Competencies and Services Necessary for Truly Integrated Wealth Management
Every interaction in wealth management can be characterized along two dimensions: the complexity of the client’s technical needs and the complexity of the client’s personal and family needs. Advisors often attend mostly to the technical dimension, addressing clients’ personal issues or family dynamics only when these are overly problematic. Yet, excellent wealth management requires advisors to have a solid foundation in client relationship skills as well as good basic knowledge of family-dynamics situations that commonly arise with wealth.
In an ongoing series of comprehensive articles, Jim Grubman and colleague Dennis Jaffe outline new ways to conceptualize, assess, and implement client-relationship skills and services in integrated family-office-level wealth management.
James Grubman, Ph.D and Dennis Jaffe, Ph.D. Journal of Wealth Management, Summer 2010