The UHNW Institute FEBRUARY 2025 MONTHLY THEME- Integrated Wealth
Dear UHNW Institute Members,
For those who joined us for the Fall Symposium, The Future of Family Wealth Advising: Positioning Your Firm for Success and for those unable to attend, we want to share the lessons learned at the event that focused on this month’s theme, Integrated Wealth — the 4-legged stool approach to wealth advising — and the resources and new tools on the horizon as we aim to support firms of all business models to position their organizations for success.
Are you an integrated wealth advisor? While it may not be the goal of every firm, whether you’re a SFO, a MFO, an investment, financial, accounting or legal firm, a firm focused on risk management or dedicated to philanthropic work, understanding how to integrate the various domains of family wealth and collaborate with experts as needed is organization critical.
Is your firm satisfied with its current offerings or aiming to bring more services in-house or find outsourcing partners? We invite you to share your stories — the trends you’re seeing, firm needs and gaps and lessons learned in the UHNW Institute’s Community Forum here.
The Institute recently unveiled three pivotal resources to help firms assess their current capabilities, identify gaps and transition toward integrated, client-focused service delivery: The Wealthesaurus©; the Multiphasic Service Model (MSM) and the Advisory Business Models Grid and Survey. The Advisory Business Model Grid identifies distinct options that exist to serve UHNW families: the Specialist Advisory Model, Financial Advisory Model, Wealth Advisory Model and Family Wealth Advisory Model.
For more information on the resources mentioned above, we invite you to read the The Future of Family Wealth Advising: Positioning Your Firm for Success, a recap of the Symposium that will be in your inbox this month. Stay tuned for that and the upcoming quarterly newsletter for more on this content and other upcoming events coming soon.
Each week for the month of February, we’ll explore these Integrated Wealth themes with recaps from the Symposium and next steps to drive the lessons learned forward through the lens of the Ten Domains.
Additionally, check out our upcoming podcast, Risk and Preparedness — Eddie Marshall, risk management and strategic advisor in conversation with security expert, Paul Violis available this month on the UHNW Institute Podcast.
For those interested in our Practice Management Series on February 12, this month’s focus is on human capital.
And finally, we’ll learn about Successful Components of Hiring from Teresa Leigh, founder of Teresa Leigh Home + Family Office, a boutique firm advising clients on staff and operational oversight available as a webinar in our Resource Library this month.
Be sure to explore the Institute Resource Library resources in anticipation of the upcoming events.
In closing, this month as we celebrate the diversity that makes us the community we are — a growing international community that must balance the multigenerational values and complexity of the families we serve, we are excited to share two programs this year: The DEI Series launching in June, and the new Women & Wealth Series, launching in April aimed to advance female family wealth leaders. We invite you to consult the Institute portal for more details on the upcoming programs.
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ARTICLE, PRESENTATIONS
The Missing Link for Family Offices
Linda Mack, Michael Zeuner; Campden Wealth, 2015
This article was the first to outline the concept of the “expert generalist,” an experienced professional who focuses less on a specialty discipline and more on applying broad knowledge across many disciplines. According to the article, the ideal expert generalist should possess the necessary expertise, experience and demeanor to effectively manage the complexities of significant family wealth. Furthermore, they should align with the family’s values and the culture of the firm. The role of the expert generalist was later expanded in resources about the “integrated advisor” and is often discussed as a key element in integrated family wealth management.
Kristin Twiford; Nines, 2023
Many of today’s client families value the nonfinancial capitals of the family as highly as they do their financial wealth. This article explores the concepts of integrated wealth management and holistic wealth management through the lens of a family-focused family office model. Advisors wishing to adopt a more balanced service approach in their family offices will find this a valuable read.
SFOs Evolve as the Landscape Changes
Trust & Estates, 2017
This article touches on the changing environment of the traditional single family office. Many Generation 1 wealth creators (G1s) established their single family office (SFO) when that was the most appropriate structure for their needs. Now many SFOs are working with G2, G3, and G4 clients and their unique needs. The article outlines simple options for wealthy families beyond transitioning to a multi-family office (MFO). All families will benefit from assessing their values before finding the right solution.
WHITE PAPER
Asia-Pacific’s Family Office Boom: Opportunity Knocks
Anchali Singh, Bernhard Kotanko, Joydeep Sengupta, Sarina Deuble, Vishal Kaushik; McKinsey & Company, 2024
A McKinsey analysis finds that the number of single-family offices in Hong Kong and Singapore has quadrupled since 2020. The growth provides ample opportunities for Western firms to expand their businesses. This detailed paper identifies specific challenges Eastern family offices often face today and suggests solutions that Western counterparts can offer.
