A wealth advisory firm that serves as an integrator of services for one or more of its client families. The firm may provide the majority of services using its own staff or it may oversee some services provided by external advisors.
An integrated wealth advisory firm serving as the hub in a hub-and-spoke service delivery model provides both a significant number of services across the Ten Domains of Family Wealth and the valuable integration function that elevates the quality of service delivery for its clients. Within the integrated advisory hub, one or more skilled advisors possess the skills of the expert generalist or integrated family wealth advisor to coordinate, oversee, foster collaboration, and maintain accountability for excellent service delivery across multiple domains. This process may require developing strong relationships with specialist service providers who operate in the spoke domains of the hub-and-spoke model.
Integrated advisory hubs must have the optimal level of skills in the Family-Advisory Relationships domain as well as system-wide capacities for integration, including the leadership, technology, talent management, and practice management qualities that support integrated services.
See Also: Spoke
See References
The UHNW Institute. “Scalability v. Customization: Striking a Balance that Best Serves UHNW Clients.” The UHNW Institute’s 2023 Symposium: The Evolution of UHNW Wealth Management: At the Crossroads of Collaboration, Integration, and Transformation. uhnwinstitutelibrary.org/document/scalability-v-customization-striking-a-balance-that-best-serves-uhnw-clients/