Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management

One of the most critical decisions a family can make is whom to entrust with the financial resources needed for current and future generations. This choice is not entirely a rational financial decision. It is also about who can best take care of the family in a personal sense. Families turn to wealth managers not just to oversee their money but for skilled guidance about how best to use wealth, handle relationships within the family, plan for children’s and grandchildren’s futures, and deal with succession and family leadership. Asking these questions may confuse or scare off advisors whose primary skills are financial, not emotional or interpersonal.