Summary

In 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.

Chapters

00:00 Introduction and Background

03:23 Role of the Domain Chair

07:59 Importance of Integration Across Domains

10:45 Complexity and Emerging Challenges in Philanthropy

14:21 Barriers in Philanthropy and Social Impact

17:35 Educating and Informing Families and Advisors

22:20 Cross-Domain Learning and Competencies

26:01 Initiatives in the Philanthropy Domain

30:01 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 colleagues

Conclusion:

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.

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For more information, visit [UHNW Institute](https://uhnwinstitute.org).

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Summary

In 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.

Keywords

leadership, transition planning, multi-generational family enterprises, collaboration, advisors, Ultra High Net Worth Institute

Takeaways

• Leaders 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.

Chapters

00:00 - Introduction and Overview

07:09 - The Importance of Collaboration Among Advisors

13:32 - Continual Process of Leadership and Transition Planning

Summary

In 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.

Takeaways

• The 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.

Chapters

00:00 - Introduction

01:40 - Background and Origins of the 10 Domains Model

03:02 - Development of the Model

08:33 - Overview of the 10 Domains

20:55 - The Central Domain: Family Advisory Relationships

23:13 - Use of the Model by Advisors and Families

25:24 - Integration with Wealth 3.0

30:35 - Where to Learn More

Summary

In 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.

Takeaways

• The 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.

Chapters

00:00 - Introduction to the Ultra High Net Worth Institute

01:30 - Creation of the Institute

10:06 - Impact of the Global Pandemic

11:40 - Organizational Structure of the Institute

14:43 - Ambitions for the Institute in 2024 and Beyond

26:41 - Personal Highlights of the Institute

28:29 - Global Community of the Institute

Summary

In 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.

Chapters

00:00 Introduction to Elder Care in High Net Worth Families

03:04 Understanding the Reluctance for External Care

05:48 The Risks of In-House Staff Transitioning to Caregivers

09:04 Managing Expectations with New Caregivers

12:13 Protocols for Hiring Caregivers

14:47 The Importance of Vetting Care Providers

18:02 Potential Pitfalls of Improper Vetting

20:49 Integrating Technology in Caregiving

24:07 The Role of Family in Care Coordination

29:21 Navigating Family Dynamics in Care Decisions

34:23 Reframing Care as a Positive Experience

39:08 Quality of Life Over Cost

44:03 Effective Communication Strategies for Families

52:31 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.

• The 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.

• Led 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 strategies
• Business 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 management

• Expert-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.

• Topic: 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:

1. Growth & Profitability – ensuring firms remain competitive.
2. People & Talent – attracting and retaining top professionals.
3. Capital Structure – long-term sustainability of business models.
4. Strategic Focus – defining what firms will and will not do.

• 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.

• The Collegium fosters a spirit of collaboration and professional growth.
• Participants leave with new insights, strategic clarity, and stronger industry relationships.
• The Ultra High Net Worth Institute is committed to being both a think tank and a do tank, ensuring these discussions translate into meaningful advancements.
• Register now to join Collegium VIII and be part of the conversation shaping the future of the wealth management industry.

Thank you for listening!

For more information on the Ultra High Net Worth Institute and upcoming events, visit https://www.uhnwinstitute.org

In 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.

00:00 Introduction to Security Concerns for Wealthy Families

02:08 Common Misconceptions About Security

05:45 Understanding Family Security Needs

09:55 Identifying Top Threats to Families

17:50 The Importance of Due Diligence

29:12 Comprehensive Risk Management Strategies

35:33 Exploiting Vulnerabilities: The Family Angle

36:34 Technical Surveillance Countermeasures: A New Norm

37:30 Creating Secure Spaces: The Rise of Skiffs

39:11 The Business of Cybercrime: Understanding the Threat

42:09 Intelligence as a Shield: Proactive Strategies

44:40 The Importance of Intelligence in Risk Management

47:22 Finding the Right Partners: A Litmus Test

49:28 AI and Cybersecurity: A Double-Edged Sword

54:49 Balancing Life and Security: Smart Living

01:01:30 Final Thoughts: Prioritizing Family and Security

Summary

In 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.

Chapters

00:00 Introduction to Risk Management in Ultra High Net Worth Families

02:52 Understanding the Unique Risks of Ultra High Net Worth Families

06:25 Generational Perspectives on Social Media Risks

10:43 Supporting Advisors in Recognizing Risks

14:51 The Evolving Landscape of AI and Risk Management

16:44 Educational Initiatives and Resources for Advisors

20:59 Proactive Risk Management Strategies for Families

Summary

In 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.

