The UHNW Institute Podcast

Episode OverviewIn this focused follow-up to the SFO Circle Clinic in Chicago, host Kristen Oliveri brings together three leading voices in family office technology to explore how artificial intelligence is being thoughtfully introduced into the family office environment. The discussion cuts through hype and looks at practical, values-aligned adoption.What You’ll Hear• Where family offices can realistically begin when exploring AI• How to frame AI as mindset, tool, and strategy• The importance of defining the purpose before selecting solutions• Practical operational use cases, from reporting to data analysis• Emerging applications in investment research and monitoring• Safeguards, governance, and risk considerations• Building team literacy and internal confidence• Preserving human judgement alongside automation• What to look for when choosing technology partners• How AI may influence the next generation of governance and decision-makingThis episode offers clear, grounded insight for leaders who want to explore AI without compromising culture, privacy, or family values.Host: Kristen Oliveri, Senior Family Office AdvisorGuests:• Tania Nield, Founder and CEO, InfoGrate Wealth• Bill Wyman, President, Family Office Services, Summitas• Dan Gregerson, Co-Founder and CEO, Summitas

SummaryThis episode of the Ultra High Net Worth Institute podcast explores the Philanthropic Advising Competency Model developed by Daylight Today. Hosts Russ Haworth, Tony Macklin, and Marguerite Griffin discuss the evolving role of philanthropic advisors, the need for a structured competency model, and the importance of cultural dexterity and behavioral intelligence in fostering trust and effective communication with clients. The conversation highlights the future of philanthropic advising, emphasizing the integration of purpose and finance, and the skills necessary for the next generation of advisors.Chapters00:00 Introduction to Philanthropic Advising Competency Model04:04 The Evolution of Philanthropic Advising08:25 Understanding the Competency Model Structure12:25 The Intentions Behind the Competency Model15:16 Cultural Dexterity and Behavioral Intelligence22:31 Hiring and Training with the Competency Model25:29 Building Trust Through Competency28:11 Future of Philanthropic Advising34:16 Skills for the Next Generation of Advisors37:25 Key TakeawaysLinksPhilanthropic Advising Competency Model - https://www.daylightadvisors.com/research-philanthropic-advising-competency Barriers to giving - https://www.ncfp.org/knowledge/overcoming-psychological-barriers-to-giving/.

SummaryIn this episode of the Ultra High Net Worth Institute Podcast, host Russ Haworth is joined by Kevin Casey (PathStone) and Joe Calabrese (Key Wealth) to explore their new white paper on integrated wealth management. Together they unpack the profitability drivers, trade-offs and strategic considerations that leaders need to understand when deciding whether, and how, to move towards a more integrated model.Drawing on their work across the industry and within the UHNW Institute, Kevin and Joe explain why integration is about far more than “adding services”, and why it often requires a fundamental shift in culture, operating model and economics. They also walk through a practical decision tree and an adapted DuPont model that help firms assess client demand, pricing power, advisor capacity and the real costs of delivering integrated advice.In this episode we coverWhy integration, and why nowHow rising client complexity, the commoditisation of investment management, and growing demand from advisers and families have brought integrated wealth management to the forefront.Integration vs “just adding services”Why true integration is about reshaping the firm’s operating model, talent base and culture, not simply bolting on tax, estate or philanthropic advice. Client demand and avoiding ‘hobby businesses’How to distinguish genuine, scalable demand from “sample of one” client requests, and when outsourcing or partnering may be wiser than building in-house capabilities.Pricing power and the DuPont modelHow to assess whether your firm has real pricing power today, and how integrated offerings affect the balance betweenRevenue per clientClients per adviserAdviser compensationOverall profitabilityThe economics of integrationThe reality that integrated services often reduce adviser capacity and increase people costs, and why that only makes sense if the firm can clearly articulate and charge for the additional value.Talent, culture and cost structureWhy multi-disciplinary teams and in-house specialists are inherently more expensive, and how culture, collaboration and client centricity become critical success factors.Models across the integration spectrumThree example business models, from specialist to fully integrated, and what their different profitability, growth and retention profiles can teach leaders who are considering a shift.Guidance for leaders considering integrationJoe and Kevin’s closing advice:Proceed with caution and a thorough risk assessment (financial, operational, reputational and cultural).Be honest about who you are as a firm and where you sit today.Go into integration “eyes wide open”, with humility and clarity about the trade-offs involved.About our guestsKevin Casey is Head of Corporate Development and Strategy at PathStone, a multi-family office and wealth management firm with roots as a single family office and an integrated, largely insourced service model. He works closely on M&A, strategy and growth, giving him a front-row view of how firms across the industry are approaching integration.Joe Calabrese is Chief Operating Officer of Key Wealth, the wealth management division of KeyBank, overseeing service, product, technology and infrastructure across four distinct client segments, including a significant multi-family office business. Joe has led multiple multi-family offices and is a long-standing contributor to the UHNW Institute’s work on practice management and integrated wealth management.Links: White Paper - https://www.uhnwinstitute.org/new-white-paper-integrating-wealth-management-profitability-drivers-trade-offs-and-strategic-considerations/Ten Domains Episode - https://www.uhnwinstitute.org/podcast/

