The UHNW Institute’s June Theme: The Evolving Client

Each month, The UHNW Institute identifies a specific industry theme to emphasize. Much of the content and programming we will highlight and produce in June will focus on The Evolving Client, through the lens of the various domains of family wealth.

All monthly themes can be found in the 2023 Programming Calendar here.

Throughout the month of June, our content will focus on how advisors can better understand the evolving needs of the Rising Generation, including knowledge of financial literacy, enterprise management and education tools for family members. Also, we will discuss how to set up transparency and information-sharing across generations to ensure clients’ generational wealth can continue to thrive for decades to come.

This month, we are also pleased to introduce the UHNW Institute Masterclass to be held on June 28, from 5 – 6:30 pm ET. Learn about the often-invisible influences that shape how people interact, communicate, and participate and take away tangible skills to help you balance relationships and ensure advisors and client families are working together towards their highest purpose.

In addition to our events, we have selected the following resources related to The Evolving Client for members to explore this month to broaden their comprehension of this crucial industry topic.

Article by BNY Mellon Wealth Management – BNY Mellon – Next Generation of Wealth Holders

This in-depth collaboration research between Campden Wealth and BNY Mellon surveys values and issues to explore similarities and differences as generations of wealth evolve. The findings cover a wide array of topics including transition planning, inheritance conversations, philanthropic goals, family enterprise succession, and changes in family impact and investing. It is focused on the US market.

Podcast by Ellie Diop – Ballentine Partners – 2022 Fundamental Podcast Ballentine Broadcast Conversations on Black Wealth

In this informative podcast Ellie Diop, owner of Ellie Talks Money, describes her journey to becoming the first millionaire in her family. Diop shares best practices and simple tips on how to become an entrepreneur, with a focus on supporting Black female-owned businesses. Through her personal experience, Diop shares the importance of finding the right wealth advisory team, how to retain wealth for G3 and beyond, and how to address the racial wealth gap through educating youth.

Article by Cynthia Lamar-Hart and Paula A. Kohut – The American College of Trust and Estate Counsel- Advising Transgender Clients

This excellent podcast outlines the many actions and issues involved in estate planning and end-of-life decisions that arise with transgender clients and their families. A bibliography at the end of the show notes also provides further resources to pursue and consider.

Article by Carolyn Greenspon – Trust and Estates – How Demographics Changes Impact Modern Enterprises

This article by an established family wealth advisor summarizes the main issues family enterprises need to consider as demographics shift in the modern world. Families need to adapt their governance, preparation techniques, communication channels and trust models to include same-sex, blended, unmarried, and other nontraditional families. Using case examples and clear language, the article provides guidelines for families and advisors to implement.

Report by Nupur Pavan Bang, Yashodhara Basuthakur, Andrea Calabro, Mary Jo Fedy, Karmen Yeung, Tom McGinniss – KPMG — The Power of Women in Family Business

In this component report associated with the broader 2019 KPMG/STEP Project global research study, the authors focus on the changing role of women in family business leadership, succession, and management. The report highlights many of the biases and attitudes that have influenced the role of women in family enterprises and how these may be changing. The study also examines demographic shifts that will increasingly impact the role of women in global family enterprises.

We invite you to discuss this month’s theme, share recommended resources and join the conversation in our Community Forum on The Evolving Client (members only). If you have any questions about this month’s theme or are interested in joining The UHNW Institute, please do not hesitate to contact us.