The UHNW Institute Podcast

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