The UHNW Institute’s February Monthly Theme: Inclusion – Supporting Your Client
Every month, The UHNW Institute identifies a new theme to highlight, steering our content and programming. During February, we will explore the theme of Inclusion – Supporting Your Client and provide you with various resources to help you deepen your knowledge and understanding of this noteworthy topic.
Creating a welcoming environment where people are valued, heard and supported is just good practice and extends beyond new hires. It pertains to the clients who hire us, their multigenerational family members who may have as much physical diversity as it does diversity of thoughts and beliefs. Large families are complicated, and supporting them is as much an art as a science.
This February, we are pleased to introduce the following programs and events:
- “Inclusion: Understanding Your Client – The Importance of Inclusion When Working with Our Client Families,” Webinar: Presented by the UHNW Institute Diversity, Equity, and Inclusion Committee. The lunchtime live webinar, scheduled for February 29, 2024, from 12-1 p.m., will be moderated by Tim Volk and feature special guests in Q&A with the DEI Committee. Firm commitments to DEI during challenging times, adding accessibility, creating substantive content and action to support DEIBA and considering inclusion in client communications and sensitive messaging will be just some of the topics covered.
- Emerging Leaders Cohort and Mentorship Program: Beginning February 15, a 4-part learning cohort with a training program for the emerging leaders within Institute member firms. We’ll aim to match mentors with our diverse group of emerging leaders and meet quarterly throughout the year to learn, network and support connection. Additional self-paced training opportunities will be incorporated into the program, utilizing learning modules from Institute Partners. We invite member firms and individuals to recommend a rising star within your organization to join this Pilot Program of the UHNW Institute. Candidates should have 3-5+ years of experience and show dedication, passion and eagerness to work with families within multiple domains of family wealth.
- Philanthropy Study Group: The Social Impact and Philanthropy domain is launching its first Philanthropy Study Group on February 13 at 12 p.m. If interested in joining, register soon on the Institute website.
Until then, we hope you will enjoy the many resources supporting February’s Inclusion theme. We encourage you to explore the UHNW Institute Resource Library for related topics that include articles, podcasts and tools highlighted below.
Articles:
- Article – Victoria Zhuang – How a Multi-Family Office is Creating a Diverse Talent Pipeline
- Article – Dr. Nupur Pavan Bang, Yashodhara Basuthakur, Andrea Calabrò, Mary Jo Fedy, Karmen Yeung, Tom McGinness – KPMG – The Power of Women in Family Business: A Generational Shift in Purpose and Influence
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.
- Article – Kim Kamin – Wealth Management – Modern (Big) Love
Nontraditional relationships are becoming increasingly common, with important implications at the UHNW level for marital assets, trusts and estate planning. This article summarizes several key issues and recommendations when a cohabitation relationship may coexist with an ongoing (but separated) marital relationship.
- Article – Patricia M. Soldano and Lauren Benenati – Trust & Estates – Millennials and the Family Office
This article addresses how family offices, often designed with Baby Boomers in mind, can meet the needs of Millennials, a generation that makes up most of today’s adult population. Affluent Millennials stand to inherit significant wealth in the coming years. The authors explore how many Millennial traits deviate from the Boomers’ and assert that the family office that fails to adapt to this new wave of wealthy clients will struggle.
- Article – James Grubman and Dennis T. Jaffe – STEP Journal Culture Clash
This article expands on the sociological research introduced in the authors’ 2015 book, Cross Cultures, focusing on the advisory skills needed to understand the cultural perspectives of the world’s major cultural prototypes and how these impact UHNW families.
Podcasts:
- Podcast – Tom McCullough, Kofi Hope and Zahra Ebrahim – Wealth of Wisdom, Episode 84 – Understanding Identity and Social Power
In this week’s episode, Tom McCullough talks with Kofi Hope and Zahra Ebrahim about the Identity Wheel, a tool that helps individuals explore different dimensions of their identity and understand the power dynamics connected to them. Through personal reflection and group discussions, we examine how our self-perception aligns with how the world perceives us and explore the impact of identity on our lives, relationships, and decision-making.
- Podcast – Ellie Diop – Ballentine Partners – 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.
- Podcast – Cynthia Lamar-Hart and Paula A. Kohut – The American College of Trust and Estate Counsel: Advising Transgender Clients on Estate Planning and Vital Records
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 provides further resources to pursue and consider.
Tools:
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.
