The UHNW Institute Podcast

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

SummaryIn this episode, Steve Prostano, the founder and chairman of the Ultra High Net Worth Institute, discusses the creation and mission of the Institute. He shares how the Institute was formed organically in 2018 and the gap it aims to fill in the family wealth space. The Institute focuses on educating and helping families navigate the wealth management industry, providing thought leadership and resources, and promoting best practices and professional development. Steve also highlights the importance of building a community of thought leaders and the Institute's ambitions for the future.TakeawaysThe Ultra High Net Worth Institute was founded in 2018 to address the confusion and lack of transparency in the family wealth space.The Institute's mission is to educate and help families navigate the wealth management industry, provide thought leadership and resources, and promote best practices and professional development.The Institute is organized like a university, with faculty members and advisory board members responsible for delivering content and programming.The Institute aims to build a global community of thought leaders and provide a safe learning environment for peer-to-peer intellectual exchange.Chapters00:00 - Introduction to the Ultra High Net Worth Institute01:30 - Creation of the Institute10:06 - Impact of the Global Pandemic11:40 - Organizational Structure of the Institute14:43 - Ambitions for the Institute in 2024 and Beyond26:41 - Personal Highlights of the Institute28:29 - Global Community of the Institute