In this episode of the Ultra High Net Worth Institute Podcast, guest host Jamie McLaughlin sits down with Stephanie Gromek, Managing Partner at BBR Partners, to discuss the origins and purpose of the Collegium and the Practice Management Council within the Ultra High Net Worth Institute. They explore how these initiatives create valuable learning environments for business leaders, advisors, and wealth managers, while also fostering collaboration among industry professionals.

• The Collegium was born out of a panel discussion moderated by Jamie in 2018.
• Aimed at creating a safe, conflict-free space for industry leaders to share insights and best practices.
• Addresses the need for unbiased, independent information in the ultra-high-net-worth sector.
• The Collegium synthesizes discussions into a formal report to advance industry knowledge.
• Transitioned from virtual during the pandemic to in-person in October 2023 and 2024.
• Upcoming Collegium VIII will be held virtually on April 23rd & 24th, 2025.

• Led by Stephanie Gromek, the council helps industry players learn and share best practices.
• Focuses on how business leaders can build sustainable firms that meet the evolving needs of wealthy families.
• Organized around five key pillars:

• Human Capital: Attracting, retaining, and developing talent.
• Sales & Marketing: Growing businesses with effective strategies
• Business Management: Aligning profitability, capital structure, and strategy.
• Technology: Enhancing operations and client service through innovation.
• Integrated Wealth Management: Delivering across the 10 domains of wealth management

• Expert-led panels: Featuring professionals from member firms.
• Breakout discussions: Participants share challenges, best practices, and solutions.
• Focus on actionable takeaways: Turning insights into tangible strategies.

• Topic: Firm Sustainability – critical for long-term success.
• Keynote by Andrew Schwede del (Bain & Co.): The challenge of scaling intimacy in high-touch businesses.
• Four core discussion areas:

1. Growth & Profitability – ensuring firms remain competitive.
2. People & Talent – attracting and retaining top professionals.
3. Capital Structure – long-term sustainability of business models.
4. Strategic Focus – defining what firms will and will not do.

• Two sessions: April 23rd (3:30 PM EST) & April 24th (12:00 PM EST).
• Virtual format with structured breakout discussions.
• Reports & takeaways will be shared post-event.
• Opportunity to collaborate and learn from other leaders in the industry.
• Designed for C-level executives, business operators, and wealth management professionals.

• The Collegium fosters a spirit of collaboration and professional growth.
• Participants leave with new insights, strategic clarity, and stronger industry relationships.
• The Ultra High Net Worth Institute is committed to being both a think tank and a do tank, ensuring these discussions translate into meaningful advancements.
• Register now to join Collegium VIII and be part of the conversation shaping the future of the wealth management industry.

Thank you for listening!

For more information on the Ultra High Net Worth Institute and upcoming events, visit https://www.uhnwinstitute.org

In this episode, Russ Haworth engages with security experts Paul Violis and Eddie Marshall to discuss the critical aspects of security and risk management for ultra high net worth families. They explore common misconceptions about security, the importance of thorough due diligence, and the evolving threats that wealthy families face today.

The conversation emphasizes the need for proactive measures and tailored security solutions to protect families from various risks, including cyber threats and physical security breaches. In this conversation, experts discuss the multifaceted nature of cybersecurity threats, particularly focusing on the vulnerabilities of ultra-high-net-worth individuals and their families.

They emphasize the importance of intelligence-driven risk management, the role of technology in both facilitating and combating cybercrime, and the necessity of proactive measures to ensure safety. The discussion also highlights the balance between living life fully and maintaining security, advocating for smart, informed decisions rather than paranoia.

Ultimately, the conversation underscores the value of expert guidance in navigating these complex challenges.

