The UHNW Institute Podcast

Summary

In June, Teresa Leigh, founder of Teresa Leigh Home + Family Office, led a private SFO Circle Clinic on the fast-changing landscape of eldercare and what she calls “the care economy.” The session prompted many family office executives to rethink how they support the families they serve, and the conversation was too important to leave in the room.

In this episode, Kristen welcomes Teresa back to continue that dialogue. Whether you attended the clinic or are coming to these ideas for the first time, this is a practical and deeply human look at one of the most significant, and often overlooked, responsibilities a family office can take on.

In this episode, we discuss:

• What the care economy is, and why it reaches well beyond ageing parents to include special needs, chronic illness, neurodegenerative disease, and wider family support
• The true financial cost of care today, and why families so often underestimate both its complexity and its expense
• What has changed in the past five years to make this conversation more urgent
• A real-world case study showing what happens when a family waits too long to plan
• The common characteristics of families who navigate care transitions well
• What surprised family office executives at the June clinic, and how it shifted their thinking
• The point at which eldercare moves from a private family matter to a family office responsibility
• The emotional cost of care, and how family office leaders can balance logistics with empathy
• The biggest gaps family offices still need to close
• One practical action every family office executive can take in the next 90 days
• What a career spent alongside families in vulnerable moments has taught Teresa about the true meaning of wealth

Key takeaway

Caring for families goes well beyond managing wealth. As the care economy evolves, family offices have a real opportunity to help families prepare for life’s most important transitions with greater confidence and clarity, and the time to start that planning is before it is needed.

About our guest

Teresa Leigh is the founder of Teresa Leigh Home + Family Office, where she supports families through eldercare and the wider challenges of care across generations.

Learn more

To find out more about the SFO Circle, our private clinics, and upcoming educational programming, visit The UHNW Institute.

Summary

In this episode, Tom McCullough discusses the evolution of the Table Stakes framework, emphasizing the importance of client-centric, integrated wealth management. He explores how the industry is shifting towards a professionalized role of the integrated advisor and the significance of understanding client needs in a complex world.

Key topics

Evolution of Table Stakes framework

Client-centric wealth management

Role of integrated advisors

Industry standards and professionalization

Importance of understanding client needs

Impact of AI and information access

Discovery process improvements

Collaboration between specialists and integrators

For more information about the Institute and our work, head over to - https://www.uhnwinstitute.org/

Video Link -

Summary

In this episode, Russ Haworth chats with Jim Grubman and Tom McCullough about the evolution of integrated family wealth advice and the role of the Ten Domains model in reshaping how advisors meet the needs of ultra-high-net-worth families.

Key topics

• Evolution of the ten domains model
• Family advisory relationships and their central role
• The importance of adaptation and continuous improvement
• How firms are using the ten domains for client conversations and strategy
• The distinction between content domains and delivery (FAR)
• The impact of the model on industry standards and practices
• The analogy of orchestration in wealth management
• Future skills and competencies for advisors
• The importance of lifelong learning and innovation

Video

To watch the video of this episode, click on this link.

To find out more about The Institute and our work, head to - https://www.uhnwinstitute.org/

Show notes:

In this episode, Jamie McLaughlin sits down with David Salsberg (President and Founder, Gresham Partners) and Michael Zeuner (WE Family Offices) to explore what it really means to be an "integrated advisor" in the ultra high net worth space.

They discuss why complexity and multi-generational wealth demand advisors who can connect the dots across investment, tax, legal and estate planning, rather than specialists working in silos. David and Michael share how their firms identify, hire and develop this talent from the ground up, including structured development programmes, mentorship models and the patience required to build these skills over a decade or more.

The conversation also covers how AI and changing organisational models are reshaping the talent pipeline, and why retention hinges on giving advisors a clear career path and genuine ownership of client relationships.

Topics covered:

• What distinguishes an integrated advisor from a specialist
• The skills that can be taught versus those that must be developed through experience
• How Gresham Partners and We Family Offices structure talent development and mentorship
• The impact of AI on organisational design in wealth management
• Why retention and culture are now central to serving ultra high net worth families

Visit The Ultra High Net Worth Institute website here - https://www.uhnwinstitute.org/

Welcome to this episode of the SFO Circle Podcast with host, Kristen Oliveri.

For decades, family offices have focused on preserving and growing financial capital. But increasingly, families are asking a different question: How do we preserve and optimize human capital?