Chapters

00:00 Introduction to Collaboration and Integration in Healthcare

02:58 Understanding Collaboration vs. Integration

06:05 The Role of Expert Generalists in Complex Systems

09:04 Qualities of Effective Integrators

11:56 Long-Term Relationships in Healthcare and Wealth Management

15:09 Collaboration with External Providers

18:01 The Importance of Practical Solutions

20:54 The Shift from Proximity to Accessibility

24:10 Conclusion and Key Takeaways

27:39 The Importance of Accessibility and Culture in Communication

32:50 Business Models and Third-Party Payers in Healthcare

37:36 VIP Patients and Standard of Care

40:32 Compensation Models and Their Impact on Care

45:41 Training and Education for Collaborative Care

52:13 Building a Collaborative Culture from Scratch

Summary

In 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.

Takeaways

Health 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.

Chapters

00:00 Introduction to the Health and Wellness Domain

03:21 Overview of the Health and Wellness Domain

06:11 The Importance of Integrating Health and Wellness in Advising

10:55 Bringing Up Health and Wellness Topics with Clients

14:19 The Interactions Between Health and Wellness and Other Domains

19:17 Proactive Planning for Health Issues and Decision-Making

23:51 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 Background

03:15 Involvement with the Ultra High Net Worth Institute

07:52 Interactions and Collaboration with Other Domains

14:48 Events and Publications in the Estate Planning and Legal Domain

22:39 Engaging Legal Advisors for Collaboration

25:08 Upcoming Challenges in the Legal Field

Summary

In 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.

Chapters

00:00 Introduction to Investment Migration

02:30 Understanding Investment Migration

04:02 The Surge of American Interest

10:27 The Importance of Strong Passports

12:13 Residency vs. Citizenship

16:52 Popular Programs for Americans

25:58 Investment Structures and Tax Considerations

35:05 Common Misconceptions and Advice

Summary

The 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.

Chapters

00:00 Introduction to the SFO Podcast

02:50 The Need for SFO Membership

05:43 Unique Offerings of the Institute

08:50 Insights from the Advisory Board

11:36 Evolution of the SFO Initiative

14:40 Target Audience for Membership

17:43 Membership Structure and Benefits

20:46 Engaging Events and Clinics

23:40 Future Plans and Launch Announcement

Navigating Risk Management with Kate Norris

Join 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:

1. Introduction to Kate Norris and Attenuate Risk
2. Kate's Journey in Financial Services
3. Understanding Non-Portfolio Risks
4. The Role of Wealth Advisors in Risk Management
5. Top Risk Trends for Ultra-High-Net-Worth Families
6. Personalized Risk Management Plans
7. The Importance of Independent Advice
8. Conclusion and Key Takeaways

For more information about the Institute head to https://uhnwinstitute.org

Summary

In 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.

Takeaways

The 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.

Chapters

00:00 The Expert Generalist Defined

02:54 Essential Skills for Expert Generalists

05:45 Navigating a Day in the Life

08:49 Balancing Depth and Breadth of Knowledge

11:47 Challenges in High-Stakes Environments

14:51 The Importance of Intellectual Curiosity

17:49 Continuous Learning and Evolution

20:49 Advice for Aspiring Family Office Professionals

23:53 The Future of Family Offices

26:44 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.

Takeaways

• Advisors 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.

Chapters

00:00 Introduction to Power Dynamics in Ultra Wealthy Families

02:58 Understanding the Power Map Concept

05:41 Nuanced Sources of Power

11:48 The Role of Advisors in Power Dynamics

17:32 Practical Application of the Power Map

23:59 Empowering Families Through Understanding Power Dynamics

27:19 Navigating Complex Family Structures

30:12 Cultural Competency in Family Dynamics

34:28 The Shift to Wealth 3.0

41:07 Case Study: Power Dynamics in Family Philanthropy

46:06 Key Takeaways for Advisors

Russ speaks with storyteller and filmmaker Rick Stevenson about why our personal stories are our most valuable legacy, and how families can use storytelling to connect across generations, strengthen decision making, and shape their philanthropy. Rick shares insights from 8,000+ interviews, the origins of the 5,000 Days Project, and practical ways advisers and families can start capturing stories with care, consent and purpose.

