Resources
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There is No 70% Rule – A Critique of Williams and Preisser
(opens in new tab)The wealth management industry has consistently cited the “70% failure rate of wealth transitions” put forth by Roy Williams and Vic Preisser since the 1990s. In this detailed International Family Offices Journal article(opens in new tab), each citation for this assertion is tracked back to original sources, finding the “rule” was built on a single limited study from the 1980s that was superseded by better research decades later. The article also critically reviews Williams and Preisser’s own research on the supposed causes of these family failures. Recommendations are outlined for developing better research about family wealth longevity in the modern era.
Classic Article Outlining Characteristics of Wealth Acquirers and Inheritors
(opens in new tab)This article(opens in new tab) was the first comprehensive review of the psychology of wealth literature early in the field. It also introduced the now-classic metaphor that wealth acquirers are like immigrants to the proverbial Land of Wealth while inheritors are more like natural-born citizens or natives of wealth. It summarized the perspectives on wealth at that time, providing insights and recommendations for understanding the similarities and differences of wealth’s acquirers and inheritors. Some commonly-accepted principles about the ephemeral nature of wealth across generations – the “shirtsleeves to shirtsleeves” adage – have now been shown to lack foundation. However, the remainder of the article remains helpful today.
Understanding the Foundations of Integrated Wealth Advisory Services
(opens in new tab)Advisors typically focus on the technical dimensions of wealth, addressing clients’ personal issues or family dynamics only when these are overly problematic. Yet, excellent wealth management requires advisors to have a good foundation in client relationship skills as well as basic knowledge of the family-dynamics situations that commonly arise with wealth.
In this early (2010) yet prescient perspective on wealth advisory integration, Jim Grubman and Dennis Jaffe outline the fundamental ways to conceptualize, assess, and implement client-relationship skills and services in integrated family-office-level wealth management.
Core Communication Techniques for Advisors
This Journal of Financial Planning article gathers in one place five fundamental communication skills needed by all levels of financial advisors. These skills are part of the “foundational” abilities necessary for all client interactions as described in the article “Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management,” Journal of Wealth Management, Summer, 2010.
Wealth 3.0: From Fear to Engagement for Families and Advisors
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(opens in new tab)This article (opens in new tab)was the first description of the Wealth 3.0 paradigm that Jim Grubman first outlined in a 2019 conference keynote and then published as a book in 2023 with co-authors Dennis Jaffe and Kristin Keffeler. It outlines the fundamentals of the four professional areas in which a new, unified, and more positive field of wealth advising must develop: practice, professional organization, education, and research.
A Resource on Choosing a Family Consultant
The process of finding, interviewing, selecting, and working with a consultant concerning family wealth or family enterprise issues is a difficult one for many families. There are few resources in the industry to guide families along the way. This handout, based on extensive experience, helps outline the steps involved and how to navigate toward a successful outcome.
A Primer on Wealth 3.0
This frequently-requested handout(opens in new tab) presents the background and many of the key concepts, principles, and communication techniques of the Wealth 3.0 framework for advisors and families.
Wealth 3.0 in Practice
(opens in new tab)Following up on the first Trusts & Estates article in the series on Wealth 3.0, this article(opens in new tab) provides further depth and detail on how the principles of Wealth 3.0 can be applied by advisors in working with client families. It contrasts the traditional pessimistic and fear-based approaches to wealth advising (“tell me what keeps you up at night” and “wealth normally doesn’t survive three generations”) with more modern, less biased, and more useful approaches that help clients succeed.
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Dr. Grubman is no longer accepting new consulting engagements with clients. He welcomes correspondence from individuals, advisors, and colleagues exploring the ideas in his books, publications, and presentations.