Member Spotlight: Stacy Allred

As part of the Institute’s mission to provide educational content and opportunities to engage with industry experts and its members from all over the U.S., the Institute will periodically highlight a member of its faculty. To kick off the New Year, we will start with a bi-weekly feature series of all the domain heads for each Domain of Family Wealth.

Stacy Allred

Senior Managing Director, First Republic Investment Management, Inc.

Chair, Transition and Leadership Planning Domain, UHNW Institute

Click here for Stacy’s LinkedIn and here to read her bio.

 

“Being proactive about preparing for the responsibilities of ownership… means realizing that this is a skill, and a skill requires doing over the course of a lifetime.”

In her video, Stacy discusses the importance of considering the three main components of the Transition and Leadership Planning Domain:

  1. Ownership
  2. Management
  3. Leadership

Considering these three components individually as we approach transition and leadership planning can make planning more effective and efficient. Viewing a transition in this way also helps us to consider how these components overlap with each other.

The top three trends in the industry related to Transition and Leadership Planning that advisors currently face include:

  1. Changing demographics – because people are living longer, there is a need to reframe how we see the transition of wealth. Now we have a need to look at this longevity as a “Portfolio Life” to create a new legacy to work towards
  2. Transition Hesitation: Differences in the culture and communication style between the older generation and the younger has created a barrier to trust – this is leading to a hesitation from the older generation to pass responsibility and engagement to the younger, future wealth owners
  3. Development is needed: Being proactive in training and developing great owners of wealth over the course of a lifetime can make all the difference in a successful transfer of wealth over time