EP 30

The Evolution of the Ten Domains of Family Wealth

In this episode of The UHNW Institute Podcast, host Russ Haworth is joined by Jim Grubman, UHNW Institute Board of Directors Emeritus and owner of Family Wealth Consulting, and Tom McCullough, Managing Director of Thought Leadership and Strategy at the Institute and Partner at Corient. Together, they discuss the Ten Domains of Family Wealth model, the framework Jim helped originate as a needs-based way to understand what ultra-high-net-worth families require from their advisors.

Jim and Tom walk through why the model is being refreshed: the original Financial and Investment domain has been split into two more focused areas, and the Family-Advisory Relationships (FAR) domain at the center has been clarified as the “how” that connects the ten content domains rather than a domain in its own right. They also discuss how firms are applying the model in practice, and where the industry’s growing use of the word “orchestration” fits into the Institute’s broader work on integration.

Topics discussed include:

  • Splitting the original Financial and Investment domain into two: Financial Management and Investment Advisory
  • How firms are using the Ten Domains for client conversations, strategic gap analysis and talent development
  • The two levels of the FAR domain: an essentials level for all advisors and an advanced level for integrated service delivery
  • Renaming the family learning domain to reflect lifelong learning, not just the rising generation
  • The emergence of “orchestration” as an industry term for integration
  • How the Table Stakes framework builds on the Ten Domains model to address what capabilities a firm needs to deliver integrated advice

Explore the updated Ten Domains of Family Wealth →

 

Watch the Episode

 

 

Russ Haworth

Head of Family Governance, Transition & the Next Generation
Charles Park Family Office

Russ is a specialist adviser, facilitator, and coach working with family businesses and family offices. He has over fifteen years’ experience supporting families as they navigate the relational, strategic, and governance challenges that come from owning and leading together.

His work is grounded in a deep understanding of family dynamics, decision-making, and transition, shaped by a background in financial planning and wealth management. This combination allows him to work comfortably across both commercial and personal dimensions, helping families build clarity, confidence, and alignment over time.

Russ holds the Advanced Certificate in Family Business Advising from the Family Firm Institute, a globally recognised qualification for advisers working with family-owned enterprises. He is known for his thoughtful, plain-speaking approach and for creating the conditions where families can have honest conversations and make well-considered decisions together

Tom McCullough

Managing Director of Thought Leadership and Strategy
The UHNW Institute

Partner
Corient

Tom McCullough is a Partner of Corient. He is a frequent speaker on issues relevant to families of wealth and is the co-author of three books — Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask, Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors, and Family Wealth Management: 7 Imperatives for Successful Investing. He is an adjunct professor and executive-in-residence at the University of Toronto’s Rotman School of Management, a member of the Editorial Board of the Journal of Wealth Management, and a member of the board and faculty of the Ultra High Net Worth Institute. He was awarded ‘Best Individual Contribution to Thought Leadership in the Wealth Management Industry (North America)’ at the 2020 Family Wealth Report Awards.

Jim Grubman

Owner
Family Wealth Consulting

Dr. Jim Grubman has provided services to individuals, couples, and families of wealth for over 40 years. With an international reputation as a valued family advisor, he is often consulted in situations of complexity where psychology, law, finance, medicine and business all come into play to varying degrees.

In recognition of his prominence in the industry, Jim has been honored with two major professional honors in 2024. One is the prestigious 2024 Family Wealth Report Lifetime Achievement Award in the wealth management industry. The other is the 2024 Richard Beckhard Practice Award from the Family Firm Institute, the top practitioner award granted each year to an individual who has contributed significantly to the fields of family business consulting and family wealth consulting. Jim is also a past recipient of the 2021 FWR Award for Outstanding Thought Leadership with his longtime collaborator, Dennis T. Jaffe, PhD.

Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations, a now-classic book discussing how individuals and families adjust to the opportunities and challenges of wealth. He is also co-author (with Dennis Jaffe and Kristin Keffeler) of Wealth 3.0: The Future of Family Wealth Advising, a remarkable look at the history and future of the wealth advising field. In addition, he is co-author with Dennis Jaffe of Cross Cultures: How Global Families Negotiate Change Across Generations, describing the unique adaptations of wealthy families around the world in various cultures. His work has been discussed in Malcolm Gladwell’s book, David and Goliath, and has been featured in The Wall Street Journal, Harvard Business Review, CNBC, The New York Times, and The Boston Globe. He has published widely in the Journal of Wealth Management, the International Family Offices Journal, Journal of Financial Planning, the global family enterprise publication Tharawat Magazine, STEP Journal, and many other media.

A dynamic sought-after speaker, Jim has presented at national and international conferences including the STEP Global Congress, the Heckerling Institute on Estate Planning of the University of Miami School of Law, TIGER21, the Family Office Exchange (FOX), and the Family Firm Institute, among many others. He was a collaborator on the Hundred Year Family Enterprise Project for Wise Counsel Research Associates, studying the practices of global families who have successfully made transitions through at least three generations. He has also served as academic director for the Family Legacy and Wealth Program at the John Molson Executive Centre of Concordia University in Montreal, Quebec, as well as a similar program at Queens University in Kingston, ON, Canada.