Here is an outline of the UHNW Institute's 2024 Symposium about family wealth advice, to be held in New York City on November 13 and 14.

Today’s ultra-high net worth families aren’t the same as wealthy families of the past. They look different and have very different needs and requirements. 

How firms can effectively and profitably serve the newest iteration of family wealth incorporating the principles of integrated wealth management will be explored in depth in New York on November 13 and 14 at The UHNW Institute’s 2024 Symposium, The Future of Family Wealth Advising: Positioning Your Firm for Success.

The Institute’s groundbreaking Wealthesaurus, Ten Domains of Family Wealth, Multiphasic Service Model and Integrated Family Wealth Management Initiative will be highlighted as key components of client service delivery and financial considerations for firms serving wealthy families.

Symposium sessions will address the rapidly evolving needs and key trends of the UHNW family, the financial drivers behind integrated wealth management and the service models of the future.

"This year's symposium is all about gathering feedback from community members and helping firms adapt to a fast changing environment that is having a profound impact on their clients," said Steve Prostano, chairman and CEO of the UHNW Institute and the partner-in-charge of the Center for Private Business Owners and Family Advisory Services at PKF O’Connor Davies.

Ten Domains training before the symposium
A two-hour training session on the Ten Domains of Family Wealth and Understanding Integrated Services will be offered for Institute members on Wednesday, November 13 at 2.00 pm in the UBS conference facilities at 11 Madison Avenue. 

Family Wealth Report, the exclusive media partner of the UHNW Institute, is holding its Tenth Annual Family Office Investment Summit in that space the same day, and Institute members are being offered complimentary entry to the summit.  

The Institute’s training session will present a case study of a UHNW family, using a Ten Domains model to demonstrate the natural evolution of each domain across generations of wealth, emphasizing how the evolving needs of the family require attention from the family’s advisors. It will also highlight how advisors need to work together on behalf of the family, with a preview of different models of integration that firms may consider. 

“There will be practical, interactive training for UHNW advisors who want to be part of creating integrated, cross-domain approaches to managing family wealth,” said Stacy Allred, head of family engagement and governance for JP Morgan. Allred will lead the session with Jim Grubman, author and principal at Family Wealth Consulting, and Tom McCullough, chairman and CEO of Northwood family Office.

Evolving needs, key trends and what’s mandatory for the future
After Prostano opens the symposium on Thursday, November 14, at 11 Madison Avenue, the initial session will focus on the dramatic changes UHNW families are experiencing and why firms that want to be serve these families should offer a broader set of services and/or deliver in an integrated wealth management solution.

Wealthy families were traditionally predominantly white, male-dominated, heterosexual and living in traditional family systems. But now families are increasingly racially and ethnically diverse, female-led, cross-cultural, and cross jurisdictional. Non-traditional family systems, including same-sex marriages and blended families, are more prevalent and multiple generations are making decisions together.

“Wealthy families don’t look the way they have in the past,” said Kristin Keffeler, chief learning officer for Johnson Family Group, who will lead the session with Angelique LeDoux, a Nextgen family member and managing editor at The Institute. LeDoux observed that: “The heterogeneity of wealth is accelerating and the modern advisor needs to adapt to remain effective.”

The session will demonstrate how a comprehensive approach to integrated wealth management can effectively meet the multi-faceted needs of the increasingly diverse modern family.

Building a toolbox for families and firms
The Institute’s recent advances in how to bridge clients’ needs in the Ten Domains with the services that firms deliver will be outlined by Grubman and Wally Head, co-founder and director at the Institute and principal of Personal Fiduciary Advisors. 

Grubman and Head will introduce the Institute’s Wealthesaurus, a new glossary of terms aimed at bringing consistency and clarity to the often-confusing vocabulary of wealth management. They will discuss the Institute’s new Multiphasic Service Model (MSM), a compilation of fundamental patterns of service delivery that address wealth management needs included in each of the Ten Domains. 

They will also describe how the MSM will be used to categorize advisory firms for the benefit of both the firms and the families they serve, culminating in the Institute’s Advisory Business Models Grid.

“These tools have been designed by experienced practitioners to help advisors better serve UHNW families’ complex wealth management needs,” Head said. “They can also be used by families to help them select advisors who have the resources required to meet their particular set of wealth management needs.” 

Maximizing value
After lunch and a video illustrating lessons and best practices from other systems, which will highlight the Mayo Clinic, Financial Drivers Behind Integrated Wealth Management will be featured. 

The economic frameworks that shape decision-making in today’s competitive market will be examined by Joe Calabrese, COO of wealth management at KeyBank, and Kevin Casey, managing director at Pathstone. Calabrese and Casey will also describe how integrated services can drive firm value and impact profitability, client satisfaction and growth potential. 

The session will provide actionable insights into optimizing service models, maximizing resources, and achieving financial synergies that improve both advisor and client outcomes.

"The decision to become a provider of integrated wealth management services should not be taken lightly,” Casey said. “Among the many factors to consider is the impact that integrating services will have on the firm's financial value. As with many strategic decisions, there are numerous trade-offs to consider.” 

Service model of the future
While the Ten Domains can help firms identify the needs, challenges and opportunities facing UHNW families, firms also need to identify better ways to serve these families. 

This session will feature a variety of firms discussing how they actually work with their client families, including how they deliver a wide range of services, what services they outsource, how they construct client service teams, and the protocols that are employed to ensure that services are fully integrated.

After an introduction of the key topics by McCullough, a panel of experienced professionals representing a range of different business models will discuss what they have in common and what they do differently. McCullough explained that “The panel will share insights on service delivery models that actually work.”

Panelists will include McCullough; Prostano; Betsy Erickson, head of family and individual services at Arabella Advisors; Richard Joyner, managing director at AlTi Tiedemann Global; Doris Meister, chairman and CEO emeritus of Wilmington Trust; and Michael Zeuner, managing partner of WE Family Offices.  

"The lineup of speakers and topics for this year's symposium is truly impressive," Prostano said. "They reflect the dramatic transformation of the wealth management industry as it strives to innovate services and best practices that benefit both firms and families."

Information on UHNW Institute membership is available here.