The UHNW Institute Podcast

SummaryIn this episode of the SFO Inner Circle Conversations podcast, host Kristin Oliveri and guests Josh Miller, Linda Mack, and Rich Wolkowitz explore the concept of the expert generalist within the single-family office (SFO) space. They discuss the essential skills and qualities needed to thrive in this role, the challenges faced in high-stakes environments, and the importance of continuous learning and adaptability. The conversation also delves into the future of family offices and the evolving role of expert generalists in meeting the diverse needs of ultra-high-net-worth families.TakeawaysThe expert generalist has knowledge across multiple wealth management disciplines.Curiosity and a thirst for knowledge are essential traits.Expert generalists must balance depth in certain areas with breadth across others.Unexpected challenges can arise in high-stakes environments.Intellectual curiosity drives continuous learning and evolution.Building a strong network is crucial for expert generalists.Adaptability is key in dealing with diverse family dynamics.The future of family offices will require more strategic and sophisticated roles.Expert generalists must focus on customization to meet individual family needs.Successful family offices should demonstrate a return on investment for their services.Chapters00:00 The Expert Generalist Defined02:54 Essential Skills for Expert Generalists05:45 Navigating a Day in the Life08:49 Balancing Depth and Breadth of Knowledge11:47 Challenges in High-Stakes Environments14:51 The Importance of Intellectual Curiosity17:49 Continuous Learning and Evolution20:49 Advice for Aspiring Family Office Professionals23:53 The Future of Family Offices26:44 Transformational Changes Ahead

In this episode, Russ Haworth engages with Betsy Erickson and David Werdiger to explore the intricate power dynamics within ultra high net worth families. They introduce the concept of the Power Map, a tool designed for advisors to understand and navigate the various sources of power within family structures. The conversation delves into the roles of advisors, the importance of cultural competency, and the evolving landscape of wealth management, particularly in the context of generational transitions and the shift towards a more collaborative approach in family governance. Through a case study, they illustrate the practical application of the Power Map and emphasize the need for advisors to reflect on their own power and influence in family decision-making processes.TakeawaysAdvisors must recognize their own power in family dynamics.Power can manifest in various forms beyond formal roles.The Power Map helps identify and unlock sources of power.Cultural dynamics significantly influence family governance.Wealth 3.0 emphasizes collaboration over control.Families today face more complexity than ever before.Engaging the rising generation is crucial for family success.Advisors should foster an enabling environment for families.The illusion of governance can hinder effective decision-making.Understanding cultural differences is essential for advisors.Chapters00:00 Introduction to Power Dynamics in Ultra Wealthy Families02:58 Understanding the Power Map Concept05:41 Nuanced Sources of Power11:48 The Role of Advisors in Power Dynamics17:32 Practical Application of the Power Map23:59 Empowering Families Through Understanding Power Dynamics27:19 Navigating Complex Family Structures30:12 Cultural Competency in Family Dynamics34:28 The Shift to Wealth 3.041:07 Case Study: Power Dynamics in Family Philanthropy46:06 Key Takeaways for Advisors

Navigating Risk Management with Kate NorrisJoin us in this insightful episode of the Ultra High Net Worth Institute podcast as Russ Haworth sits down with Kate Norris, founder and CEO of Attenuate Risk. They delve into the top risk trends impacting wealth managers and their clients today. Kate shares her journey from financial services to launching her own firm, emphasizing the importance of understanding non-portfolio risks such as physical security, digital footprints, and family dynamics.Key Takeaways:The significance of non-portfolio risks and their impact on financial security. The importance of personalized risk management plans for families. How wealth managers can better understand and address the unique risks faced by ultra-high-net-worth families. The role of wealth advisors in protecting clients' financial legacies.Chapters:Introduction to Kate Norris and Attenuate RiskKate's Journey in Financial ServicesUnderstanding Non-Portfolio RisksThe Role of Wealth Advisors in Risk ManagementTop Risk Trends for Ultra-High-Net-Worth FamiliesPersonalized Risk Management PlansThe Importance of Independent AdviceConclusion and Key TakeawaysFor more information about the Institute head to https://uhnwinstitute.org