• Your story as your greatest asset: Identity, purpose and self-knowledge as the foundation for a lived legacy
• Safe, consent-led storytelling: Why participants should retain control and how privacy builds honesty and depth
• From emotion to insight: How telling a story moves feeling into language and reduces its hold on us
• A “family voice,” not just a founder’s voice: Interviewing every generation to reveal shared values and differences
• Philanthropy and purpose: How stories surface what people truly care about and guide meaningful giving
• Advisers as humans first: Do your own story work to build trust with the whole family, not only the patriarch
• Getting started at any age: Simple, repeatable practices for capturing stories from early childhood to later life

• Institute members can access the Legacy Playbook in the member portal and resource library
• To explore a Family Voice series or personal story mentoring, get in touch via the Institute website - https://www.uhnwinstitute.org/

This episode of the Ultra High Net Worth Institute podcast explores the Philanthropic Advising Competency Model developed by Daylight Today. Hosts Russ Haworth, Tony Macklin, and Marguerite Griffin discuss the evolving role of philanthropic advisors, the need for a structured competency model, and the importance of cultural dexterity and behavioral intelligence in fostering trust and effective communication with clients. The conversation highlights the future of philanthropic advising, emphasizing the integration of purpose and finance, and the skills necessary for the next generation of advisors.

00:00 Introduction to Philanthropic Advising Competency Model

04:04 The Evolution of Philanthropic Advising

08:25 Understanding the Competency Model Structure

12:25 The Intentions Behind the Competency Model

15:16 Cultural Dexterity and Behavioral Intelligence

22:31 Hiring and Training with the Competency Model

25:29 Building Trust Through Competency

28:11 Future of Philanthropic Advising

34:16 Skills for the Next Generation of Advisors

37:25 Key Takeaways

Links

Philanthropic Advising Competency Model - https://www.daylightadvisors.com/research-philanthropic-advising-competency

Barriers to giving - https://www.ncfp.org/knowledge/overcoming-psychological-barriers-to-giving/.

In this episode of the Ultra High Net Worth Institute Podcast, host Russ Haworth is joined by Kevin Casey (PathStone) and Joe Calabrese (Key Wealth) to explore their new white paper on integrated wealth management. Together they unpack the profitability drivers, trade-offs and strategic considerations that leaders need to understand when deciding whether, and how, to move towards a more integrated model.

Drawing on their work across the industry and within the UHNW Institute, Kevin and Joe explain why integration is about far more than “adding services”, and why it often requires a fundamental shift in culture, operating model and economics. They also walk through a practical decision tree and an adapted DuPont model that help firms assess client demand, pricing power, advisor capacity and the real costs of delivering integrated advice.

Why integration, and why now

How rising client complexity, the commoditisation of investment management, and growing demand from advisers and families have brought integrated wealth management to the forefront.

Integration vs “just adding services”

Why true integration is about reshaping the firm’s operating model, talent base and culture, not simply bolting on tax, estate or philanthropic advice.

Client demand and avoiding ‘hobby businesses’

How to distinguish genuine, scalable demand from “sample of one” client requests, and when outsourcing or partnering may be wiser than building in-house capabilities.

Pricing power and the DuPont model

How to assess whether your firm has real pricing power today, and how integrated offerings affect the balance between

• Revenue per client
• Clients per adviser
• Adviser compensation
• Overall profitability

The economics of integration

The reality that integrated services often reduce adviser capacity and increase people costs, and why that only makes sense if the firm can clearly articulate and charge for the additional value.

Talent, culture and cost structure

Why multi-disciplinary teams and in-house specialists are inherently more expensive, and how culture, collaboration and client centricity become critical success factors.

Models across the integration spectrum

Three example business models, from specialist to fully integrated, and what their different profitability, growth and retention profiles can teach leaders who are considering a shift.

Guidance for leaders considering integration

Joe and Kevin’s closing advice:

• Proceed with caution and a thorough risk assessment (financial, operational, reputational and cultural).
• Be honest about who you are as a firm and where you sit today.
• Go into integration “eyes wide open”, with humility and clarity about the trade-offs involved.

Kevin Casey is Head of Corporate Development and Strategy at PathStone, a multi-family office and wealth management firm with roots as a single family office and an integrated, largely insourced service model. He works closely on M&A, strategy and growth, giving him a front-row view of how firms across the industry are approaching integration.

Joe Calabrese is Chief Operating Officer of Key Wealth, the wealth management division of KeyBank, overseeing service, product, technology and infrastructure across four distinct client segments, including a significant multi-family office business. Joe has led multiple multi-family offices and is a long-standing contributor to the UHNW Institute’s work on practice management and integrated wealth management.