Conversations about health are evolving. What was once considered a personal matter is increasingly becoming a family office priority, from longevity and preventive care to caregiving, wellness and quality of life.

In this episode, Kristen is joined by Zachary Faas, Vice President, Client Advisory and Consulting and Doctor of Psychology at Intent Clinical, Lisa Iaquez, Corporate Director, Business Development and Longevity Advisory at Canyon Ranch and Dr. Brian Dooreck, Founder and President of Executive Health Navigation.

Together they explore the growing intersection of family offices, longevity and wellness. They discuss emerging trends, what families are asking for, the realities of aging and caregiving, and the concept of a Chief Wellness Officer—a role that may become as important to some families as their investment advisor or estate attorney.

As family offices continue to evolve, the definition of wealth is expanding beyond financial assets alone. Increasingly, families are recognizing that longevity, wellness, caregiving and overall quality of life deserve the same thoughtful planning as investments, governance and estate structures.

You can find out more about the work of The Institute here: https://www.uhnwinstitute.org/

Private Wealth Podcast — Michael Zeuner, WE Family Offices

Episode summary

Host Joe Reilly speaks with Michael Zeuner, managing partner at WE Family Offices and co-founder and board member of the Ultra High Net Worth Institute. Michael traces his career from consulting at Andersen Consulting and Booz Allen through senior roles at Chase Manhattan, JP Morgan Private Bank and Gen Spring Family Offices, to co-founding WE Family Offices in 2013.

Along the way he unpacks the industry's shift from a supply-side, product-manufacturing model to a demand-side, advice-led one, the emergence of open architecture, and what it takes to build a sustainable, scalable advisory business without losing the intimacy that ultra high net worth families expect. He closes with reflections on talent development, common mistakes families make after a liquidity event, and how AI is reshaping business development in the wealth management sector.

In this episode

• Early life and education, and a formative mentorship at Shawmut Bank that shaped his approach to client work
• Foundational lessons from his consulting years about advice being disconnected from product economics
• Meeting Mel Lagamasino at Chase Manhattan Private Bank and the early experiments that became open architecture
• Why JetBlue became an internal reference point for a demand-driven business model
• The move to Gen Spring Family Offices, its growth through acquisition, and hard-won lessons on cultural alignment in M&A
• Partnering with Pat Soldano (Simric) and Santi Uyoha (TBK) and how those relationships shaped the retainer-fee, non-discretionary model
• Founding WE Family Offices in 2013 on flat fees, non-discretionary advice and keeping control with the family
• Where scale genuinely helps (reporting, technology, manager due diligence) versus where it does not (the advisory relationship itself)
• Building and retaining advisory talent, including why the first two to three years are the highest turnover risk
• Common mistakes families make after a major liquidity event
• How AI-driven search is changing inbound business development for boutique advisory firms

Guest

Michael Zeuner is a managing partner at WE Family Offices and a co-founder and board member of the Ultra High Net Worth Institute. He previously served as senior executive partner at Gen Spring Family Offices and as Global Head of Wealth Solutions at JP Morgan Private Bank. He holds an MBA from the University of Chicago Booth School of Business and a BA from Brandeis University, and hosts the Wealth Enterprise Briefing Podcast.

Host

Joe Reilly, head of Circulus Group, a family office network based in Greenwich, Connecticut.

Find out more about The Institute here - https://www.uhnwinstitute.org/

Summary

In this episode, we explore the unique challenges and strategies involved in coaching and developing the next generation within family systems, emphasizing identity, legacy, and emotional maturity.

Key topics

• Differences between developing emerging leaders in organizations and family members
• Importance of identity, legacy, and emotional maturity in family development
• The concept of personhood and its impact on family members' decision-making
• The role of coaching and mentoring in developing confidence and judgment
• The importance of experiential learning and real responsibility
• Balancing protection and pressure to foster independence
• The significance of self-awareness and internal development
• Strategies for advisors to support without taking over decision-making

Chapters

00:00 Introduction to Family Gens Development

02:13 Differences Between Organizational and Family Development

04:47 The Personhood and Identity in Family Members

07:08 Preparing Family Members for Wealth and Decision-Making

09:56 The Role of Knowledge, Experience, and Gut Feelings

17:00 Coaching, Mentoring, and Developing Judgment

22:55 Advisor Support and Avoiding Backseat Driving

29:09 Balancing Protection and Pressure in Development

45:11 Quickfire: What to Stop and Start in Development

49:59 Signs of Readiness for Responsibility in Rising Gens

Resources & Links

Ultra High Net Worth Institute - https://www.uhnwinstitute.org

Show Notes

In this insightful interview, Kathy Lintz shares her journey from financial education to leading Matter Family Office, emphasizing the importance of purpose, communication, and strategic planning in managing ultra-high net worth families. Discover her approach to family governance, the evolution of wealth management, and how technology is transforming the industry.

