Headquarter Happenings: Luxury Travel on a Roll at Annual Cadence Connects

Don’t let all the noise about economic uncertainty and a looming recession fool you. Luxury travel is in growth mode and there are no signs of any real slowdown, particularly for travel advisors working with ultra-high-net-worth (UNHW) clients – which is exactly where Cadence, a California-based Host agency, plays.

“This is not affecting them in the least,” said Wendy Burk, founder and CEO of Cadence, speaking of the UNHW clients that Cadence advisors work with. These clients, she added, love the current economic situation because they’re buying up stock in the hundreds (or more) when its low and making money.

“The luxury side has been insane,” she added. “2024 was our best year and 2025 is absolutely there. They may be booking closer in, but they are still absolutely booking.”

With that said, she added advisors with more retired clients might see some contraction if 401Ks and stock portfolios continue to take a hit. Even then, they won’t stop traveling though, Burk said. They might only take 10 suites at a property instead of doing a buyout, or instead of chartering a plane, they might take first class seats.

“Is there going to be some of that? Yes, it depends on which agents are handling which clients, but for the most part, for the high net worth, this absolutely has nothing to do with that [economic uncertainty].”

Cadence, a Host agency formerly known as Travel Dynamics Group, likes to maintain a low profile in the wider industry, but that doesn’t make it any less a force to be reckoned with.

A member of Virtuoso, several Cadence agencies rank as some of Virtuoso’s highest earners. Fifteen Cadence agencies are Virtuoso Cruise Icons (a select group of agencies that generate the top 1% of Virtuoso’s cruise sales). Five advisors are on the Conde Nast Traveler’s 2025 Top Travel Specialists list, and two were named to Travel + Leisure’s A-List of travel advisors. The average booking volume for Candence advisors in general is more than $1 million per year.

When asked what their outlook for 2025 sales is, attendees at this year’s Cadence Connects annual conference overwhelmingly had a positive outlook with 20% saying they expect sales to be 1% to 10% higher than last year, 19% saying 11% to 20% higher than last year, 10% saying 21% to 50% higher than last year, and 15% of attendees saying they expect sales to be 50% or more higher than last year. (In total, that’s 64% of Cadence advisor attendees expecting higher sales than last year.)

On the flip side, 14% said they expect sales to be down from last year and 22% said they expect sales to be about the same as last year.

Flying Under the Radar

Despite the success of its members, the Host agency itself is not well-known.

“It’s been my job to keep us under the radar,” Burk told TMR during one of the rare breaks at Cadence Connects. This year, 2025, happens to be the 10th anniversary of the conference and the 30th anniversary of the Host itself.

Burk told TMR she’s spent the last 30 years doing everything she could to not be known by people, because she believes the intimacy and close-knit community of Cadence is what gives it so much power.

“Better together” isn’t just a slogan for Burk, it’s her raison d’etre.

“The reason I opened the company was to create an environment of other independent entrepreneurs that wanted to feel like they can be better together and trust one another and have a safe space,” she said.

From its earliest days, Burk never advertised. She never engaged in systematic recruiting. Every year, the Host grows and it’s all from word of mouth.

Currently, Cadence is host to some 114 agencies (194 advisors) and Burk expects that number to grow, but not by a huge amount.

“We’re growing, but not to the extent that it’s a number and a transaction. This is a relationship-driven business in which I know every single person that I sign a contract with. I have a relationship and an eyeball-to-eyeball conversation with,” Burk said.

During the three-day conference, Burk introduced TMR to several members. All had either met Burk out in the wild or had been referred by other members. (Cadence rarely takes new-to-industry agencies, nor does it allow other Host agencies.)

“I’ve never gone out there and hustled, and it’s never been about me… it’s about how do we help you be successful? We are the wind beneath your wings.”

Cadence Connects

This atmosphere of support and community was evident everywhere we looked at Cadence Connect, which was held last week at the Hotel del Coronado in San Diego. The very name of the conference emphasizes the importance of connections, between Cadence HQ and the advisors, between advisors and suppliers (of which 136 were at the conference), and between the advisors themselves.

The three-day conference comprised educational sessions, multiple keynote speakers, a presentation from Virtuoso’s executive vice president David Kolner on luxury travel trends, hours of one-on-ones and roundtable discussion between advisors and suppliers, a destination showcase, lunch-n-learns, and more.

This theme of this year’s conference was 30/30 Vision, so named to celebrate the Host’s first 30 years and to look forward to the next 30.

Burk is adamant that to succeed in the future, one must never forget where one came from.

“It’s recognizing where you came from and having that solid foundation that you stand on the shoulders of giants,” she said.

But, she added, while looking backward is important, standing still is unacceptable.

“We are never going to stand still… the next 30 [years], it is an evolving business. Conversations are changing.”

It’s those conversations that Burk said will inform how Cadence innovates.

“By listening to them [Cadence members] and finding out what their needs are because their needs are changing and that is how we’re innovating… I’m listening – two ears, one mouth – to what their needs are and making sure that I deliver. “

Luxury Trends

A few stats that Kolner shared standout as part of the reason Cadence travel advisors feeling optimistic. (A poll on how advisors are feeling that resulted in a word cloud diagram found that “excited,” “optimistic,” and “hopeful” were the most common feelings Cadence Connect attendees expressed.)

From 2023 to 2024, Virtuoso’s sales grew by 24.8%, with hotel (+32%) and cruise (+25%) leading the way. Looking specifically at 2025 sales, spring break sales (March 1 to April 20), were up 23% from 2024 to 2025 with the average daily rate (ADR) up 8%.

Between 2023 and 2028, the number of ultra-high-net-worth individuals is projected to grow by 25.7% in North America. And, according to Virtuoso’s 2025 Brand and Travel Tracker study, there are 13.3 million U.S. travelers “primed and interested” in working with a travel advisor for their 2025 travels.

Kolner did throw a little cold water on all the optimism, showing what projected growth in December 2024 looked like versus March 2025. Projections for international travel growth in 2025 went from up 7.5% in December 2024 to up 4.3% in March 2025, while domestic travel growth projections went from up 6.3% in December 2024 to up 3.5% in March 2025. Projections for 2026 travel growth also went down, but projections for international travel growth in 2027 and 2028 went up (from 5.8% to 5.9% and 3.2% to 5.4%, respectively).