The UHNW Institute Podcast

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 Background

03:15 Involvement with the Ultra High Net Worth Institute

07:52 Interactions and Collaboration with Other Domains

14:48 Events and Publications in the Estate Planning and Legal Domain

22:39 Engaging Legal Advisors for Collaboration

25:08 Upcoming Challenges in the Legal Field

Summary

In 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.

Chapters

00:00 Introduction and Background

03:23 Role of the Domain Chair

07:59 Importance of Integration Across Domains

10:45 Complexity and Emerging Challenges in Philanthropy

14:21 Barriers in Philanthropy and Social Impact

17:35 Educating and Informing Families and Advisors

22:20 Cross-Domain Learning and Competencies

26:01 Initiatives in the Philanthropy Domain

30:01 Conclusion

In this episode, host Russ Haworth is joined by Dennis Jaffe, the Domain Chair for Governance and Decision Making at the Ultra High Net Worth Institute. Dennis shares his extensive experience and insights into the complexities of governance and decision-making within family enterprises. They discuss the importance of governance, its various facets, and how it integrates with other domains within the institute.

Key Topics Covered:

1. Introduction to Dennis Jaffe

- Dennis's background and involvement with the Ultra High Net Worth Institute.

- His career journey from family therapy to organizational consulting and academia.

2. Understanding Governance

- Definition and significance of governance in family enterprises.

- The role of governance documents and agreements.

- Importance of active and effective governance beyond just having agreements.

3. Components of Governance

- Shared purpose and meaning within the family enterprise.

- Transparency and information sharing.

- Governance structures: board of directors, family councils, and other entities.

- Roles, responsibilities, and accountabilities of family members.

4. Challenges in Governance

- The complexity of integrating family dynamics with business operations.

- The need for continuous and active engagement in governance processes.

- Common pitfalls like the 80% plan where families start but don't fully implement governance plans.

5. Institute's Initiatives in Governance

- Efforts to provide practical resources and working papers for effective governance.

- Importance of interdisciplinary understanding among advisors (legal, financial, therapeutic, etc.).

- Training and educating advisors on the comprehensive aspects of governance.

6. Advisors' Role in Governance

- Importance of advisors being aware of and integrating governance in their advice.

- Encouragement for advisors to look beyond their specific domain and consider the broader governance implications.

7. Wealth 3.0 and Family Involvement

- The shift from an expert-led approach to empowering families to be active participants.

- Developing skills within the family to manage and engage in governance processes.

Resources Mentioned:

- Ultra High Net Worth Institute Website: [UHNW Institute](https://uhnwinstitute.org)

- Wealth 3.0 by Dennis Jaffe and colleagues

Conclusion:

Dennis Jaffe emphasizes the importance of effective governance and decision-making within family enterprises and the need for advisors to adopt a holistic and integrated approach. The Ultra High Net Worth Institute provides valuable resources and training to support advisors and families in this endeavor.

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For more information, visit [UHNW Institute](https://uhnwinstitute.org).

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Summary

In 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.

Keywords

leadership, transition planning, multi-generational family enterprises, collaboration, advisors, Ultra High Net Worth Institute

Takeaways

• Leaders 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.

Chapters

00:00 - Introduction and Overview

07:09 - The Importance of Collaboration Among Advisors

13:32 - Continual Process of Leadership and Transition Planning

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

Summary

In 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.

Takeaways

• The 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.

Chapters

00:00 - Introduction to the Ultra High Net Worth Institute

01:30 - Creation of the Institute

10:06 - Impact of the Global Pandemic

11:40 - Organizational Structure of the Institute

14:43 - Ambitions for the Institute in 2024 and Beyond

26:41 - Personal Highlights of the Institute

28:29 - Global Community of the Institute