Summary

In 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.

Takeaways

• The 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.

Chapters

00:00 - Introduction

01:40 - Background and Origins of the 10 Domains Model

03:02 - Development of the Model

08:33 - Overview of the 10 Domains

20:55 - The Central Domain: Family Advisory Relationships

23:13 - Use of the Model by Advisors and Families

25:24 - Integration with Wealth 3.0

30:35 - Where to Learn More