Chapters

00:00 Introduction to Kathy Lintz and Her Journey

02:47 The Evolution of Financial Planning and Education

05:54 Founding KBL Financial and Working with Athletes

08:59 Transitioning to Matter Family Office

11:47 Understanding Client Needs and Family Dynamics

14:56 Building a Strong Firm Culture

17:54 The Role of Technology in Wealth Management

20:56 Advice for Aspiring Wealth Managers

Guest links

LinkedIn - https://linkedin.com/in/kathylintz

Website - https://matterfamilyoffice.com/

INTRO:

Welcome to the SFO Circle Podcast, where we explore the ideas, strategies, and evolving dynamics shaping today’s single family offices and the families they serve.

I’m Kristen Oliveri, Senior Advisor to the Institute and the SFO Circle, and in this episode, we turn to a topic that continues to gain momentum across the ultra-high-net-worth community: the rise of the global experience economy.

Today, I’m joined by Teresa Chope, CEO and Founder of Gallivant, for a conversation on how today’s wealth holders are redefining luxury through experiences, from major global events like the Olympics, World Cup, and Formula 1 to more bespoke, invitation-only moments that blend travel, access, and connection.

Together, we'll explore what's actually driving today's most discerning families — beyond the familiar narratives — how the global lifestyle calendar has evolved from a list of events into a strategic tool, what it really takes to access the world's most coveted moments, and where Teresa sees the experience economy heading over the next few years.

It’s a conversation about access, intention, and how experiences are becoming one of the most meaningful expressions of wealth today.

Let’s dive in.

QUESTIONS:

Teresa, there's been no shortage of commentary about ultra-wealthy families shifting from possessions to experiences. The New York Times, Robb Report, Condé Nast — everyone is covering it. But you're in the rooms with these families. What is the conventional wisdom getting wrong, or oversimplifying, about what's actually happening at the UHNW level?

How has the concept of a “global lifestyle calendar” evolved for UHNW individuals and families?

Why do major global events—like the Olympics, World Cup, or Formula 1—hold such strong appeal for this audience?

How are families using these events not just for entertainment, but for connection, networking, or multi-generational bonding?

Art is something we don't always associate with the experience economy in the same breath as Formula 1 or the Olympics — but you've described it as one of the most quietly powerful anchors on the UHNW calendar. Can you talk about that? What does access at the highest level look like— or the kind of invitation-only previews that never make it into any publication?

What are some of the anchor events that tend to show up on the UHNW social calendar each year?

Can you walk us through the different tiers of access that exist around major global events?

What separates traditional VIP hospitality from the truly ultra-exclusive experiences?

Are UHNW clients increasingly seeking experiences that feel private, behind-the-scenes, or invitation-only?

Private aviation is often framed as a convenience, a time-saver. But in your experience, has it fundamentally changed what's even possible for a family trying to construct an ambitious global life — in ways that go beyond logistics?

Is it primarily about efficiency and flexibility, or does it unlock a different level of access entirely?

What trends are you seeing in how ultra-wealthy families pursue their personal passions and interests globally?

Are younger generations approaching luxury travel and global experiences differently than previous generations?

If someone wanted to start building their own global events calendar, what would be the first two or three experiences you would recommend?

CONCLUSION:

As we’ve explored today, the rise of the global experience economy is reshaping how families think about wealth, not just as something to preserve, but as something to live.

From intentional global calendars to art previews that never make it into print, to multi-generational journeys that become part of a family's defining story — the through line is always the same: the most meaningful experiences don't happen by accident. They're designed.

A special thank you to Teresa Chope for sharing her perspective and insights with us.

And thank you, as always, for being part of the SFO Circle community.

If you enjoyed this conversation, we invite you to subscribe, share, and continue engaging with us as we explore the ideas shaping the future of single family offices.

This episode examines one of the defining challenges in ultra high net worth wealth management and family office environments: how do you identify, develop, and retain the next generation of leaders at a time when client expectations, generational values, and organisational cultures are all shifting simultaneously?