White Paper - https://www.uhnwinstitute.org/new-white-paper-integrating-wealth-management-profitability-drivers-trade-offs-and-strategic-considerations/

Ten Domains Episode - https://www.uhnwinstitute.org/podcast/

In this focused follow-up to the SFO Circle Clinic in Chicago, host Kristen Oliveri brings together three leading voices in family office technology to explore how artificial intelligence is being thoughtfully introduced into the family office environment. The discussion cuts through hype and looks at practical, values-aligned adoption.

What You’ll Hear

• Where family offices can realistically begin when exploring AI

• How to frame AI as mindset, tool, and strategy

• The importance of defining the purpose before selecting solutions

• Practical operational use cases, from reporting to data analysis

• Emerging applications in investment research and monitoring

• Safeguards, governance, and risk considerations

• Building team literacy and internal confidence

• Preserving human judgement alongside automation

• What to look for when choosing technology partners

• How AI may influence the next generation of governance and decision-making

This episode offers clear, grounded insight for leaders who want to explore AI without compromising culture, privacy, or family values.

Host: Kristen Oliveri, Senior Family Office Advisor

Guests:

• Tania Neild, Founder and CEO, InfoGrate Wealth

• Bill Wyman, President, Family Office Services, Summitas

• Dan Gregerson, Co-Founder and CEO, Summitas

In this episode, Joe Reilly speaks with Tom McCullough, Founder and Chairman of Northwood Family Office and Managing Director of Thought Leadership and Strategy at the Ultra High Net Worth Institute.

Tom reflects on his journey from traditional investment management into building one of Canada’s early multi-family offices, driven by a simple belief: wealth management must start with the client, not the product.

The Founding of Northwood

Frustrated by the lack of integrated advice available to his own family, Tom left a 20-year corporate career to build a firm focused on coordination, objectivity and holistic oversight. What began in borrowed office space has grown into a 40-person organisation serving over 100 ultra-high-net-worth families.

The Myth of Investment-Centred Advice

Tom challenges the assumption that investments are the centrepiece of wealth management. Instead, he advocates for goals-based investing rooted in deep discovery, family priorities and long-term purpose.

Wealth of Wisdom

Tom discusses the creation of his two books with Keith Whitaker:

1. Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask
2. Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors

Both books explore the fundamental questions families face and highlight the importance of curiosity, humility and thoughtful inquiry.

Leadership and the Future of the Profession

Now stepping into a leadership role at the Ultra High Net Worth Institute, succeeding Jim Grubman, Tom shares his focus on making integrated wealth management practical, implementable and sustainable for the next generation of advisors.

1. Integration over silos
2. Purpose before portfolio
3. Education for families and advisors
4. Succession planning within advisory firms
5. Elevating standards in ultra-high-net-worth advice

This episode explores the vital role of learning within single family offices, emphasizing how cultivating a culture of curiosity, development, and leadership can create lasting resilience beyond financial assets. Guests share insights on building a learning ecosystem, the importance of internal competencies, and practical strategies for integrating learning into family office practices.

00:00 Introduction: The Shift to Family-Centered Learning in SFOs

01:24 Why Learning Matters More Than Ever in Family Offices

03:02 The Multifaceted Approach to Learning and Development

04:56 What Gets Missed Without Focus on Learning

06:02 Values, Culture, and Legacy in Family Learning

07:52 Creating a Culture of Growth and Curiosity

12:50 Defining the Chief Learning Officer Role in Family Offices

14:39 Building a Culture of Growth: Fixed vs. Growth Mindset

17:17 Internal Competencies for Family Members and Staff

19:20 Introducing Learning Topics in Family Meetings

22:20 Engaging the Next Generation Through Tailored Learning

24:49 Outsourcing Learning and Development in Family Offices

28:25 Seizing Found Moments for Learning Opportunities

34:28 Key Mindset Shifts for Families Regarding Learning

36:16 Integrating Learning into Family Retreats and Meetings

38:22 Conclusion: Building Resilience Through Family Learning

JPMorgan Wealth Management - https://www.jpmorgan.com

Twinwood Family Office - https://twinwoodfamilyoffice.com

The Cenozia Group - https://cenozia.com

Carol Dweck's research on Mindset - https://mindset.yale.edu

Citizen Kid Book Series - https://citizenkid.com

Behavioral Finance Museum in Chicago - https://behavioralfinancemuseum.com

LinkedIn - https://linkedin.com/in/kristin-oliveira

LinkedIn - https://linkedin.com/in/stacey-allred

LinkedIn - https://linkedin.com/in/vanessa-reniers

LinkedIn - https://linkedin.com/in/bill-woodson

In this episode of the Ultra High Net Worth Institute podcast, host Russ Haworth, along with guests Amelia Renkert-Thomas and Daniel Trimarchi, discuss their white paper titled 'A Blueprint for Multi-Generational Success.' They explore the challenges of traditional succession planning, the importance of evolving governance structures, and the need for clarity and accountability in family enterprises.

