On this episode of the show I speak with Dr Jim Grubman and Tom McCullough about the topic of Family Wealth Integration. We discuss what the term means for you as a family but also for you if you are a practitioner working with families of wealth.
We explore the four levels of integration that currently exist within the market;
– No Integration
– Basic Integrated Financial Management
– Integrated Wealth Management
– Family Wealth Integration
We then explore the challenges of developing a practice across the levels of integration and the skills needed to do so.
The article that I reference in the show can be found here: https://www.familywealthreport.com/article.php?id=193160#.YkxWDZPMJTY
You can find out more about The Ultra High Net Worth Institute here – www.uhnwinstitute.org and to contact them the best email address is email@example.com
Listen to the Episode here.
Integration is refers to truly working together on behalf of the client and goes way beyond collaboration. Family wealth integration is a service that is created as a holistic comprehensive offering for the client.
Due to the lack of firm offering truly integrated services, families are currently required to do the integrating. This assumes that the family has the skill set and knowledge to be able to cover all of the aspects of their wealth.
Wealth is often the catalyst of discussions with professionals, but there is much more than the financial wealth at stake.
The role of the integrator is going to become more relevant, more valuable and requires that he or she knows “enough about enough” to be able to bring everything together.
Decisions for families are connected to each other, why isn’t the advice given that recognises that?
Tom speaks about the role of “bricks and mortar”, when you look at a house or a building bricks tend to be more visible, and so the focus is there, but the mortar is what holds it all together and gives structures their integrity.
As a profession, we need to “skate to where the puck is going to be, not where the puck is”