Drawing on the experience and perspectives of Milton Pedraza and Richard Orlando, the conversation moves from the conceptual to the practical. It covers the meaningful distinctions between coaching and mentorship, the conditions that allow emerging leaders to genuinely flourish, and why so many high-calibre firms inadvertently stall the development of their best people despite having every intention to do the opposite.

At its core, this is an episode about trust: how leaders earn it from clients, how organisations earn it from their people, and how the field of wealth management must evolve its culture and leadership philosophy if it is to attract and hold the talent it needs for the long term.

After listening to this episode, practitioners and leaders in wealth management and family office contexts should come away with:

• A clearer understanding of the difference between coaching and mentoring, and when each is most appropriate.
• Practical insight into the conditions that either support or undermine leadership development within high-calibre organisations.
• A more nuanced view of what emerging leadership looks like beyond technical competence or seniority.
• Specific prompts for reflecting on how their own organisations approach talent development and retention.
• A stronger appreciation of the generational dynamics shaping client and colleague expectations in wealth management today.
• Concrete questions to ask when evaluating whether their firm’s leadership culture is fit for the next decade.

Coalition of the Willing - Part Two

In this episode, co-authors Bryn Monahan, Meredith Straight Thomas, Paul Edelman and Russ Haworth explore the evolving concept of leadership and governance within family enterprises, emphasizing the importance of creating inclusive, resilient systems that go beyond traditional succession models. We unpack how coalition-building, behavioral change, and advice play crucial roles in fostering long-term sustainability.

Main Topics Covered:

• The shift from single successor to a coalition approach for leadership
• Developing behavioral habits and decision-making models for effective governance
• Enhancing family cohesion and identity through inclusive participation
• The role of external advisors in supporting transition and development
• Creating resilience and long-term sustainability across generations
• Practical tools like decision grids and running governance 'gyms' to build capacity

Chapters

00:00 - Introduction to the White Paper: Building a Coalition of the Willing

02:51 - Moving from linear succession to coalition-based leadership models

03:51 - The importance of creating systems allowing multiple voices

04:35 - How diversity of experience enriches family enterprise resilience

05:57 - Transition from single leader to a coalition: benefits and challenges

08:15 - Evolving identity and participation in family governance

09:36 - Enhancing family cohesion through diversified paths and roles

12:24 - The importance of parallel readiness: governance reform and developmental work

14:58 - Developing capabilities like judgment, communication, and EQ

16:42 - Overcoming behavioral habits and systemic patterns in family governance

19:34 - The complexity of behavioral change vs. structural changes

22:44 - Practical examples of behavioral development (junior boards, incremental leadership)

29:22 - Cultivating a culture that values disagreement and open dialogue

32:18 - The metaphor of 'governance gym' to build sustained behaviors and habits

35:47 - The importance of explicit problem-solving models and decision grids

39:56 - The risk of divergence from agreed governance practices and how to mitigate

42:49 - The resilience benefits of coalition-based governance for long-term continuity

44:18 - Shifting perceptions of stewardship and leadership responsibility

48:06 - The expanding role of advisors in supporting behavioral and systemic change

49:42 - Future of advisory roles: practicing governance beyond structural design

This episode emphasizes that effective governance in family enterprises is a behavioral journey supported by systemic tools. External advisors are pivotal in helping families navigate discomfort and ingrained patterns to achieve resilience and long-term success.

Links:

White Paper - Part One

White Paper - Part Two

Summary

In this episode of the Ultra High Net Worth Institute podcast, host Russ Haworth, along with guests Amelia Renkert-Thomas and Daniel Trimarchi, discuss their white paper titled 'A Blueprint for Multi-Generational Success.' They explore the challenges of traditional succession planning, the importance of evolving governance structures, and the need for clarity and accountability in family enterprises.

The conversation emphasizes the significance of education, co-creation, and addressing fears associated with structural changes. The episode concludes with practical steps for families to begin their governance journey and the importance of building a coalition of the willing for future success.

