the managing partners of R360. 'They've achieved success, and are looking more at how can I make an impact on things that matter to me — for myself, for my family, for society.'
Cole is a former chief executive officer of Cresset Asset Management
'Our world needs men and women who combine extraordinary success, talent, and character with rare and deeply held values,' their LinkedIn page states. 'R360 is a by-invitation-only league of these individuals.'
R360 is one of several 'philanthropic networks' that describe membership as 'a journey.' They use their resources to build networks designed to connect ultra-wealthy clients and their children.
The cost for joining, however, is double that of other networks. Tiger 21 has nearly 1,000 members paying dues of $30,000 a year. Synergos Global Philanthropy Circle, an invite-only group, costs $25,000 a year.
There are 48 founding partners to R360, which is named after the supposed all-knowing Archangel Raziel. Those partners contribute about $350,000 each. They plan to add 50 members until they hit 500 in America and 500 in the rest of the world.
'When people get wealth of $100 million or more, their issues are far greater than for people who are wealthy but not at that level,' said Michael Cole (pictured above), 61, one of the managing partners of R360
'The idea is to have this around 100, 200 years from now,' said Garcia.
Members can propose investment opportunities and gain access to elite universities and medical schools like Harvard, Stanford, Columbia and MIT.
There are also seminars on leadership from West Point generals and exclusive getaways to exotic places, such as a meeting with mogul Richard Branson on Necker Island in the Caribbean.
Marketing material for R360 claims their goal is 'to architect an oasis for strategic wealth creators and their families to flourish.'
The members also use the club to show their children that their wealth can 'influence generations,' Garcia said.
Angel Alvarez, founder and chairman of ABB Optical Group and a member, is working with his family on a 40-minute documentary about how the community can help make you successful.
Brenda Snow (left) is a member of the group's 11-member women's committee. Angel Alvarez (right) produced a documentary film about the group to show his family how the community can help foster success
They even have an 11-member women's committee.
In a world where income inequality has become a hot button issue, the members understand that sometimes their problems can fall on deaf ears, but R360 can provide them a literal oasis.
'Sometimes, I'll be really honest, even having conversations with people on this subject matter — when you see the strife in the world — people will take out a tiny violin,' said Brenda Snow, a member. 'You say, what are my wealthy-person problems? But they do exist.'
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