SummaryIn this episode of the Ultra High Net Worth Institute podcast, Russ Haworth speaks with Judy Galst from Henley and Partners about investment migration.They explore the increasing interest from Americans in obtaining alternative residence and citizenship through investment, the differences between residency and citizenship, and the popular programs available. Judy shares insights on the motivations behind this trend, the importance of strong passports, and common misconceptions surrounding investment migration. The conversation emphasizes the need for education and guidance in navigating these options.Chapters00:00 Introduction to Investment Migration02:30 Understanding Investment Migration04:02 The Surge of American Interest10:27 The Importance of Strong Passports12:13 Residency vs. Citizenship16:52 Popular Programs for Americans25:58 Investment Structures and Tax Considerations35:05 Common Misconceptions and Advice

SummaryThe conversation introduces the new Single Family Office (SFO) membership program by the Ultra High Net Worth Institute, highlighting its purpose, unique offerings, and the insights gathered from advisory board discussions. The speakers discuss the need for relevant content, the complexity of the SFO leader role, and the importance of networking and collaboration among family office executives. They outline the membership structure, benefits, and upcoming events designed to engage members and foster a community of learning and support.Chapters00:00 Introduction to the SFO Podcast02:50 The Need for SFO Membership05:43 Unique Offerings of the Institute08:50 Insights from the Advisory Board11:36 Evolution of the SFO Initiative14:40 Target Audience for Membership17:43 Membership Structure and Benefits20:46 Engaging Events and Clinics23:40 Future Plans and Launch Announcement

SummaryIn this episode, Russ Haworth and Teresa Leigh discuss the complexities of elder care within ultra high net worth families. They explore the reluctance of families to bring in external caregivers, the risks associated with transitioning in-house staff to caregiving roles, and the importance of managing expectations during these transitions. The conversation emphasizes the need for proper vetting of care providers, the potential pitfalls of improper vetting, and the role of technology in caregiving. Additionally, they highlight the critical involvement of family members in coordinating care and ensuring the well-being of their loved ones. In this conversation, Teresa Leigh discusses the complexities of caregiving within ultra high net worth families, emphasizing the emotional and relational dynamics that come into play when making care decisions. She highlights the importance of reframing care as a positive experience rather than a negative one, focusing on quality of life rather than costs. Effective communication strategies are essential for families to navigate these discussions, and understanding the risks associated with care management is crucial for ensuring safety and well-being.Chapters00:00 Introduction to Elder Care in High Net Worth Families03:04 Understanding the Reluctance for External Care05:48 The Risks of In-House Staff Transitioning to Caregivers09:04 Managing Expectations with New Caregivers12:13 Protocols for Hiring Caregivers14:47 The Importance of Vetting Care Providers18:02 Potential Pitfalls of Improper Vetting20:49 Integrating Technology in Caregiving24:07 The Role of Family in Care Coordination29:21 Navigating Family Dynamics in Care Decisions34:23 Reframing Care as a Positive Experience39:08 Quality of Life Over Cost44:03 Effective Communication Strategies for Families52:31 Understanding Risks in Care Management

