The UHNW Institute Podcast

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

SummaryIn this episode, Russ Haworth interviews Betsy Erickson, the chair of the philanthropy and social impact domain at the Ultra High Net Worth Institute. They discuss the role of the domain chair, the complexity of philanthropy, and the importance of integration across domains. Betsy also talks about the barriers that families face in philanthropy and the need for experienced advisors to guide them. They highlight the value of cross-domain learning and the work being done by the Institute to educate and inform both families and advisors. Betsy shares upcoming initiatives and resources in the philanthropy domain.Chapters00:00 Introduction and Background03:23 Role of the Domain Chair07:59 Importance of Integration Across Domains10:45 Complexity and Emerging Challenges in Philanthropy14:21 Barriers in Philanthropy and Social Impact17:35 Educating and Informing Families and Advisors22:20 Cross-Domain Learning and Competencies26:01 Initiatives in the Philanthropy Domain30:01 Conclusion

Dennis Jaffe, Domain Chair for Governance and Decision Making at the Ultra High Net Worth Institute, draws from his rich background in family therapy and organizational consulting. He discusses the vital role of governance in family enterprises, emphasizing the need for practical implementation of governance plans. Jaffe highlights the importance of transparency, shared purpose, and the integration of younger generations into governance discussions. He also introduces the concept of 'Wealth 3.0,' urging families to actively shape their decision-making processes.

SummaryIn this episode, Russ Haworth interviews Amy Renkert-Thomas, the chair of the leadership and transition planning domain at the Ultra High Net Worth Institute. They discuss the importance of leadership and transition planning in multi-generational family enterprises. Amy emphasizes the need for leaders to adapt their leadership style as the family enterprise evolves and grows. She also highlights the importance of collaboration among advisors and the role of the Ultra High Net Worth Institute in providing guidance and support to families going through generational changes. The episode concludes with a discussion on the impact of the leadership and transition planning domain and the Institute's work on the field.Keywordsleadership, transition planning, multi-generational family enterprises, collaboration, advisors, Ultra High Net Worth InstituteTakeawaysLeaders in multi-generational family enterprises need to adapt their leadership style as the enterprise evolves and grows.Collaboration among advisors is crucial in providing comprehensive support to families going through generational changes.The Ultra High Net Worth Institute plays a vital role in providing guidance and resources to families and advisors in the leadership and transition planning domain.Leadership and transition planning is not a one-time event but a continual process that requires ongoing communication and collaboration.The Institute's work extends beyond business transitions and includes philanthropic enterprises and family offices.Chapters00:00 - Introduction and Overview07:09 - The Importance of Collaboration Among Advisors13:32 - Continual Process of Leadership and Transition Planning

SummaryIn this episode, Dr. Jim Grubman discusses the 10 domains of family wealth. The model was developed to provide a taxonomy and hierarchy of the needs of ultra high net worth families, independent of specific service providers. The 10 domains include financial and investment management, estate planning and legal matters, social impact and philanthropy, risk management, governance and decision making, leadership and transition planning, learning, development, and the rising generation, family dynamics, and health and wellbeing. The central domain is family advisory relationships, which encompasses the soft skills and quality of relationships between advisors and family members. The model is used by advisors and families to identify strengths and gaps in their wealth management approach.TakeawaysThe 10 domains model provides a taxonomy and hierarchy of the needs of ultra high net worth families, independent of specific service providers.The 10 domains include financial and investment management, estate planning and legal matters, social impact and philanthropy, risk management, governance and decision making, leadership and transition planning, learning, development, and the rising generation, family dynamics, and health and wellbeing.The central domain is family advisory relationships, which encompasses the soft skills and quality of relationships between advisors and family members.The model is used by advisors and families to identify strengths and gaps in their wealth management approach.Chapters00:00 - Introduction01:40 - Background and Origins of the 10 Domains Model03:02 - Development of the Model08:33 - Overview of the 10 Domains20:55 - The Central Domain: Family Advisory Relationships23:13 - Use of the Model by Advisors and Families25:24 - Integration with Wealth 3.030:35 - Where to Learn More