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The Ten Domains of Family Wealth
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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
2 episódios
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