The UHNW Institute’s November Theme: Integrated Wealth Management

Every month, The UHNW Institute identifies a new theme to highlight, steering our content and programming. For November, we will explore the theme of Integrated Wealth Management (IWM), the same concept that will guide our 2023 Symposium later this month. Learn more about our upcoming in-person and virtual events, and gain resources to help you deepen your knowledge and understanding of this compelling topic, here.

As a walk-up to our Symposium on November 14, we invite you to consider the pre-reading resources found within the Resource Library, which will inform and provide a backdrop for the discussions we’ll explore in depth at our 3rd annual event in New York City.

 

• Book by James Grubman, Ph.D., Dennis T. Jaffe, Ph.D. , Kristin Keffeler, MSM, MAPP – Wealth 3.0: The Future of Family Wealth Advising

Join us for our morning panel at the Symposium to get an overview of Wealth 3.0 from author James Grubman, PhD. 

More than four decades ago, the field of family wealth advising began to emerge as a challenge to the tradition of caring only about money. We now stand at the threshold of the next major transformation, strengthening the focus on family while shedding the fears and flaws that invaded beliefs about the rich. Written by three renowned experts, Wealth 3.0: The Future of Family Wealth Advising outlines how the field arrived at this point and what will be needed to establish a positive vision of family wealth. Through relatable stories and insightful recommendations, Wealth 3.0 is a modern manifesto. It challenges family wealth advising to become the enduring, scalable, rigorous profession it was always destined to be.

 

• White Paper by Tom McCullough – The Journal of Wealth Management – The Rise of the Integrated Advisor*

*Only members of The UHNW Institute can access the link after logging into the member portal here.

Join Tom McCullough and his panel discussion on Client Facing Requirements for IWM, an afternoon session during the UHNW Institute Symposium.

Tom will introduce the ‘Integrated Family Office Adviser,’ a term that describes a firm or consultant with skills and experience in a wide range of disciplines that are important to families of wealth. They also have specific expertise in integrating and project-managing the many diverse challenges that arise. For any family looking at their advice chain, this article from Northwood’s Tom McCullough is a great introduction to a model that may be new to you. And if you’re an adviser, there is enough detail here to help with structure.

 

• White Paper – The Robert Wood Johnson Foundation – Lessons from the Field: Promising Interprofessional Collaboration Practices

This report, by the Robert Wood Johnson Foundation, looks at the lessons learned through the healthcare industry that can be a relevant model for how the wealth management industry considers its next steps.

The Robert Wood Johnson Foundation (RWJF), which is committed to building a Culture of Health for America, initiated a project, Identifying and Spreading Practices to Enable Effective Interprofessional Collaboration, to better understand the role of interprofessional collaboration in advancing a Culture of Health. The purpose of the project is to both encourage and facilitate collaboration that will improve care by exploring, explaining and disseminating some of the most useful practices for effective interprofessional collaboration—and the support required to sustain them over time. The goal is ultimately to share these practices more broadly in order to catalyze efforts across the country to advance effective interprofessional collaboration.

 

• White Paper – Charles Schwab – The Multi-Family Office of Tomorrow—Simplifying Complexity for Families of Significant Wealth

The Charles Schwab white paper gathers perspectives from MFO industry professionals with insights to provide practical guidance on ways to evolve your practice to better serve families of significant wealth. The report encompasses:

• • A framework to define MFOs
  • The creation of an ideal family profile
  • How to navigate complex client needs, such as family trust/communication and philanthropic goals
  • The use of technology to create efficiency in an otherwise inefficient client segment

 

• Article by Kristin Twiford – Nines, 2023 –  Integrated Wealth Management and Holistic Wealth Management: Expanding to Meet the Needs of the Next Generation*

*Only members of The UHNW Institute can access the link after logging into the member portal here.

Many of today’s client families value the non-financial capital 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.

 

• Article by Dan Conner, CFA, FSA – CFA Institute – How Can Family Offices Leverage Artificial Intelligence? Four Applications

This article by Dan Conner examines how family offices can best leverage AI through investment analysis, portfolio allocation optimization, risk management and alternative data analysis.

 

• Article – Simple – Family Office Outsourcing

Simple has provided an article that should act as a jumping-off point for any family office reviewing how much they outsource. Noting the focus points to assess: “goals, capabilities, and resource limitations.”

 

Do you have recommendations for other great Integrated Wealth Management topics? Please send your suggestions to us in the Community forum* so we may consider them for our UHNW Institute Resource Library.

*Only members of The UHNW Institute can access the link after logging into the member portal here.

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.