The Family Office Exchange (FOX) asked a select group of industry-leading advisors and sophisticated family office executives to identify the hallmarks of state of the art advice in various disciplines of family wealth management at the 2013 FOX Thought Leaders Council Summit.
The respondents reported that how services are delivered, rather than service menu, is the biggest differentiator for leading firms.
The report, titled “The State of the Art in Family Wealth Management,” identified the following as the hallmarks of state of the art wealth management:
– A tendency to ask why before asking how – State of the art advisors approach their work by first ensuring that they understand their clients’ goals
– Communication with the goal of understanding – State of the art advisors communicate strategically and proactively, anticipating their clients’ needs, with regular frequency, as well as responding to on demand requests
– Understanding how all the pieces fit together – State of the art advisors proactively understand the roles and strategies of the other advisors who are on the team and know how and where their strategies impact one another
– Promoting teamwork among advisors – State of the art advisors understand the value of teamwork and actively work to put it into practice in the way they work with their own staffs, with their clients, and with other advisors.
“Our primary intention with this report was to perform a gap analysis and identify the needs of ultra-wealthy that weren’t being met in today’s private wealth management industry,” says FOX Executive Director of Market and Content Development Amy Hart Clyne.
“Interestingly, the study revealed that there is not a services gap. It is how rather than what services are delivered that separates best practice from common practice.”