What differentiates 'networking' from 'relationship-building' when dealing with high-net-worth individuals?

Networking typically focuses on making initial connections and exchanging information with a large number of people, often with a specific goal in mind, such as finding new clients or business opportunities. It is often transactional and short-term oriented. Relationship-building, on the other hand, emphasizes developing deeper, more meaningful connections based on mutual trust, respect, and shared values. It requires investing time and effort to understand the other person's needs and interests, and offering support and assistance without expecting immediate returns. When dealing with high-net-worth individuals, relationship-building is far more effective than simply networking. While networking may lead to initial introductions, it is the genuine relationships built on trust and mutual respect that yield long-term benefits. For instance, attending a charity gala and collecting business cards is networking, whereas volunteering at that charity and building a personal connection with the benefactor is relationship-building.