Episode overviewRuss speaks with storyteller and filmmaker Rick Stevenson about why our personal stories are our most valuable legacy, and how families can use storytelling to connect across generations, strengthen decision making, and shape their philanthropy. Rick shares insights from 8,000+ interviews, the origins of the 5,000 Days Project, and practical ways advisers and families can start capturing stories with care, consent and purpose.Key themesYour story as your greatest asset: Identity, purpose and self-knowledge as the foundation for a lived legacySafe, consent-led storytelling: Why participants should retain control and how privacy builds honesty and depthFrom emotion to insight: How telling a story moves feeling into language and reduces its hold on usA “family voice,” not just a founder’s voice: Interviewing every generation to reveal shared values and differencesPhilanthropy and purpose: How stories surface what people truly care about and guide meaningful givingAdvisers as humans first: Do your own story work to build trust with the whole family, not only the patriarchGetting started at any age: Simple, repeatable practices for capturing stories from early childhood to later lifeNext stepsInstitute members can access the Legacy Playbook in the member portal and resource libraryTo explore a Family Voice series or personal story mentoring, get in touch via the Institute website - https://www.uhnwinstitute.org/

Join family office veterans Josh Miller, Linda Mack, and Rich Wolkowitz as they redefine the role of the expert generalist in wealth management. Josh shares insights from his journey in law and wealth strategy, while Linda discusses her pioneering concept of the expert generalist as a coordinator across disciplines. Rich emphasizes the essential traits of servant leadership and intellectual curiosity. They dive into balancing depth and breadth of knowledge, anticipating challenges, and the future of family offices, highlighting the need for customization and professionalism.

In this episode, Russ Haworth engages with Betsy Erickson and David Werdiger to explore the intricate power dynamics within ultra high net worth families. They introduce the concept of the Power Map, a tool designed for advisors to understand and navigate the various sources of power within family structures. The conversation delves into the roles of advisors, the importance of cultural competency, and the evolving landscape of wealth management, particularly in the context of generational transitions and the shift towards a more collaborative approach in family governance. Through a case study, they illustrate the practical application of the Power Map and emphasize the need for advisors to reflect on their own power and influence in family decision-making processes.TakeawaysAdvisors must recognize their own power in family dynamics.Power can manifest in various forms beyond formal roles.The Power Map helps identify and unlock sources of power.Cultural dynamics significantly influence family governance.Wealth 3.0 emphasizes collaboration over control.Families today face more complexity than ever before.Engaging the rising generation is crucial for family success.Advisors should foster an enabling environment for families.The illusion of governance can hinder effective decision-making.Understanding cultural differences is essential for advisors.Chapters00:00 Introduction to Power Dynamics in Ultra Wealthy Families02:58 Understanding the Power Map Concept05:41 Nuanced Sources of Power11:48 The Role of Advisors in Power Dynamics17:32 Practical Application of the Power Map23:59 Empowering Families Through Understanding Power Dynamics27:19 Navigating Complex Family Structures30:12 Cultural Competency in Family Dynamics34:28 The Shift to Wealth 3.041:07 Case Study: Power Dynamics in Family Philanthropy46:06 Key Takeaways for Advisors