The conversation emphasizes the significance of education, co-creation, and addressing fears associated with structural changes. The episode concludes with practical steps for families to begin their governance journey and the importance of building a coalition of the willing for future success.

Chapters

00:00 Introduction to the Ultra High Net Worth Institute Podcast

06:17 The Role of Governance in Family Enterprises

16:20 Reducing Friction Through Effective Governance

22:22 Co-Creation of Governance Structures

28:21 Addressing Fears in Structural Changes

34:49 The Coalition Mindset in Leadership

40:10 Practical Steps for Families in Transition

Link to the Paper

https://www.uhnwinstitute.org/new-white-paper-a-blueprint-for-multi-generational-success-building-a-coalition-of-the-willing-part-one/

In this episode, co-authors Bryn Monahan, Meredith Straight Thomas, Paul Edelman and Russ Haworth explore the evolving concept of leadership and governance within family enterprises, emphasizing the importance of creating inclusive, resilient systems that go beyond traditional succession models. We unpack how coalition-building, behavioral change, and advice play crucial roles in fostering long-term sustainability.

• The shift from single successor to a coalition approach for leadership
• Developing behavioral habits and decision-making models for effective governance
• Enhancing family cohesion and identity through inclusive participation
• The role of external advisors in supporting transition and development
• Creating resilience and long-term sustainability across generations
• Practical tools like decision grids and running governance 'gyms' to build capacity

00:00 - Introduction to the White Paper: Building a Coalition of the Willing

02:51 - Moving from linear succession to coalition-based leadership models

03:51 - The importance of creating systems allowing multiple voices

04:35 - How diversity of experience enriches family enterprise resilience

05:57 - Transition from single leader to a coalition: benefits and challenges

08:15 - Evolving identity and participation in family governance

09:36 - Enhancing family cohesion through diversified paths and roles

12:24 - The importance of parallel readiness: governance reform and developmental work

14:58 - Developing capabilities like judgment, communication, and EQ

16:42 - Overcoming behavioral habits and systemic patterns in family governance

19:34 - The complexity of behavioral change vs. structural changes

22:44 - Practical examples of behavioral development (junior boards, incremental leadership)

29:22 - Cultivating a culture that values disagreement and open dialogue

32:18 - The metaphor of 'governance gym' to build sustained behaviors and habits

35:47 - The importance of explicit problem-solving models and decision grids

39:56 - The risk of divergence from agreed governance practices and how to mitigate

42:49 - The resilience benefits of coalition-based governance for long-term continuity

44:18 - Shifting perceptions of stewardship and leadership responsibility

48:06 - The expanding role of advisors in supporting behavioral and systemic change

49:42 - Future of advisory roles: practicing governance beyond structural design

This episode emphasizes that effective governance in family enterprises is a behavioral journey supported by systemic tools. External advisors are pivotal in helping families navigate discomfort and ingrained patterns to achieve resilience and long-term success.

White Paper - Part One

White Paper - Part Two

This episode examines one of the defining challenges in ultra high net worth wealth management and family office environments: how do you identify, develop, and retain the next generation of leaders at a time when client expectations, generational values, and organisational cultures are all shifting simultaneously?

Drawing on the experience and perspectives of Milton Pedraza and Richard Orlando, the conversation moves from the conceptual to the practical. It covers the meaningful distinctions between coaching and mentorship, the conditions that allow emerging leaders to genuinely flourish, and why so many high-calibre firms inadvertently stall the development of their best people despite having every intention to do the opposite.

At its core, this is an episode about trust: how leaders earn it from clients, how organisations earn it from their people, and how the field of wealth management must evolve its culture and leadership philosophy if it is to attract and hold the talent it needs for the long term.