In this episode of the Ultra High Net Worth Institute Podcast, guest host Jamie McLaughlin sits down with Stephanie Gromek, Managing Partner at BBR Partners, to discuss the origins and purpose of the Collegium and the Practice Management Council within the Ultra High Net Worth Institute. They explore how these initiatives create valuable learning environments for business leaders, advisors, and wealth managers, while also fostering collaboration among industry professionals.Key Topics Discussed:1. The Origins and Purpose of the CollegiumThe Collegium was born out of a panel discussion moderated by Jamie in 2018.Aimed at creating a safe, conflict-free space for industry leaders to share insights and best practices.Addresses the need for unbiased, independent information in the ultra-high-net-worth sector.The Collegium synthesizes discussions into a formal report to advance industry knowledge.Transitioned from virtual during the pandemic to in-person in October 2023 and 2024.Upcoming Collegium VIII will be held virtually on April 23rd & 24th, 2025.2. The Role of the Practice Management CouncilLed by Stephanie Gromek, the council helps industry players learn and share best practices.Focuses on how business leaders can build sustainable firms that meet the evolving needs of wealthy families.Organized around five key pillars:Human Capital: Attracting, retaining, and developing talent.Sales & Marketing: Growing businesses with effective strategiesBusiness Management: Aligning profitability, capital structure, and strategy.Technology: Enhancing operations and client service through innovation.Integrated Wealth Management: Delivering across the 10 domains of wealth management3. Structure of the Practice Management ClinicsExpert-led panels: Featuring professionals from member firms.Breakout discussions: Participants share challenges, best practices, and solutions.Focus on actionable takeaways: Turning insights into tangible strategies.4. Highlights from the October 2024 In-Person CollegiumTopic: Firm Sustainability – critical for long-term success.Keynote by Andrew Schwede del (Bain & Co.): The challenge of scaling intimacy in high-touch businesses.Four core discussion areas:Growth & Profitability – ensuring firms remain competitive.People & Talent – attracting and retaining top professionals.Capital Structure – long-term sustainability of business models.Strategic Focus – defining what firms will and will not do.5. What to Expect at Collegium VIII (April 2025)Two sessions: April 23rd (3:30 PM EST) & April 24th (12:00 PM EST).Virtual format with structured breakout discussions.Reports & takeaways will be shared post-event.Opportunity to collaborate and learn from other leaders in the industry.Designed for C-level executives, business operators, and wealth management professionals.Final Thoughts...

SummaryIn this episode, Russ Haworth engages with security experts Paul Violis and Eddie Marshall to discuss the critical aspects of security and risk management for ultra high net worth families. They explore common misconceptions about security, the importance of thorough due diligence, and the evolving threats that wealthy families face today. The conversation emphasizes the need for proactive measures and tailored security solutions to protect families from various risks, including cyber threats and physical security breaches. In this conversation, experts discuss the multifaceted nature of cybersecurity threats, particularly focusing on the vulnerabilities of ultra-high-net-worth individuals and their families. They emphasize the importance of intelligence-driven risk management, the role of technology in both facilitating and combating cybercrime, and the necessity of proactive measures to ensure safety. The discussion also highlights the balance between living life fully and maintaining security, advocating for smart, informed decisions rather than paranoia. Ultimately, the conversation underscores the value of expert guidance in navigating these complex challenges.Chapters00:00 Introduction to Security Concerns for Wealthy Families02:08 Common Misconceptions About Security05:45 Understanding Family Security Needs09:55 Identifying Top Threats to Families17:50 The Importance of Due Diligence29:12 Comprehensive Risk Management Strategies35:33 Exploiting Vulnerabilities: The Family Angle36:34 Technical Surveillance Countermeasures: A New Norm37:30 Creating Secure Spaces: The Rise of Skiffs39:11 The Business of Cybercrime: Understanding the Threat42:09 Intelligence as a Shield: Proactive Strategies44:40 The Importance of Intelligence in Risk Management47:22 Finding the Right Partners: A Litmus Test49:28 AI and Cybersecurity: A Double-Edged Sword54:49 Balancing Life and Security: Smart Living01:01:30 Final Thoughts: Prioritizing Family and Security

