Effective family wealth management requires a coordinated process for identifying a family’s needs, putting appropriate structures in place and managing those structures over time.
The UHNW Institute’s new white paper, The AIM Framework™: A Comprehensive Model for Integrated Family Wealth Management, outlines a practical model for how this work occurs across the Ten Domains of Family Wealth™.
AIM describes three recurring phases of integrated advisory work:
- Assessment and Goal Setting: Understanding the family’s financial structures, governance, relationships, values, goals and existing advisory arrangements
- Strategic Design and Implementation: Developing and carrying out coordinated plans, processes and structures across the areas involved
- Monitoring, Administration and Adjustment: Providing ongoing oversight, communication and administration as family circumstances and needs change
The framework also recognizes the shared responsibilities of the family and its advisory team. Families participate in the decisions that shape their future, while advisors coordinate technical work, communication and implementation across disciplines.
A new catalyst, such as a business sale, leadership transition, health event or change in the advisory team, may require the family and advisors to begin the process again. The AIM Framework provides a common way to understand where a project stands, what comes next and who is responsible for each stage.
Members can read The AIM Framework™: A Comprehensive Model for Integrated Family Wealth Management, in the Resource Library, here.
