The UHNW Institute Podcast

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

In this episode of the Ultra High Net Worth Institute Podcast, guest host Jamie McLaughlin sits down with Stephanie Gromek, Managing Partner at BBR Partners, to discuss the origins and purpose of the Collegium and the Practice Management Council within the Ultra High Net Worth Institute. They explore how these initiatives create valuable learning environments for business leaders, advisors, and wealth managers, while also fostering collaboration among industry professionals.Key Topics Discussed:1. The Origins and Purpose of the CollegiumThe Collegium was born out of a panel discussion moderated by Jamie in 2018.Aimed at creating a safe, conflict-free space for industry leaders to share insights and best practices.Addresses the need for unbiased, independent information in the ultra-high-net-worth sector.The Collegium synthesizes discussions into a formal report to advance industry knowledge.Transitioned from virtual during the pandemic to in-person in October 2023 and 2024.Upcoming Collegium VIII will be held virtually on April 23rd & 24th, 2025.2. The Role of the Practice Management CouncilLed by Stephanie Gromek, the council helps industry players learn and share best practices.Focuses on how business leaders can build sustainable firms that meet the evolving needs of wealthy families.Organized around five key pillars:Human Capital: Attracting, retaining, and developing talent.Sales & Marketing: Growing businesses with effective strategiesBusiness Management: Aligning profitability, capital structure, and strategy.Technology: Enhancing operations and client service through innovation.Integrated Wealth Management: Delivering across the 10 domains of wealth management3. Structure of the Practice Management ClinicsExpert-led panels: Featuring professionals from member firms.Breakout discussions: Participants share challenges, best practices, and solutions.Focus on actionable takeaways: Turning insights into tangible strategies.4. Highlights from the October 2024 In-Person CollegiumTopic: Firm Sustainability – critical for long-term success.Keynote by Andrew Schwede del (Bain & Co.): The challenge of scaling intimacy in high-touch businesses.Four core discussion areas:Growth & Profitability – ensuring firms remain competitive.People & Talent – attracting and retaining top professionals.Capital Structure – long-term sustainability of business models.Strategic Focus – defining what firms will and will not do.5. What to Expect at Collegium VIII (April 2025)Two sessions: April 23rd (3:30 PM EST) & April 24th (12:00 PM EST).Virtual format with structured breakout discussions.Reports & takeaways will be shared post-event.Opportunity to collaborate and learn from other leaders in the industry.Designed for C-level executives, business operators, and wealth management professionals.Final Thoughts & Call to ActionThe Collegium fosters a spirit of collaboration and professional growth.Participants leave with new insights, strategic clarity, and stronger industry relationships.The Ultra High Net Worth Institute is committed to being both a think tank and a do tank, ensuring these discussions translate into meaningful advancements.Register now to join Collegium VIII and be part of the conversation shaping the future of the wealth management industry.Thank you for listening!For more information on the Ultra High Net Worth Institute and upcoming events, visit https://www.uhnwinstitute.org

SummaryIn this episode, Russ Haworth engages with security experts Paul Violis and Eddie Marshall to discuss the critical aspects of security and risk management for ultra high net worth families. They explore common misconceptions about security, the importance of thorough due diligence, and the evolving threats that wealthy families face today. The conversation emphasizes the need for proactive measures and tailored security solutions to protect families from various risks, including cyber threats and physical security breaches. In this conversation, experts discuss the multifaceted nature of cybersecurity threats, particularly focusing on the vulnerabilities of ultra-high-net-worth individuals and their families. They emphasize the importance of intelligence-driven risk management, the role of technology in both facilitating and combating cybercrime, and the necessity of proactive measures to ensure safety. The discussion also highlights the balance between living life fully and maintaining security, advocating for smart, informed decisions rather than paranoia. Ultimately, the conversation underscores the value of expert guidance in navigating these complex challenges.Chapters00:00 Introduction to Security Concerns for Wealthy Families02:08 Common Misconceptions About Security05:45 Understanding Family Security Needs09:55 Identifying Top Threats to Families17:50 The Importance of Due Diligence29:12 Comprehensive Risk Management Strategies35:33 Exploiting Vulnerabilities: The Family Angle36:34 Technical Surveillance Countermeasures: A New Norm37:30 Creating Secure Spaces: The Rise of Skiffs39:11 The Business of Cybercrime: Understanding the Threat42:09 Intelligence as a Shield: Proactive Strategies44:40 The Importance of Intelligence in Risk Management47:22 Finding the Right Partners: A Litmus Test49:28 AI and Cybersecurity: A Double-Edged Sword54:49 Balancing Life and Security: Smart Living01:01:30 Final Thoughts: Prioritizing Family and Security