00:00 Introduction to Security Concerns for Wealthy Families

02:08 Common Misconceptions About Security

05:45 Understanding Family Security Needs

09:55 Identifying Top Threats to Families

17:50 The Importance of Due Diligence

29:12 Comprehensive Risk Management Strategies

35:33 Exploiting Vulnerabilities: The Family Angle

36:34 Technical Surveillance Countermeasures: A New Norm

37:30 Creating Secure Spaces: The Rise of Skiffs

39:11 The Business of Cybercrime: Understanding the Threat

42:09 Intelligence as a Shield: Proactive Strategies

44:40 The Importance of Intelligence in Risk Management

47:22 Finding the Right Partners: A Litmus Test

49:28 AI and Cybersecurity: A Double-Edged Sword

54:49 Balancing Life and Security: Smart Living

01:01:30 Final Thoughts: Prioritizing Family and Security

Summary

In this episode, Russ Haworth speaks with Linda Bourn, the domain chair for risk management at the Ultra High Net Worth Institute. They explore the unique risks faced by ultra high net worth families, including generational wealth, social media presence, and the evolving landscape of AI. Linda emphasizes the importance of proactive risk management strategies and the role of advisors in recognizing and addressing these risks. The conversation also highlights educational initiatives and resources available for advisors to better support their clients in navigating these complexities.

Chapters

00:00 Introduction to Risk Management in Ultra High Net Worth Families

02:52 Understanding the Unique Risks of Ultra High Net Worth Families

06:25 Generational Perspectives on Social Media Risks

10:43 Supporting Advisors in Recognizing Risks

14:51 The Evolving Landscape of AI and Risk Management

16:44 Educational Initiatives and Resources for Advisors

20:59 Proactive Risk Management Strategies for Families

Summary

In this insightful conversation, Dr. Jim Grubman and Dr. Amirala Pasha explore the critical distinctions between collaboration and integration in healthcare, particularly within the context of executive health. They discuss the importance of long-term relationships, the role of expert generalists, and the qualities that make effective integrators. The conversation also highlights the need for practical solutions in patient care and the shift from physical proximity to virtual accessibility in fostering collaboration.

In this conversation, Jim and Dr Pasha discuss the significance of accessibility and culture in communication within healthcare, the complexities of business models and third-party payers, the challenges of providing care to VIP patients while adhering to standard practices, the impact of compensation models on care delivery, the importance of training for collaborative care, and the difficulties of building a collaborative culture from scratch.

Chapters

00:00 Introduction to Collaboration and Integration in Healthcare

02:58 Understanding Collaboration vs. Integration

06:05 The Role of Expert Generalists in Complex Systems

09:04 Qualities of Effective Integrators

11:56 Long-Term Relationships in Healthcare and Wealth Management

15:09 Collaboration with External Providers

18:01 The Importance of Practical Solutions

20:54 The Shift from Proximity to Accessibility

24:10 Conclusion and Key Takeaways

27:39 The Importance of Accessibility and Culture in Communication

32:50 Business Models and Third-Party Payers in Healthcare

37:36 VIP Patients and Standard of Care

40:32 Compensation Models and Their Impact on Care

45:41 Training and Education for Collaborative Care

52:13 Building a Collaborative Culture from Scratch

Summary

In this episode, Russ Haworth interviews Anna Nichols, the domain chair for the health and wellbeing domain at the Ultra High Net Worth Institute. They discuss the importance of health and wellness in advising ultra high net worth families and how it intersects with wealth and the family system. Anna shares her expertise in financial communications and consulting on personal and generational wealth. They also discuss the challenges advisors face in bringing up health and wellness topics with clients and the value of bringing in the right resources. Anna highlights the need for proactive planning for health issues and decision-making in the future.

Takeaways

Health and wellness is a critical component of advising ultra high net worth families as it shapes their decision-making and interactions with each other.

Advisors should feel comfortable bringing up health and wellness topics with clients and offering resources and support, even if they are not experts in those areas.

The health and wellness domain intersects with all other domains in advising, and it is important for advisors to have a holistic and integrated approach.

Proactive planning for health issues and decision-making is crucial, and advisors should have conversations with clients about who they would like to involve in decision-making if they become incapable.

The Ultra High Net Worth Institute provides resources and support for advisors in the health and wellness domain, including a resource library and opportunities for learning and collaboration.

Chapters

00:00 Introduction to the Health and Wellness Domain

03:21 Overview of the Health and Wellness Domain

06:11 The Importance of Integrating Health and Wellness in Advising

10:55 Bringing Up Health and Wellness Topics with Clients

14:19 The Interactions Between Health and Wellness and Other Domains

19:17 Proactive Planning for Health Issues and Decision-Making

23:51 The Value of the Ultra High Net Worth Institute in Supporting Advisors

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