UHNW Institute

Roadmap To 2030 – Serving 100-Year Multigenerational Families

Editorial Staff, October 24, 2022

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The symposium will take place on November 2 – it promises to be an important forum for addressing the latest thinking on how advisors and UHNW families interact. This news service is the exclusive media partner of the UHNW Institute.

Wealthy families are increasingly more diverse, global and non-traditional in leadership and governance and their needs are far more complex than they were 10 years ago. This increasing complexity translates into more differences in families and the potential for greater conflict across generations, which advisors may encounter and have to deal with. There’s an urgent need to “advise the advisors” on helping families navigate this terrain, so attendees at a symposium are to hear.

The UHNW Institute’s event to be held at the offices of  law firm Dentons on 2 November, will – through a series of panels and break-out interactions – examine the concerns of ultra-high net worth families and their advisors. It will do this through the prism of the “Ten domains” of family wealth that the Institute has developed. During the morning, the trends and challenges will be explained and debated; during the afternoon, innovative approaches, and actionable ideas to support the evolving family, will be discussed.

The symposium is a hybrid event and attendees can follow it virtually if they can’t attend in person.

Starting at 08:30 and finishing at 17:30 pm, followed by a reception and dinner, the symposium will begin with a reminder of the Institute’s mission and  the results of its 2022 survey, presented by UHNW Institute chairman, Steve Prostano of PKF O'Connor Davies.

The audience will be introduced to the “Ten Domains” and the specific chairs responsible for each of these domains. Family Wealth Report – exclusive media partner to the Institute – has covered this methodology here. 

Morning
During the morning, the symposium will look at the rapidly evolving client family, the accelerated client complexity, and the trends affecting multi-generational families. Participants will reflect on how the traditional wealth management client has changed from being overwhelmingly white, male, over 60, the head of the traditional family and heterosexual, for example. 

The views that have been held as the norm for many years such as how 70 per cent of wealth transfers fail, and the focus on a patriarch’s role and views, will be contrasted with the present-day position and how the sector must adapt.

The morning panel will also look at how changing demographics affects families' decision-making. Other sessions look at “emerging leaders,” the rising generation of wealth holders and the unmet needs for education in families.  

A further discussion centers on “the new beneficiary of 2030,” focusing on trusts, trustees, and beneficiaries, and how their needs, desires and vision for the future require more attention alongside the traditional focus on settlor intent, trust design, and trust administration.  

A set of breakout sessions follow, followed by discussions on how provider complexity is increasing, and then attendees will think about what the provider systems of 2030 might look like.

The afternoon sessions start with the theme of how advisor-family relationships must adapt. For example, there is a focus on the importance of emotional intelligence (EQ) in these relationships.

There is also a discussion about “Integrated Wealth Management” and what moves are needed for financial planning, investment focus, tax and regulatory accounting implications, philanthropic advising, risk management, estate planning – as well as the psychological needs of the families we serve. 

The symposium also examines the transition in mindset from trusted advisor to the trusted team, the need for collaboration skills and the very important questions on business models, pricing and margin pressure when delivering integrated services.

And no discussion of family and advisor issues is complete without considering talent management and the demands of finding people to serve such a complex field. This includes understanding diversity, equity and inclusion.

There are further breakout sessions, and the results of these are summarized at the conclusion of the symposium before the final remarks to the audience.

The venue is Dentons, 1221 Avenue of the Americas, New York, NY 10020-1089. Family Wealth Report is supporting the symposium as exclusive media partner. More details can be found via this link.

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