The Wealthesaurustm

A Glossary of Family Wealth Advising Terms

The Wealthesaurus provides standardized definitions of common and specialized family wealth advising industry terms. By sharing this glossary, we hope to improve communication across the UHNW community.

Learn more about the Wealthesaurus.

Specialist Advisory business model

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An expert individual, team, practice, firm, or business unit that serves the needs in one or a few of the nine content domains in the Ten Domains of Family Wealth model using predominantly internal staff and resources.

In the UHNW Institute’s Advisory Business Model classification framework, the roles and service relationships of advisory firms are delineated according to their service focus (domains served) and pattern of integration with other firms and providers.

Those with a Specialist Advisory business model primarily focus on services in one domain for client families, although they may be familiar with and able to plan or deliver aspects of closely related domains. A specialist philanthropic advisor may, for example, also know about and collaborate with families around governance, investment strategy, family dynamics, and education. However, their primary professional identification and service model is focused on their specialty area of philanthropy. Families may utilize specialist service providers on their own or on referral from the firm serving as an integrator hub.

Specialist Advisory firms typically provide services through their own in-house individuals or teams. They may bring in highly specialized external resources for specific projects or if the client situation requires unique expertise.

Mission:
  • Provide an intellectual framework, understanding and organization of family wealth management content
  • Educate advisors and family offices on how best to support evolving UHNW families
  • Provide thought leadership, insights and resources to advisors and family offices
  • Promote best practices, provide professional development and support sustainable, positive change within our industry
  • Foster an equitable, collaborative and safe learning environment within the wealth management industry