After listening to this episode, practitioners and leaders in wealth management and family office contexts should come away with:

• A clearer understanding of the difference between coaching and mentoring, and when each is most appropriate.
• Practical insight into the conditions that either support or undermine leadership development within high-calibre organisations.
• A more nuanced view of what emerging leadership looks like beyond technical competence or seniority.
• Specific prompts for reflecting on how their own organisations approach talent development and retention.
• A stronger appreciation of the generational dynamics shaping client and colleague expectations in wealth management today.
• Concrete questions to ask when evaluating whether their firm’s leadership culture is fit for the next decade.

In this insightful interview, Kathy Lintz shares her journey from financial education to leading Matter Family Office, emphasizing the importance of purpose, communication, and strategic planning in managing ultra-high net worth families. Discover her approach to family governance, the evolution of wealth management, and how technology is transforming the industry.

Chapters

00:00 Introduction to Kathy Lintz and Her Journey

02:47 The Evolution of Financial Planning and Education

05:54 Founding KBL Financial and Working with Athletes

08:59 Transitioning to Matter Family Office

11:47 Understanding Client Needs and Family Dynamics

14:56 Building a Strong Firm Culture

17:54 The Role of Technology in Wealth Management

20:56 Advice for Aspiring Wealth Managers

Guest links

LinkedIn - https://linkedin.com/in/kathylintz

Website - https://matterfamilyoffice.com/

INTRO:

Welcome to the SFO Circle Podcast, where we explore the ideas, strategies, and evolving dynamics shaping today’s single family offices and the families they serve.

I’m Kristen Oliveri, Senior Advisor to the Institute and the SFO Circle, and in this episode, we turn to a topic that continues to gain momentum across the ultra-high-net-worth community: the rise of the global experience economy.

Today, I’m joined by Teresa Chope, CEO and Founder of Gallivant, for a conversation on how today’s wealth holders are redefining luxury through experiences, from major global events like the Olympics, World Cup, and Formula 1 to more bespoke, invitation-only moments that blend travel, access, and connection.

Together, we'll explore what's actually driving today's most discerning families — beyond the familiar narratives — how the global lifestyle calendar has evolved from a list of events into a strategic tool, what it really takes to access the world's most coveted moments, and where Teresa sees the experience economy heading over the next few years.

It’s a conversation about access, intention, and how experiences are becoming one of the most meaningful expressions of wealth today.

Let’s dive in.

QUESTIONS:

Teresa, there's been no shortage of commentary about ultra-wealthy families shifting from possessions to experiences. The New York Times, Robb Report, Condé Nast — everyone is covering it. But you're in the rooms with these families. What is the conventional wisdom getting wrong, or oversimplifying, about what's actually happening at the UHNW level?

How has the concept of a “global lifestyle calendar” evolved for UHNW individuals and families?

Why do major global events—like the Olympics, World Cup, or Formula 1—hold such strong appeal for this audience?

How are families using these events not just for entertainment, but for connection, networking, or multi-generational bonding?

Art is something we don't always associate with the experience economy in the same breath as Formula 1 or the Olympics — but you've described it as one of the most quietly powerful anchors on the UHNW calendar. Can you talk about that? What does access at the highest level look like— or the kind of invitation-only previews that never make it into any publication?

What are some of the anchor events that tend to show up on the UHNW social calendar each year?

Can you walk us through the different tiers of access that exist around major global events?

What separates traditional VIP hospitality from the truly ultra-exclusive experiences?

Are UHNW clients increasingly seeking experiences that feel private, behind-the-scenes, or invitation-only?

Private aviation is often framed as a convenience, a time-saver. But in your experience, has it fundamentally changed what's even possible for a family trying to construct an ambitious global life — in ways that go beyond logistics?

Is it primarily about efficiency and flexibility, or does it unlock a different level of access entirely?

What trends are you seeing in how ultra-wealthy families pursue their personal passions and interests globally?

Are younger generations approaching luxury travel and global experiences differently than previous generations?

If someone wanted to start building their own global events calendar, what would be the first two or three experiences you would recommend?

CONCLUSION:

As we’ve explored today, the rise of the global experience economy is reshaping how families think about wealth, not just as something to preserve, but as something to live.

From intentional global calendars to art previews that never make it into print, to multi-generational journeys that become part of a family's defining story — the through line is always the same: the most meaningful experiences don't happen by accident. They're designed.

A special thank you to Teresa Chope for sharing her perspective and insights with us.

And thank you, as always, for being part of the SFO Circle community.

If you enjoyed this conversation, we invite you to subscribe, share, and continue engaging with us as we explore the ideas shaping the future of single family offices.