Chapters

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

06:17 The Role of Governance in Family Enterprises

16:20 Reducing Friction Through Effective Governance

22:22 Co-Creation of Governance Structures

28:21 Addressing Fears in Structural Changes

34:49 The Coalition Mindset in Leadership

40:10 Practical Steps for Families in Transition

Link to the Paper

https://www.uhnwinstitute.org/new-white-paper-a-blueprint-for-multi-generational-success-building-a-coalition-of-the-willing-part-one/

Summary

This episode explores the vital role of learning within single family offices, emphasizing how cultivating a culture of curiosity, development, and leadership can create lasting resilience beyond financial assets. Guests share insights on building a learning ecosystem, the importance of internal competencies, and practical strategies for integrating learning into family office practices.

Chapters

00:00 Introduction: The Shift to Family-Centered Learning in SFOs

01:24 Why Learning Matters More Than Ever in Family Offices

03:02 The Multifaceted Approach to Learning and Development

04:56 What Gets Missed Without Focus on Learning

06:02 Values, Culture, and Legacy in Family Learning

07:52 Creating a Culture of Growth and Curiosity

12:50 Defining the Chief Learning Officer Role in Family Offices

14:39 Building a Culture of Growth: Fixed vs. Growth Mindset

17:17 Internal Competencies for Family Members and Staff

19:20 Introducing Learning Topics in Family Meetings

22:20 Engaging the Next Generation Through Tailored Learning

24:49 Outsourcing Learning and Development in Family Offices

28:25 Seizing Found Moments for Learning Opportunities

34:28 Key Mindset Shifts for Families Regarding Learning

36:16 Integrating Learning into Family Retreats and Meetings

38:22 Conclusion: Building Resilience Through Family Learning

Resources

JPMorgan Wealth Management - https://www.jpmorgan.com

Twinwood Family Office - https://twinwoodfamilyoffice.com

The Cenozia Group - https://cenozia.com

Carol Dweck's research on Mindset - https://mindset.yale.edu

Citizen Kid Book Series - https://citizenkid.com

Behavioral Finance Museum in Chicago - https://behavioralfinancemuseum.com

Guest links

LinkedIn - https://linkedin.com/in/kristin-oliveira

LinkedIn - https://linkedin.com/in/stacey-allred

LinkedIn - https://linkedin.com/in/vanessa-reniers

LinkedIn - https://linkedin.com/in/bill-woodson

Episode Overview

In this episode, Joe Reilly speaks with Tom McCullough, Founder and Chairman of Northwood Family Office and Managing Director of Thought Leadership and Strategy at the Ultra High Net Worth Institute.

Tom reflects on his journey from traditional investment management into building one of Canada’s early multi-family offices, driven by a simple belief: wealth management must start with the client, not the product.

Key Topics

The Founding of Northwood

Frustrated by the lack of integrated advice available to his own family, Tom left a 20-year corporate career to build a firm focused on coordination, objectivity and holistic oversight. What began in borrowed office space has grown into a 40-person organisation serving over 100 ultra-high-net-worth families.

The Myth of Investment-Centred Advice

Tom challenges the assumption that investments are the centrepiece of wealth management. Instead, he advocates for goals-based investing rooted in deep discovery, family priorities and long-term purpose.

Wealth of Wisdom

Tom discusses the creation of his two books with Keith Whitaker:

• Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask
• Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors

Both books explore the fundamental questions families face and highlight the importance of curiosity, humility and thoughtful inquiry.

Leadership and the Future of the Profession

Now stepping into a leadership role at the Ultra High Net Worth Institute, succeeding Jim Grubman, Tom shares his focus on making integrated wealth management practical, implementable and sustainable for the next generation of advisors.

Core Themes

• Integration over silos
• Purpose before portfolio
• Education for families and advisors
• Succession planning within advisory firms
• Elevating standards in ultra-high-net-worth advice

Episode Overview

In this focused follow-up to the SFO Circle Clinic in Chicago, host Kristen Oliveri brings together three leading voices in family office technology to explore how artificial intelligence is being thoughtfully introduced into the family office environment. The discussion cuts through hype and looks at practical, values-aligned adoption.

What You’ll Hear

• Where family offices can realistically begin when exploring AI

• How to frame AI as mindset, tool, and strategy

• The importance of defining the purpose before selecting solutions

• Practical operational use cases, from reporting to data analysis

• Emerging applications in investment research and monitoring

• Safeguards, governance, and risk considerations

• Building team literacy and internal confidence

• Preserving human judgement alongside automation

• What to look for when choosing technology partners

• How AI may influence the next generation of governance and decision-making

This episode offers clear, grounded insight for leaders who want to explore AI without compromising culture, privacy, or family values.

