UHNW families rarely lack expert advisors. The harder challenge is bringing all that expertise together.
That idea is central to the UHNW Institute’s revised Ten Domains of Family Wealth. The updated framework preserves the foundation of the model while reflecting what the Institute has learned as the Ten Domains have evolved and been applied in practice.
Greater distinction between two critical disciplines
The most significant update is the division of the former Financial and Investment Management domain into two distinct domains: Financial Management and Investment Advisory.
Investment Advisory focuses on the decisions families make about investment strategy, portfolio construction, asset allocation, manager selection, risk and performance.
Financial Management encompasses the planning, administration and oversight of complex family wealth, including cash flow, accounting, tax, liquidity, custody and other day-to-day financial needs.
Separating the two recognizes the depth and importance of each discipline while providing greater clarity around the expertise families may need.
Clarifying the role of Family-Advisory Relationships
The revised model also elevates Family-Advisory Relationships (FAR) as a connective capability across the Ten Domains.
The Ten Domains describe what families need. FAR addresses how that expertise is delivered and connected through relationships, communication and the skills required to work effectively across disciplines.
This distinction reinforces an important principle behind the framework: Specialization and integration are not competing ideas. As family wealth becomes more complex, families need more of both.
Several domain names have also been simplified to reflect the Institute’s continued learning. For example, Learning, Development & the Rising Generation is now Family Learning & Development, recognizing that learning is relevant across generations.
A framework that continues to evolve
The Ten Domains provides a common language for families, practitioners and firms to understand needs, connect expertise and identify opportunities for more integrated advice.
The updated model also helps clarify its relationship to other Institute frameworks, including Table Stakes, which addresses the organizational and practice capabilities firms need to effectively deliver integrated advice and services.
Host Russ Haworth was joined by Jim Grubman and Tom McCullough on The UHNW Institute Podcast to discuss the evolution of the Ten Domains, how firms are applying the framework, the role of FAR and the growing conversation around integration and “orchestration.”
Listen or watch the episode to learn more about the thinking behind the updated Ten Domains.
