The UHNWI Institute JANUARY 2025 MONTHLY THEME –
Strategic Planning for the New Year: Getting Your House in Order
Happy New Year!
During the recent UHNW Institute Symposium, many of you were introduced to the Institute’s new Wealthesaurus, an online glossary of terms related to the UHNW space meant to serve as a new standard for wealth management terminology. The resource already includes more than 80 terms, and its biggest fan, Institute board member Jim Grubman, wants your input on this new Institute resource. Be sure to share your comments and feedback on the definitions in the Wealthesaurus Community Forum section here or email tkehoe@uhnwinstitute.org.
One word you won’t find in the compendium is res·o·lu·tion: the firm decision to do or not do something.
As we launch into 2025, we’re focusing on RESOLUTIONS, both personal and professional— things we want to do or refrain from doing. We’ve created our list below to get you started and we invite you to join the Forum conversation to share your Top 5 Recommendations for Getting Your House in Order personally or professionally.
Top 5 Things FAMILIES want their FIRM to do to Start the New Year:
1- CONNECT with clients- all members served, to see what changes have occurred: deaths in the family, divorces, financial needs like college, catastrophic home loss, etc.
2- UPDATE ESTATE PLANNING and SUCCESSION NEEDS
3- REFINE STRATEGIC PLANS- Actionable goals for the year, share financial targets, philanthropic goals, governance objectives, tax strategy changes, etc.
4- SUPPORT Educational initiatives of the family
5- In-house or Outsourced RESOURCES and TOOLS to support the family needs, including Risk Management, Family Dynamics and preserving Family Legacy- like documenting stories, as well as other needs.
To that end, each week in January, we’ll explore this theme:
Strategic Planning for the New Year: Getting Your House in Order.
Up first is the UHNW Institute Podcast with host Russ Haworth, Family Business Advisor at The Family Business Partnership and UHNW Institute Advisory Board Member, who interviews Risk Management domain chair Linda Bourn, on the unique risks of the UHNW families, social media risks, AI and proactive risk strategies that families face today.
We’re gearing up for a busy year ahead, aligning the content for the first quarter of the year with the lessons learned on Integrated Wealth Management from the Symposium. We’ll have recaps from the event, interviews with experts to deep dive into topics covered and tools to share that align with the Multiphasic Service Model (MSM) that can help you support the families you serve. We’ll explore the catalysts that create conditions to widen the services we offer, the needs assessment required to determine what services satisfy our clientele and outsourcing— how to select and perform the due diligence necessary to onboard the right partners for your organization and more. Make sure to access all session replays and their corresponding presentations here or by searching the Resource Library.
Be sure to explore Institute Resource Library resources and other recommendations in anticipation of the upcoming events you’ll learn more about in the Institute Program Calendar (coming soon).
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ARTICLE, PRESENTATIONS
How Wealthy Families Can Instill a Culture of Stewardship
Amy Hart Clyne and Dennis T. Jaffe / Family Firm Institute
This approachable two-part article shares strategies for wealthy families to foster engagement across multiple generations. Part 1, “Setting Baseline Agreements for Stewardship Behavior,” introduces concepts surrounding responsible stewardship, leadership skills development and the evolution of a family culture. Part 2, “From Value Contribution to Leadership—Increasing Engagement in the Rising Generation,” details a three-phase approach families can take to meet their goals through ongoing commitment and clear policies.
Why the New Year is the Perfect Time to Partner with a Multi-Family Office
Brad Jesson /
Northwood Family Office
Why partnering with a multi-family office at the start of the year can set the stage for enduring success, stability and peace of mind.
REPORTS
Succession Stories: Lessons Learned From Former Family Office CEOs
Northern Trust
This report reflects interviews with 32 former family office CEOs who shared their succession stories. The findings provide timely insights for CEOs and families on the brink of change. Succession discussions often lead to larger conversations on change and provide opportunities to assess the family’s goals. Transitions in leadership are best viewed as an ongoing process rather than a singular event. CEOs who plan early and communicate about realistic challenges have a better chance for a smooth transition.
TOOLS & RESOURCES
Beneficiary Thriving
Beneficiary Thriving provides free resources to support a healthy trustscape, a term that includes a trust’s grantor (the creator of the trust), trustee (or trustees) and beneficiary (or beneficiaries).
An Introduction and Sample “Statements of Grantor Intent for Beneficiaries and Trustees” that include suggestions for personalizing the Statements are being provided, along with a sample “Letter of Wishes to Trustees.”
Multiphasic Service Model – MSM – coming soon
A three-phase cycle of advisory services, knowledge and skills addressing the needs of the UHNW families across the Ten Domains of Family Wealth.
A Glossary of Family Wealth Advising Terms. The Wealthesaurus provides standardized definitions of common and specialized family wealth advising industry terms. By sharing this glossary, we hope to improve communication across the UHNW community.