SummaryIn this episode, Russ Haworth speaks with Linda Bourn, the domain chair for risk management at the Ultra High Net Worth Institute. They explore the unique risks faced by ultra high net worth families, including generational wealth, social media presence, and the evolving landscape of AI. Linda emphasizes the importance of proactive risk management strategies and the role of advisors in recognizing and addressing these risks. The conversation also highlights educational initiatives and resources available for advisors to better support their clients in navigating these complexities.Chapters00:00 Introduction to Risk Management in Ultra High Net Worth Families02:52 Understanding the Unique Risks of Ultra High Net Worth Families06:25 Generational Perspectives on Social Media Risks10:43 Supporting Advisors in Recognizing Risks14:51 The Evolving Landscape of AI and Risk Management16:44 Educational Initiatives and Resources for Advisors20:59 Proactive Risk Management Strategies for Families

SummaryIn this insightful conversation, Dr. Jim Grubman and Dr. Amirala Pasha explore the critical distinctions between collaboration and integration in healthcare, particularly within the context of executive health. They discuss the importance of long-term relationships, the role of expert generalists, and the qualities that make effective integrators. The conversation also highlights the need for practical solutions in patient care and the shift from physical proximity to virtual accessibility in fostering collaboration. In this conversation, Jim and Dr Pasha discuss the significance of accessibility and culture in communication within healthcare, the complexities of business models and third-party payers, the challenges of providing care to VIP patients while adhering to standard practices, the impact of compensation models on care delivery, the importance of training for collaborative care, and the difficulties of building a collaborative culture from scratch.Chapters00:00 Introduction to Collaboration and Integration in Healthcare02:58 Understanding Collaboration vs. Integration06:05 The Role of Expert Generalists in Complex Systems09:04 Qualities of Effective Integrators11:56 Long-Term Relationships in Healthcare and Wealth Management15:09 Collaboration with External Providers18:01 The Importance of Practical Solutions20:54 The Shift from Proximity to Accessibility24:10 Conclusion and Key Takeaways27:39 The Importance of Accessibility and Culture in Communication32:50 Business Models and Third-Party Payers in Healthcare37:36 VIP Patients and Standard of Care40:32 Compensation Models and Their Impact on Care45:41 Training and Education for Collaborative Care52:13 Building a Collaborative Culture from Scratch

SummaryIn this episode, Russ Haworth interviews Anna Nichols, the domain chair for the health and wellbeing domain at the Ultra High Net Worth Institute. They discuss the importance of health and wellness in advising ultra high net worth families and how it intersects with wealth and the family system. Anna shares her expertise in financial communications and consulting on personal and generational wealth. They also discuss the challenges advisors face in bringing up health and wellness topics with clients and the value of bringing in the right resources. Anna highlights the need for proactive planning for health issues and decision-making in the future.TakeawaysHealth and wellness is a critical component of advising ultra high net worth families as it shapes their decision-making and interactions with each other.Advisors should feel comfortable bringing up health and wellness topics with clients and offering resources and support, even if they are not experts in those areas.The health and wellness domain intersects with all other domains in advising, and it is important for advisors to have a holistic and integrated approach.Proactive planning for health issues and decision-making is crucial, and advisors should have conversations with clients about who they would like to involve in decision-making if they become incapable.The Ultra High Net Worth Institute provides resources and support for advisors in the health and wellness domain, including a resource library and opportunities for learning and collaboration.Chapters00:00 Introduction to the Health and Wellness Domain03:21 Overview of the Health and Wellness Domain06:11 The Importance of Integrating Health and Wellness in Advising10:55 Bringing Up Health and Wellness Topics with Clients14:19 The Interactions Between Health and Wellness and Other Domains19:17 Proactive Planning for Health Issues and Decision-Making23:51 The Value of the Ultra High Net Worth Institute in Supporting Advisors