SummaryIn this episode, Russ Haworth speaks with Linda Bourn, the domain chair for risk management at the Ultra High Net Worth Institute. They explore the unique risks faced by ultra high net worth families, including generational wealth, social media presence, and the evolving landscape of AI. Linda emphasizes the importance of proactive risk management strategies and the role of advisors in recognizing and addressing these risks. The conversation also highlights educational initiatives and resources available for advisors to better support their clients in navigating these complexities.Chapters00:00 Introduction to Risk Management in Ultra High Net Worth Families02:52 Understanding the Unique Risks of Ultra High Net Worth Families06:25 Generational Perspectives on Social Media Risks10:43 Supporting Advisors in Recognizing Risks14:51 The Evolving Landscape of AI and Risk Management16:44 Educational Initiatives and Resources for Advisors20:59 Proactive Risk Management Strategies for Families

SummaryIn this insightful conversation, Dr. Jim Grubman and Dr. Amirala Pasha explore the critical distinctions between collaboration and integration in healthcare, particularly within the context of executive health. They discuss the importance of long-term relationships, the role of expert generalists, and the qualities that make effective integrators. The conversation also highlights the need for practical solutions in patient care and the shift from physical proximity to virtual accessibility in fostering collaboration. In this conversation, Jim and Dr Pasha discuss the significance of accessibility and culture in communication within healthcare, the complexities of business models and third-party payers, the challenges of providing care to VIP patients while adhering to standard practices, the impact of compensation models on care delivery, the importance of training for collaborative care, and the difficulties of building a collaborative culture from scratch.Chapters00:00 Introduction to Collaboration and Integration in Healthcare02:58 Understanding Collaboration vs. Integration06:05 The Role of Expert Generalists in Complex Systems09:04 Qualities of Effective Integrators11:56 Long-Term Relationships in Healthcare and Wealth Management15:09 Collaboration with External Providers18:01 The Importance of Practical Solutions20:54 The Shift from Proximity to Accessibility24:10 Conclusion and Key Takeaways27:39 The Importance of Accessibility and Culture in Communication32:50 Business Models and Third-Party Payers in Healthcare37:36 VIP Patients and Standard of Care40:32 Compensation Models and Their Impact on Care45:41 Training and Education for Collaborative Care52:13 Building a Collaborative Culture from Scratch

SummaryIn this episode, Russ Haworth interviews Anna Nichols, the domain chair for the health and wellbeing domain at the Ultra High Net Worth Institute. They discuss the importance of health and wellness in advising ultra high net worth families and how it intersects with wealth and the family system. Anna shares her expertise in financial communications and consulting on personal and generational wealth. They also discuss the challenges advisors face in bringing up health and wellness topics with clients and the value of bringing in the right resources. Anna highlights the need for proactive planning for health issues and decision-making in the future.TakeawaysHealth and wellness is a critical component of advising ultra high net worth families as it shapes their decision-making and interactions with each other.Advisors should feel comfortable bringing up health and wellness topics with clients and offering resources and support, even if they are not experts in those areas.The health and wellness domain intersects with all other domains in advising, and it is important for advisors to have a holistic and integrated approach.Proactive planning for health issues and decision-making is crucial, and advisors should have conversations with clients about who they would like to involve in decision-making if they become incapable.The Ultra High Net Worth Institute provides resources and support for advisors in the health and wellness domain, including a resource library and opportunities for learning and collaboration.Chapters00:00 Introduction to the Health and Wellness Domain03:21 Overview of the Health and Wellness Domain06:11 The Importance of Integrating Health and Wellness in Advising10:55 Bringing Up Health and Wellness Topics with Clients14:19 The Interactions Between Health and Wellness and Other Domains19:17 Proactive Planning for Health Issues and Decision-Making23:51 The Value of the Ultra High Net Worth Institute in Supporting Advisors

Summary Kim Kamin, the domain chair of estate planning and legal issues, discusses the breadth and complexity of the estate planning and legal domain. She highlights that estate planning goes beyond creating wills and trusts and encompasses wealth transfer planning, administration, closely held businesses, philanthropy, and more. Kim emphasizes the importance of collaboration between legal advisors and other domains within the Ultra High Net Worth Institute. She also discusses upcoming challenges in the legal field, such as the Corporate Transparency Act compliance and the expiration of high exemptions. Kim encourages early engagement with legal advisors to ensure effective and legally sound strategies for clients. Takeaways Estate planning covers a wide range of areas, including wealth transfer planning, administration, closely held businesses, and philanthropy.Collaboration between legal advisors and other domains is crucial for comprehensive client solutions.Upcoming challenges in the legal field include Corporate Transparency Act compliance and the expiration of high exemptions.Early engagement with legal advisors is important to ensure effective and legally sound strategies for clients. Chapters 00:00 Introduction and Background03:15 Involvement with the Ultra High Net Worth Institute07:52 Interactions and Collaboration with Other Domains14:48 Events and Publications in the Estate Planning and Legal Domain22:39 Engaging Legal Advisors for Collaboration25:08 Upcoming Challenges in the Legal Field