Ken Haman, Managing Director at the AllianceBernstein Advisor Institute and a psychotherapist, shares insights into the unique needs of ultra-high-net-worth clients. He discusses how these clients face identity challenges after wealth events, emphasizing the importance of a purposeful approach rather than just managing assets. Ken highlights common advisor mistakes, such as treating wealth as purely a financial issue, and stresses the need for aligning values and family visions in estate planning. Engaging the next generation in this process is also crucial for maintaining family cohesion.
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insights INSIGHT
Wealth Triggers An Identity Crisis
Ultra-high-net-worth clients face identity and purpose challenges after a liquidity event, not just bigger investment needs.
Ken Haman emphasizes that meaning and purpose often outrank portfolio construction for these clients.
question_answer ANECDOTE
The 'Now What?' Meeting
A young advisor presented an elaborate portfolio to a newly liquid client and focused on proving technical credibility.
A seasoned advisor advised starting by asking "now what?" to address the client's deeper emotional needs.
volunteer_activism ADVICE
Lead With Values, Then Build Structures
Do lead with values, purpose, and a 100-year vision before engaging technical estate and tax planning.
Then engage estate attorneys and tax experts to build structures that support that clarified vision.
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Uniquely successful families have different needs from their advisor compared to other, less successful clients. A windfall wealth event represents both a wonderful gain (of money) and a painful loss (of identity, role, belonging, meaning and purpose of life). Because of this, the UHNW client needs their advisor to help them not only manage their assets but to manage their needs for creating a new meaning and purpose and to be able to create a vision for their family that extends out several generations into the future. Most advisors are fully capable of managing significant pools of assets, but many have not developed the skills to meet uniquely successful families and their new point of need. In this fast paced conversation Ken and Scott explore the mistakes advisors typically make with these types of clients and what an advisor can do to avoid them.
Also in this episode, the AllianceBernstein Digital Coach – see practice management solutions for advisor success: abfunds.com/go/digitalcoach
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Secrets of Successful Advisors℠ with Ken Haman