Summary Kim Kamin, the domain chair of estate planning and legal issues, discusses the breadth and complexity of the estate planning and legal domain. She highlights that estate planning goes beyond creating wills and trusts and encompasses wealth transfer planning, administration, closely held businesses, philanthropy, and more. Kim emphasizes the importance of collaboration between legal advisors and other domains within the Ultra High Net Worth Institute. She also discusses upcoming challenges in the legal field, such as the Corporate Transparency Act compliance and the expiration of high exemptions. Kim encourages early engagement with legal advisors to ensure effective and legally sound strategies for clients. Takeaways Estate planning covers a wide range of areas, including wealth transfer planning, administration, closely held businesses, and philanthropy.Collaboration between legal advisors and other domains is crucial for comprehensive client solutions.Upcoming challenges in the legal field include Corporate Transparency Act compliance and the expiration of high exemptions.Early engagement with legal advisors is important to ensure effective and legally sound strategies for clients. Chapters 00:00 Introduction and Background03:15 Involvement with the Ultra High Net Worth Institute07:52 Interactions and Collaboration with Other Domains14:48 Events and Publications in the Estate Planning and Legal Domain22:39 Engaging Legal Advisors for Collaboration25:08 Upcoming Challenges in the Legal Field

SummaryIn this episode, Russ Haworth interviews Betsy Erickson, the chair of the philanthropy and social impact domain at the Ultra High Net Worth Institute. They discuss the role of the domain chair, the complexity of philanthropy, and the importance of integration across domains. Betsy also talks about the barriers that families face in philanthropy and the need for experienced advisors to guide them. They highlight the value of cross-domain learning and the work being done by the Institute to educate and inform both families and advisors. Betsy shares upcoming initiatives and resources in the philanthropy domain.Chapters00:00 Introduction and Background03:23 Role of the Domain Chair07:59 Importance of Integration Across Domains10:45 Complexity and Emerging Challenges in Philanthropy14:21 Barriers in Philanthropy and Social Impact17:35 Educating and Informing Families and Advisors22:20 Cross-Domain Learning and Competencies26:01 Initiatives in the Philanthropy Domain30:01 Conclusion

In this episode, host Russ Haworth is joined by Dennis Jaffe, the Domain Chair for Governance and Decision Making at the Ultra High Net Worth Institute. Dennis shares his extensive experience and insights into the complexities of governance and decision-making within family enterprises. They discuss the importance of governance, its various facets, and how it integrates with other domains within the institute.Key Topics Covered:1. Introduction to Dennis Jaffe - Dennis's background and involvement with the Ultra High Net Worth Institute. - His career journey from family therapy to organizational consulting and academia.2. Understanding Governance - Definition and significance of governance in family enterprises. - The role of governance documents and agreements. - Importance of active and effective governance beyond just having agreements.3. Components of Governance - Shared purpose and meaning within the family enterprise. - Transparency and information sharing. - Governance structures: board of directors, family councils, and other entities. - Roles, responsibilities, and accountabilities of family members.4. Challenges in Governance - The complexity of integrating family dynamics with business operations. - The need for continuous and active engagement in governance processes. - Common pitfalls like the 80% plan where families start but don't fully implement governance plans.5. Institute's Initiatives in Governance - Efforts to provide practical resources and working papers for effective governance. - Importance of interdisciplinary understanding among advisors (legal, financial, therapeutic, etc.). - Training and educating advisors on the comprehensive aspects of governance.6. Advisors' Role in Governance - Importance of advisors being aware of and integrating governance in their advice. - Encouragement for advisors to look beyond their specific domain and consider the broader governance implications.7. Wealth 3.0 and Family Involvement - The shift from an expert-led approach to empowering families to be active participants. - Developing skills within the family to manage and engage in governance processes. Resources Mentioned:- Ultra High Net Worth Institute Website: [UHNW Institute](https://uhnwinstitute.org)- Wealth 3.0 by Dennis Jaffe and colleaguesConclusion:Dennis Jaffe emphasizes the importance of effective governance and decision-making within family enterprises and the need for advisors to adopt a holistic and integrated approach. The Ultra High Net Worth Institute provides valuable resources and training to support advisors and families in this endeavor.---For more information, visit [UHNW Institute](https://uhnwinstitute.org).---

