(1). A nice way of describing clients who’re not that rich.
“Look, Jim … we’re not really targeting the mass affluent here. We’d much rather compete with everyone else for the same 400 or so ultra-high-net-worth clients … hopefully score one or two and then retire before they inevitably get bored with us and move on.”
(1). You know who these guys are. You also know you’re never going to be one of them. So there.
“Well, we tried to get our proposal approved today. Unfortunately, the powers that be think it’ll be a much better use of firm resources to hold another ‘top producer’ offsite in Maui. We’re never going to get that new coffee maker now!”