Family Wealth Report Shares Key Takeaways from The UHNW Institute 2022 Symposium
As ultra-high-net-worth families continue to evolve at a rapid rate, the necessity for their family offices, firms and service providers to adapt with them has become more urgent than ever before. To learn more about how advisors can better serve the rapidly evolving client family, Family Wealth Report recently spoke with UHNW Institute Directors Wally Head, founder and principal of Personal Fiduciary Advisors, and Jim Grubman, owner of Family Wealth Consulting, to shine a light on the important insights discussed at The UHNW Institute’s 2022 Symposium: A Roadmap to 2030 – Serving 100-Year Multigenerational Families.
“Advisors to UHNW families need to anticipate and plan now for how these families will want to be served in the future as they become more diverse in all respects and planning for them becomes even more complex,” Head tells the publication. “While the current high inflation, rising rate and volatile market environment makes some strategies more and others less attractive, these families and their advisors need to take a long-term view and not react to daily news.”
One device noted by Grubman that has been very well received by both families and advisors is the utilization of the Institute’s methodology, The Ten Domains of Family Wealth. “People are citing [the methodology] and want to use it in articles and books they are writing,” he explains. “We hear from advisors who put this in front of families where it generates a lot of productive conversations. It is providing a way for families and for advisors to assess what they have and to make plans for what they need.”
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