The UHNW Institute Podcast

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 leadershipDeveloping behavioral habits and decision-making models for effective governanceEnhancing family cohesion and identity through inclusive participationThe role of external advisors in supporting transition and developmentCreating resilience and long-term sustainability across generationsPractical tools like decision grids and running governance 'gyms' to build capacityChapters00:00 - Introduction to the White Paper: Building a Coalition of the Willing02:51 - Moving from linear succession to coalition-based leadership models03:51 - The importance of creating systems allowing multiple voices04:35 - How diversity of experience enriches family enterprise resilience05:57 - Transition from single leader to a coalition: benefits and challenges08:15 - Evolving identity and participation in family governance09:36 - Enhancing family cohesion through diversified paths and roles12:24 - The importance of parallel readiness: governance reform and developmental work14:58 - Developing capabilities like judgment, communication, and EQ16:42 - Overcoming behavioral habits and systemic patterns in family governance19:34 - The complexity of behavioral change vs. structural changes22:44 - Practical examples of behavioral development (junior boards, incremental leadership)29:22 - Cultivating a culture that values disagreement and open dialogue32:18 - The metaphor of 'governance gym' to build sustained behaviors and habits35:47 - The importance of explicit problem-solving models and decision grids39:56 - The risk of divergence from agreed governance practices and how to mitigate42:49 - The resilience benefits of coalition-based governance for long-term continuity44:18 - Shifting perceptions of stewardship and leadership responsibility48:06 - The expanding role of advisors in supporting behavioral and systemic change49:42 - Future of advisory roles: practicing governance beyond structural designThis 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 

SummaryIn 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.Chapters00:00 Introduction to the Ultra High Net Worth Institute Podcast06:17 The Role of Governance in Family Enterprises16:20 Reducing Friction Through Effective Governance22:22 Co-Creation of Governance Structures28:21 Addressing Fears in Structural Changes34:49 The Coalition Mindset in Leadership40:10 Practical Steps for Families in TransitionLink to the Paperhttps://www.uhnwinstitute.org/new-white-paper-a-blueprint-for-multi-generational-success-building-a-coalition-of-the-willing-part-one/

SummaryThis 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.Chapters00:00 Introduction: The Shift to Family-Centered Learning in SFOs01:24 Why Learning Matters More Than Ever in Family Offices03:02 The Multifaceted Approach to Learning and Development04:56 What Gets Missed Without Focus on Learning06:02 Values, Culture, and Legacy in Family Learning07:52 Creating a Culture of Growth and Curiosity12:50 Defining the Chief Learning Officer Role in Family Offices14:39 Building a Culture of Growth: Fixed vs. Growth Mindset17:17 Internal Competencies for Family Members and Staff19:20 Introducing Learning Topics in Family Meetings22:20 Engaging the Next Generation Through Tailored Learning24:49 Outsourcing Learning and Development in Family Offices28:25 Seizing Found Moments for Learning Opportunities34:28 Key Mindset Shifts for Families Regarding Learning36:16 Integrating Learning into Family Retreats and Meetings38:22 Conclusion: Building Resilience Through Family LearningResourcesJPMorgan Wealth Management - https://www.jpmorgan.comTwinwood Family Office - https://twinwoodfamilyoffice.comThe Cenozia Group - https://cenozia.comCarol Dweck's research on Mindset - https://mindset.yale.eduCitizen Kid Book Series - https://citizenkid.comBehavioral Finance Museum in Chicago - https://behavioralfinancemuseum.comGuest linksLinkedIn - https://linkedin.com/in/kristin-oliveiraLinkedIn - https://linkedin.com/in/stacey-allredLinkedIn - https://linkedin.com/in/vanessa-reniersLinkedIn - https://linkedin.com/in/bill-woodson

Episode OverviewIn 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 TopicsThe Founding of NorthwoodFrustrated 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 AdviceTom 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 WisdomTom discusses the creation of his two books with Keith Whitaker:Wealth of Wisdom: The Top 50 Questions Wealthy Families AskWealth of Wisdom: Top Practices for Wealthy Families and Their AdvisorsBoth books explore the fundamental questions families face and highlight the importance of curiosity, humility and thoughtful inquiry.Leadership and the Future of the ProfessionNow 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 ThemesIntegration over silosPurpose before portfolioEducation for families and advisorsSuccession planning within advisory firmsElevating standards in ultra-high-net-worth advice

Episode OverviewIn 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-makingThis 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 AdvisorGuests:• Tania Neild, Founder and CEO, InfoGrate Wealth• Bill Wyman, President, Family Office Services, Summitas• Dan Gregerson, Co-Founder and CEO, Summitas

SummaryThis 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.Chapters00:00 Introduction to Philanthropic Advising Competency Model04:04 The Evolution of Philanthropic Advising08:25 Understanding the Competency Model Structure12:25 The Intentions Behind the Competency Model15:16 Cultural Dexterity and Behavioral Intelligence22:31 Hiring and Training with the Competency Model25:29 Building Trust Through Competency28:11 Future of Philanthropic Advising34:16 Skills for the Next Generation of Advisors37:25 Key TakeawaysLinksPhilanthropic Advising Competency Model - https://www.daylightadvisors.com/research-philanthropic-advising-competency Barriers to giving - https://www.ncfp.org/knowledge/overcoming-psychological-barriers-to-giving/.

SummaryIn 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 coverWhy integration, and why nowHow 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 modelHow to assess whether your firm has real pricing power today, and how integrated offerings affect the balance betweenRevenue per clientClients per adviserAdviser compensationOverall profitabilityThe economics of integrationThe 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 structureWhy 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 spectrumThree 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 integrationJoe 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 guestsKevin 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 overviewRuss 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 themesYour story as your greatest asset: Identity, purpose and self-knowledge as the foundation for a lived legacySafe, consent-led storytelling: Why participants should retain control and how privacy builds honesty and depthFrom emotion to insight: How telling a story moves feeling into language and reduces its hold on usA “family voice,” not just a founder’s voice: Interviewing every generation to reveal shared values and differencesPhilanthropy and purpose: How stories surface what people truly care about and guide meaningful givingAdvisers as humans first: Do your own story work to build trust with the whole family, not only the patriarchGetting started at any age: Simple, repeatable practices for capturing stories from early childhood to later lifeNext stepsInstitute members can access the Legacy Playbook in the member portal and resource libraryTo explore a Family Voice series or personal story mentoring, get in touch via the Institute website - https://www.uhnwinstitute.org/

Join family office veterans Josh Miller, Linda Mack, and Rich Wolkowitz as they redefine the role of the expert generalist in wealth management. Josh shares insights from his journey in law and wealth strategy, while Linda discusses her pioneering concept of the expert generalist as a coordinator across disciplines. Rich emphasizes the essential traits of servant leadership and intellectual curiosity. They dive into balancing depth and breadth of knowledge, anticipating challenges, and the future of family offices, highlighting the need for customization and professionalism.

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.TakeawaysAdvisors 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.Chapters00:00 Introduction to Power Dynamics in Ultra Wealthy Families02:58 Understanding the Power Map Concept05:41 Nuanced Sources of Power11:48 The Role of Advisors in Power Dynamics17:32 Practical Application of the Power Map23:59 Empowering Families Through Understanding Power Dynamics27:19 Navigating Complex Family Structures30:12 Cultural Competency in Family Dynamics34:28 The Shift to Wealth 3.041:07 Case Study: Power Dynamics in Family Philanthropy46:06 Key Takeaways for Advisors