SummaryIn this episode, Russ Haworth interviews Amy Renkert-Thomas, the chair of the leadership and transition planning domain at the Ultra High Net Worth Institute. They discuss the importance of leadership and transition planning in multi-generational family enterprises. Amy emphasizes the need for leaders to adapt their leadership style as the family enterprise evolves and grows. She also highlights the importance of collaboration among advisors and the role of the Ultra High Net Worth Institute in providing guidance and support to families going through generational changes. The episode concludes with a discussion on the impact of the leadership and transition planning domain and the Institute's work on the field.Keywordsleadership, transition planning, multi-generational family enterprises, collaboration, advisors, Ultra High Net Worth InstituteTakeawaysLeaders in multi-generational family enterprises need to adapt their leadership style as the enterprise evolves and grows.Collaboration among advisors is crucial in providing comprehensive support to families going through generational changes.The Ultra High Net Worth Institute plays a vital role in providing guidance and resources to families and advisors in the leadership and transition planning domain.Leadership and transition planning is not a one-time event but a continual process that requires ongoing communication and collaboration.The Institute's work extends beyond business transitions and includes philanthropic enterprises and family offices.Chapters00:00 - Introduction and Overview07:09 - The Importance of Collaboration Among Advisors13:32 - Continual Process of Leadership and Transition Planning

SummaryIn this episode, Dr. Jim Grubman discusses the 10 domains of family wealth. The model was developed to provide a taxonomy and hierarchy of the needs of ultra high net worth families, independent of specific service providers. The 10 domains include financial and investment management, estate planning and legal matters, social impact and philanthropy, risk management, governance and decision making, leadership and transition planning, learning, development, and the rising generation, family dynamics, and health and wellbeing. The central domain is family advisory relationships, which encompasses the soft skills and quality of relationships between advisors and family members. The model is used by advisors and families to identify strengths and gaps in their wealth management approach.TakeawaysThe 10 domains model provides a taxonomy and hierarchy of the needs of ultra high net worth families, independent of specific service providers.The 10 domains include financial and investment management, estate planning and legal matters, social impact and philanthropy, risk management, governance and decision making, leadership and transition planning, learning, development, and the rising generation, family dynamics, and health and wellbeing.The central domain is family advisory relationships, which encompasses the soft skills and quality of relationships between advisors and family members.The model is used by advisors and families to identify strengths and gaps in their wealth management approach.Chapters00:00 - Introduction01:40 - Background and Origins of the 10 Domains Model03:02 - Development of the Model08:33 - Overview of the 10 Domains20:55 - The Central Domain: Family Advisory Relationships23:13 - Use of the Model by Advisors and Families25:24 - Integration with Wealth 3.030:35 - Where to Learn More

SummaryIn this episode, Steve Prostano, the founder and chairman of the Ultra High Net Worth Institute, discusses the creation and mission of the Institute. He shares how the Institute was formed organically in 2018 and the gap it aims to fill in the family wealth space. The Institute focuses on educating and helping families navigate the wealth management industry, providing thought leadership and resources, and promoting best practices and professional development. Steve also highlights the importance of building a community of thought leaders and the Institute's ambitions for the future.TakeawaysThe Ultra High Net Worth Institute was founded in 2018 to address the confusion and lack of transparency in the family wealth space.The Institute's mission is to educate and help families navigate the wealth management industry, provide thought leadership and resources, and promote best practices and professional development.The Institute is organized like a university, with faculty members and advisory board members responsible for delivering content and programming.The Institute aims to build a global community of thought leaders and provide a safe learning environment for peer-to-peer intellectual exchange.Chapters00:00 - Introduction to the Ultra High Net Worth Institute01:30 - Creation of the Institute10:06 - Impact of the Global Pandemic11:40 - Organizational Structure of the Institute14:43 - Ambitions for the Institute in 2024 and Beyond26:41 - Personal Highlights of the Institute28:29 - Global Community of the Institute