Abbot Downing is expanding its family dynamics and education practice with the addition of senior family dynamics consultant Jill Shipley.

Abbot Downing is expanding its family dynamics and education practice with the addition of senior family dynamics consultant Jill Shipley, who won the Rising Star Award at the 2014 Family Wealth Report Awards.

Abbot Downing, with $37.9 billion in client assets and a 40-year history serving ultra high net worth clients, is part of San Francisco, CA-headquartered Wells Fargo’s wealth, brokerage and retirement group.

Shipley left GenSpring - where she was director of family education - in May 2013 and worked at Strenta Family Office Services before moving to Abbot Downing. At GenSpring, she was responsible for wealth education and preparing heirs for wealth transitions. Prior to this, she was assistant director of the Family Business Center at Stetson University.

In her new role, Shipley will report to Arne Boudewyn, head of family dynamics and education at Abbot Downing - a role he assumed in January this year having worked at Wells Fargo since 2003 and joining Abbot Downing in 2009.

Shipley joins a team of six consultants with doctorate degrees in behavioral and social sciences, working with clients to develop strategies for communication, education and philanthropic giving. 

Industry trend

Abbot Downing created its family dynamics team over a decade ago and the topic in the wealth management space has certainly gained ground in recent years. Besides a shift away from focusing purely on the financial side of wealth planning, with advisors and investors increasingly recognizing the importance of addressing the “softer” elements of wealth, is the estimated $41 trillion wealth transfer currently sweeping the US.

Boudewyn told Family Wealth Report that the addition of Shipley is part of a strategic decision to expand on the education side of Abbot Downing's focus on family dynamics and education.

Specifically, the firm sees a big opportunity in targeting individuals between the age of 18 to 35. He noted that this “rising generation” is becoming much more vocal and asking for a seat at the table as families make important wealth decisions, for example. This in turn is prompting families to think harder about how they communicate and govern themselves.

“One of the greatest ways that wealth stewardship is fostered is by connecting the family’s values to ideas and actions,” Boudewyn said.

Some of Abbot Downing's current client engagements in the family dynamics area include:

•    Hosting family retreats to identify structures and processes to ensure there is continuity with regard to family legacy and values; and a family governance model for maintaining broad commitment and consensus within the family;

•    Advising on important conversations that need to take place to ensure that family members are informed and educated about the family’s wealth and the expected wealth stewardship roles for each of them; planning for the timing and execution of these conversation;

•    Designing education programs tailored to adolescents, young adults and children who will be next generation leaders for the enterprise and family;

•    Advising senior family members on action plans, timing and scope of wealth transfers; and

•    Hosting adult family members through assessments and facilitated learning experiences focused on understanding personal styles and group culture.

In terms of how the program will be delivered going forward, Shipley said there will be numerous channels including additional opportunities for clients to unite and share their experiences, one-on-one education and education during family meetings and retreats.

“We recognize that everyone has a different style for learning - we're being thoughtful about that in the way that the education is being delivered,” she said.

Boudewyn said the firm has always taken a customized approach to education with client families, but with the addition of Shipley's thought leadership it will establish a core curriculum addressing educational opportunities that are unique to ultra high net worth families.

“When you think about that transition from adolescent to young adulthood there is an opportunity to develop a core that's common across families and then still on top of that be able to customize according to individual needs and interests,” Boudewyn said.