Host: Kristen Oliveri, Senior Family Office Advisor

Guests:

• Tania Neild, Founder and CEO, InfoGrate Wealth

• Bill Wyman, President, Family Office Services, Summitas

• Dan Gregerson, Co-Founder and CEO, Summitas

Summary

This episode of the Ultra High Net Worth Institute podcast explores the Philanthropic Advising Competency Model developed by Daylight Today. Hosts Russ Haworth, Tony Macklin, and Marguerite Griffin discuss the evolving role of philanthropic advisors, the need for a structured competency model, and the importance of cultural dexterity and behavioral intelligence in fostering trust and effective communication with clients. The conversation highlights the future of philanthropic advising, emphasizing the integration of purpose and finance, and the skills necessary for the next generation of advisors.

Chapters

00:00 Introduction to Philanthropic Advising Competency Model

04:04 The Evolution of Philanthropic Advising

08:25 Understanding the Competency Model Structure

12:25 The Intentions Behind the Competency Model

15:16 Cultural Dexterity and Behavioral Intelligence

22:31 Hiring and Training with the Competency Model

25:29 Building Trust Through Competency

28:11 Future of Philanthropic Advising

34:16 Skills for the Next Generation of Advisors

37:25 Key Takeaways

Links

Philanthropic Advising Competency Model - https://www.daylightadvisors.com/research-philanthropic-advising-competency

Barriers to giving - https://www.ncfp.org/knowledge/overcoming-psychological-barriers-to-giving/.

Summary

In this episode of the Ultra High Net Worth Institute Podcast, host Russ Haworth is joined by Kevin Casey (PathStone) and Joe Calabrese (Key Wealth) to explore their new white paper on integrated wealth management. Together they unpack the profitability drivers, trade-offs and strategic considerations that leaders need to understand when deciding whether, and how, to move towards a more integrated model.

Drawing on their work across the industry and within the UHNW Institute, Kevin and Joe explain why integration is about far more than “adding services”, and why it often requires a fundamental shift in culture, operating model and economics. They also walk through a practical decision tree and an adapted DuPont model that help firms assess client demand, pricing power, advisor capacity and the real costs of delivering integrated advice.

In this episode we cover

Why integration, and why now

How rising client complexity, the commoditisation of investment management, and growing demand from advisers and families have brought integrated wealth management to the forefront.

Integration vs “just adding services”

Why true integration is about reshaping the firm’s operating model, talent base and culture, not simply bolting on tax, estate or philanthropic advice.

Client demand and avoiding ‘hobby businesses’

How to distinguish genuine, scalable demand from “sample of one” client requests, and when outsourcing or partnering may be wiser than building in-house capabilities.

Pricing power and the DuPont model

How to assess whether your firm has real pricing power today, and how integrated offerings affect the balance between

• Revenue per client
• Clients per adviser
• Adviser compensation
• Overall profitability

The economics of integration

The reality that integrated services often reduce adviser capacity and increase people costs, and why that only makes sense if the firm can clearly articulate and charge for the additional value.

Talent, culture and cost structure

Why multi-disciplinary teams and in-house specialists are inherently more expensive, and how culture, collaboration and client centricity become critical success factors.

Models across the integration spectrum

Three example business models, from specialist to fully integrated, and what their different profitability, growth and retention profiles can teach leaders who are considering a shift.

Guidance for leaders considering integration

Joe and Kevin’s closing advice:

• Proceed with caution and a thorough risk assessment (financial, operational, reputational and cultural).
• Be honest about who you are as a firm and where you sit today.
• Go into integration “eyes wide open”, with humility and clarity about the trade-offs involved.

About our guests

Kevin Casey is Head of Corporate Development and Strategy at PathStone, a multi-family office and wealth management firm with roots as a single family office and an integrated, largely insourced service model. He works closely on M&A, strategy and growth, giving him a front-row view of how firms across the industry are approaching integration.

Joe Calabrese is Chief Operating Officer of Key Wealth, the wealth management division of KeyBank, overseeing service, product, technology and infrastructure across four distinct client segments, including a significant multi-family office business. Joe has led multiple multi-family offices and is a long-standing contributor to the UHNW Institute’s work on practice management and integrated wealth management.

