In a webinar held earlier in September by Dr Jim Grubman , chair of the Institute’s content-training-program committee, the Institute gave a first glimpse into this innovative new model.

The “Assessment – Implementation – Monitoring” – aka “AIM” Framework is a three-phase cycle of advisory activities, knowledge, and skills that are needed to help ultra-HNW families and advisors across what the Institute has called the Ten Domains of Family Wealth.

The AIM Framework™ sets out the main phases in how wealth advisors work, including a) learning what clients want and need via interviews and documents; b) drafting a strategic plan and setup of systems based on the assessment; and then c) performing monitoring and tactical changes to the systems as needed with family communication and collaboration. Also, part of the role of the framework is describing the elements especially critical for delivery of integrated wealth management solutions.

“It is something we are going to start to use more and more. I can tell you I’ve been using the AIM Framework in my own work and have been thinking about it in client cases,” Dr Grubman said in the webinar.

The development is part of the Institute's efforts to raise the bar for the way advisors work with UHNW families in the US and globally. As intergenerational wealth transfer continues and raises more complex challenges, the organization seeks to give advisors a set of tools to help families navigate these tasks. 

The role of catalysts
Dr Grubman set out the advisory services that arise when there is a “catalyst” – the common triggers that families experience which can lead to new or revised services, such as a liquidity event from the sale of a business. Major or minor catalysts precipitate a range of tasks that must be carried out by advisors and families, often within a certain timeframe. 

Such a process can be daunting for families who aren’t used to such tasks. “Remember, the client doesn’t do this all the time, while this is the firm’s bread and butter. Keeping it all straight can be very hard for families,” Dr Grubman said. 

The framework is designed to make the process more straightforward so that advisors can better articulate what clients need, Grubman continued. It also prevents things from falling between the cracks for advisors themselves.

A GPS App for advising
Interestingly, the framework sets out the tasks and obligations not just for advisors but also the families they serve, he said. 

Explaining the first phase of the framework – “assessment and goal setting” – Dr Grubman said that families can often vary considerably in the way that they communicate their goals and values, not just with outsiders but among themselves. This makes a huge difference right from the start in the outcome of a project.

Dr Grubman then walked webinar participants through the next phase of “strategic design and implementation” – getting an operational plan up and running in a particular domain. There is also work for the client family in phase two, such as collaborating in a timely way with advisors and relevant family members. The third phase – “monitoring and adjustment” – is about actually running what has been set up. “Phase three is where you find out whether phase two was set up well – or not,” he said. This is not just a “set and forget” period; families and advisors must also face tactical decisions to ensure that systems stay current. And, every once in a while, families must be willing to make major revisions as large catalysts occur, such as another liquidity event or an illness or death of a family leader, for example.

The framework is also helpful for firms dealing with outside specialists who may be working on projects with their clients. Even seasoned advisors, familiar with their own areas of expertise, may not always grasp the bigger picture or how their work interacts with external resources. 

“The AIM Framework is like a GPS app for advisory work,” Dr Grubman explained. “Having a map to a territory is helpful, but not enough. You need to know where you are to know where you are going. Knowing where a project is across the phases of the AIM Framework is like having one of those ‘You Are Here” pins when looking at a map.”

As set out here, the AIM Framework™ is yet another tool designed to help firms “build repeatable processes, deliver consistent excellence, and ensure high standards across internal and external teams. It elevates how individual professionals operate and enables firm-wide consistency, cross-functional collaboration, and a more unified experience for UHNW families. It’s more than a model – it’s a foundational shift in how integrated wealth management is delivered,” the Institute has said. 

Further in-depth training and discussion of the AIM Framework will be offered at The Institute’s upcoming Symposium in New York City November 17 to18. The framework is part of a series of new tools and approaches the Institute is building, such as the recently-unveiled Wealthesaurus™ – which the Institute says is the first-ever standardized glossary of wealth management terms. 

The AIM Framework’s rollout is personally gratifying for Dr Grubman, who has been involved with the Institute from its beginnings. Honored with the 2024 Lifetime Achievement Award by Family Wealth Report, he is an internationally recognized consultant to families of wealth, family enterprises, and the wealth advisory industry. His practice, Family Wealth Consulting, is based in Boston.