Preview: Evolution Of UHNW Wealth Management: Crossroads Of Collaboration, Integration, And Transformation

Editorial Staff

14 March 2024

The founder Stephen Prostano, said. “It will require collaboration and integration for the firm of the future to meet all the needs of the families they serve. Our thought-provoking 2023 symposium, led by industry experts, will provide attendees with a tangible path forward to be successful in the field’s next iteration.”

Although no single formula for success exists, industry transformation through collaboration and integration offers a promising approach to best serve the ultra-high net worth. These ideas go under the spotlight in the 3rd annual UHNW Institute 2023 Symposium, to be held on November 14, 2023. The symposium runs from 9:00 am to 5:30 pm Eastern Standard Time, followed by cocktails and dinner in New York City.

The full-day program will include perspectives from the recently published Wealth 3.0: The Future of Family Wealth Advising, providing context and a vision for the firm of the future.

“The symposium will examine the rise of integrated wealth advising within the new paradigm summarized as Wealth 3.0,” James Grubman, founder of Family Wealth Consulting, said. (He is also co-author of the aforementioned Wealth 3.0 book.

“Grounded in a look back at the past 40 years’ development of the wealth management industry, it will look ahead at the converging trends for where the industry needs to go. With this context, attendees will see new connections and gain practical recommendations for what senior firm executives can do now to prepare for the future,” Grubman said.

Through the Institute’s core initiative on Integrated Wealth Management (IWM), experts in the field will explore what the industry could look like when the power of collaboration and integration is unleashed.

“UHNW families are experiencing ever increasing complexity, diversity and needs for services within all Ten Domains of Family Wealth. Consequently, advisors and family office staff for these families must evolve their service models to be more open and collaborative,” Wally Head, founder and principal, , said.

“One of the family’s advisors or someone in its family office needs to act as a sort of ‘general contractor’ to manage and integrate the activities of the family’s many advisors – legal, accounting, investment and so on – if the family’s evolving service needs are to be met effectively and efficiently. If no such person steps into that role, by default a family member will have to do so and that seldom works out well,” Head added.

The UHNW Institute is devoting significant resources to helping advisors and families address this situation under the umbrella phrase “Integrated Wealth Management,” so it seemed appropriate to make that the theme of this year’s annual symposium, the organization said.

(This event is for UHNW Institute members only. If you are interested in becoming a member, please contact us here.)

Whether readers are with a full-service advisory firm, or another practice setting offering legal, investment or financial services, the symposium will reflect on what models have struggled and those that provide a roadmap for the path ahead. Interactive panel discussions will contemplate the future, the imminent changes in store, including the use of AI technologies, and the emerging role of the integrated advisor, or expert generalist.

The event, held at the offices of Bernstein Private Wealth in New York City (details of the address below), is also a hybrid program with a livestream link for the ease of those unable to make the trip.

Family Wealth Report is partnering with The UHNW Institute for this event. More details about the agenda, speakers and registration details can be found here.

Address for the events:

Nov 13, welcome reception:
~
Location TBD

Nov 14, Symposium:

Bernstein Private Wealth, 1345 Avenue of the Americas, New York, NY 10105

Time:       9:00am – 5:30 pm

Cocktails:     5:30 – 6:30 pm

Dinner:    7:00 – 9:00 pm