Links:

White Paper - https://www.uhnwinstitute.org/new-white-paper-integrating-wealth-management-profitability-drivers-trade-offs-and-strategic-considerations/

Ten Domains Episode - https://www.uhnwinstitute.org/podcast/

Episode overview

Russ speaks with storyteller and filmmaker Rick Stevenson about why our personal stories are our most valuable legacy, and how families can use storytelling to connect across generations, strengthen decision making, and shape their philanthropy. Rick shares insights from 8,000+ interviews, the origins of the 5,000 Days Project, and practical ways advisers and families can start capturing stories with care, consent and purpose.

Key themes

• Your story as your greatest asset: Identity, purpose and self-knowledge as the foundation for a lived legacy
• Safe, consent-led storytelling: Why participants should retain control and how privacy builds honesty and depth
• From emotion to insight: How telling a story moves feeling into language and reduces its hold on us
• A “family voice,” not just a founder’s voice: Interviewing every generation to reveal shared values and differences
• Philanthropy and purpose: How stories surface what people truly care about and guide meaningful giving
• Advisers as humans first: Do your own story work to build trust with the whole family, not only the patriarch
• Getting started at any age: Simple, repeatable practices for capturing stories from early childhood to later life

Next steps

• Institute members can access the Legacy Playbook in the member portal and resource library
• To explore a Family Voice series or personal story mentoring, get in touch via the Institute website - https://www.uhnwinstitute.org/

Summary

In this episode of the SFO Inner Circle Conversations podcast, host Kristin Oliveri and guests Josh Miller, Linda Mack, and Rich Wolkowitz explore the concept of the expert generalist within the single-family office (SFO) space. They discuss the essential skills and qualities needed to thrive in this role, the challenges faced in high-stakes environments, and the importance of continuous learning and adaptability. The conversation also delves into the future of family offices and the evolving role of expert generalists in meeting the diverse needs of ultra-high-net-worth families.

Takeaways

The expert generalist has knowledge across multiple wealth management disciplines.

Curiosity and a thirst for knowledge are essential traits.

Expert generalists must balance depth in certain areas with breadth across others.

Unexpected challenges can arise in high-stakes environments.

Intellectual curiosity drives continuous learning and evolution.

Building a strong network is crucial for expert generalists.

Adaptability is key in dealing with diverse family dynamics.

The future of family offices will require more strategic and sophisticated roles.

Expert generalists must focus on customization to meet individual family needs.

Successful family offices should demonstrate a return on investment for their services.

Chapters

00:00 The Expert Generalist Defined

02:54 Essential Skills for Expert Generalists

05:45 Navigating a Day in the Life

08:49 Balancing Depth and Breadth of Knowledge

11:47 Challenges in High-Stakes Environments

14:51 The Importance of Intellectual Curiosity

17:49 Continuous Learning and Evolution

20:49 Advice for Aspiring Family Office Professionals

23:53 The Future of Family Offices

26:44 Transformational Changes Ahead

In this episode, Russ Haworth engages with Betsy Erickson and David Werdiger to explore the intricate power dynamics within ultra high net worth families. They introduce the concept of the Power Map, a tool designed for advisors to understand and navigate the various sources of power within family structures.

The conversation delves into the roles of advisors, the importance of cultural competency, and the evolving landscape of wealth management, particularly in the context of generational transitions and the shift towards a more collaborative approach in family governance. Through a case study, they illustrate the practical application of the Power Map and emphasize the need for advisors to reflect on their own power and influence in family decision-making processes.

Takeaways

• Advisors must recognize their own power in family dynamics.
• Power can manifest in various forms beyond formal roles.
• The Power Map helps identify and unlock sources of power.
• Cultural dynamics significantly influence family governance.
• Wealth 3.0 emphasizes collaboration over control.
• Families today face more complexity than ever before.
• Engaging the rising generation is crucial for family success.
• Advisors should foster an enabling environment for families.
• The illusion of governance can hinder effective decision-making.
• Understanding cultural differences is essential for advisors.

Chapters

00:00 Introduction to Power Dynamics in Ultra Wealthy Families

02:58 Understanding the Power Map Concept

05:41 Nuanced Sources of Power

11:48 The Role of Advisors in Power Dynamics

17:32 Practical Application of the Power Map

23:59 Empowering Families Through Understanding Power Dynamics

27:19 Navigating Complex Family Structures

30:12 Cultural Competency in Family Dynamics

34:28 The Shift to Wealth 3.0

41:07 Case Study: Power Dynamics in Family Philanthropy

46:06 Key Takeaways for Advisors