Navigating Risk Management with Kate NorrisJoin us in this insightful episode of the Ultra High Net Worth Institute podcast as Russ Haworth sits down with Kate Norris, founder and CEO of Attenuate Risk. They delve into the top risk trends impacting wealth managers and their clients today. Kate shares her journey from financial services to launching her own firm, emphasizing the importance of understanding non-portfolio risks such as physical security, digital footprints, and family dynamics.Key Takeaways:The significance of non-portfolio risks and their impact on financial security. The importance of personalized risk management plans for families. How wealth managers can better understand and address the unique risks faced by ultra-high-net-worth families. The role of wealth advisors in protecting clients' financial legacies.Chapters:Introduction to Kate Norris and Attenuate RiskKate's Journey in Financial ServicesUnderstanding Non-Portfolio RisksThe Role of Wealth Advisors in Risk ManagementTop Risk Trends for Ultra-High-Net-Worth FamiliesPersonalized Risk Management PlansThe Importance of Independent AdviceConclusion and Key TakeawaysFor more information about the Institute head to https://uhnwinstitute.org

SummaryIn this episode of the Ultra High Net Worth Institute podcast, Russ Haworth speaks with Judy Galst from Henley and Partners about investment migration.They explore the increasing interest from Americans in obtaining alternative residence and citizenship through investment, the differences between residency and citizenship, and the popular programs available. Judy shares insights on the motivations behind this trend, the importance of strong passports, and common misconceptions surrounding investment migration. The conversation emphasizes the need for education and guidance in navigating these options.Chapters00:00 Introduction to Investment Migration02:30 Understanding Investment Migration04:02 The Surge of American Interest10:27 The Importance of Strong Passports12:13 Residency vs. Citizenship16:52 Popular Programs for Americans25:58 Investment Structures and Tax Considerations35:05 Common Misconceptions and Advice

SummaryThe conversation introduces the new Single Family Office (SFO) membership program by the Ultra High Net Worth Institute, highlighting its purpose, unique offerings, and the insights gathered from advisory board discussions. The speakers discuss the need for relevant content, the complexity of the SFO leader role, and the importance of networking and collaboration among family office executives. They outline the membership structure, benefits, and upcoming events designed to engage members and foster a community of learning and support.Chapters00:00 Introduction to the SFO Podcast02:50 The Need for SFO Membership05:43 Unique Offerings of the Institute08:50 Insights from the Advisory Board11:36 Evolution of the SFO Initiative14:40 Target Audience for Membership17:43 Membership Structure and Benefits20:46 Engaging Events and Clinics23:40 Future Plans and Launch Announcement

SummaryIn this episode, Russ Haworth and Teresa Leigh discuss the complexities of elder care within ultra high net worth families. They explore the reluctance of families to bring in external caregivers, the risks associated with transitioning in-house staff to caregiving roles, and the importance of managing expectations during these transitions. The conversation emphasizes the need for proper vetting of care providers, the potential pitfalls of improper vetting, and the role of technology in caregiving. Additionally, they highlight the critical involvement of family members in coordinating care and ensuring the well-being of their loved ones. In this conversation, Teresa Leigh discusses the complexities of caregiving within ultra high net worth families, emphasizing the emotional and relational dynamics that come into play when making care decisions. She highlights the importance of reframing care as a positive experience rather than a negative one, focusing on quality of life rather than costs. Effective communication strategies are essential for families to navigate these discussions, and understanding the risks associated with care management is crucial for ensuring safety and well-being.Chapters00:00 Introduction to Elder Care in High Net Worth Families03:04 Understanding the Reluctance for External Care05:48 The Risks of In-House Staff Transitioning to Caregivers09:04 Managing Expectations with New Caregivers12:13 Protocols for Hiring Caregivers14:47 The Importance of Vetting Care Providers18:02 Potential Pitfalls of Improper Vetting20:49 Integrating Technology in Caregiving24:07 The Role of Family in Care Coordination29:21 Navigating Family Dynamics in Care Decisions34:23 Reframing Care as a Positive Experience39:08 Quality of Life Over Cost44:03 Effective Communication Strategies for Families52:31 Understanding Risks in Care Management