Wells Fargo has named Dr Arne Boudewyn as head of family dynamics and education at its ultra high net worth Abbot Downing unit, which is part of the New York-listed firm’s wealth, brokerage and retirement group.

Wells Fargo has named Dr Arne Boudewyn as head of family dynamics and education at its ultra high net worth Abbot Downing unit, which is part of the San Francisco, CA-headquartered firm’s wealth, brokerage and retirement group.

Dr Boudewyn joined Wells Fargo in 2003 and has over 20 years of experience as a researcher, educator and consultant to UHNW families. In his new role, he and his team will work with Abbot Downing professionals in providing planning, asset management, private banking, and trust, fiduciary and administrative services to the division's 600 clients.

Abbot Downing’s family dynamics team, which includes four consultants with doctorate degrees in behavioral and social sciences, works with clients to develop strategies for communication, education and philanthropic giving.

Here is a summary of some of its current client engagements in this area:

•    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.

Broader trend

“We’re seeing an increase in family dynamics and education service requests from clients, which confirms the importance of going beyond traditional financial services to help clients address the personal and social impacts of significant wealth,” said Jack Ginter, senior managing director at Abbot Downing.

Indeed, the moves comes during a time of increased awareness among both clients and wealth management firms about the idea that the impact of wealth is just as important as focusing on the technical management of wealth. For example, in addition to the heavy emphasis on the financial side of wealth management, there is a trend towards an increased focus on the human and intellectual capital and the “softer” aspects. GenSpring Family Offices, the ultra high net worth wealth management firm, for example, recently expanded its family governance and education resources in a move which it believes is symptomatic of a rise in demand among clients for these services.

Dr Boudewyn

Dr Boudewyn holds a doctorate degree in psychology from the University of Massachusetts and completed multi-year fellowships at both the University of California at San Francisco and Harvard Medical School. He has spent the better part of his career working with executives, entrepreneurs and UHNW clients on strategies for enhancing human, intellectual and social capital.

Prior to joining Wells Fargo and Abbot Downing, he served in a strategic consulting role at Kaiser Permanente and held clinical, research and teaching appointments at the University of California at San Francisco; California State University, San Francisco; the University of Massachusetts, Boston; and Harvard Medical School.

Abbot Downing serves clients in all 50 states through offices in San Francisco, Los Angeles, Scottsdale, Minneapolis, Chicago, Houston, New York, Philadelphia, Washington, DC, Winston-Salem, Palm Beach, Naples and other regional offices.

Wells Fargo launched the Abbot Downing brand on April 2, 2012, combining two Wells Fargo businesses.