A team, practice, firm, or business unit that serves the needs in most but not all nine content domains in the Ten Domains of Family Wealth model using a combination of internal and external resources. It does not necessarily perform the activities of integrating service delivery in those domains.
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 Wealth Advisory business model focus on a broad menu of services for client families. Some firms cover all four domains in the Wealth Creation and Stewardship cluster and most but not all five domains in the Cultivation of Family Capital cluster. Other firms provide services in all Family Capital domains but not all of the Wealth Creation and Stewardship domains. Using various approaches, these firms provide services through some combination of in-house individuals or teams plus external resources, either on referral or through more collaborative strategic partnerships.
What Wealth Advisory firms lack is the ability to integrate those services as fully as possible. The firm may not have the staff, skills, or operational setup necessary for fully integrated family wealth management, including the services of at least one integrated family wealth advisor or expert generalist to help lead the team and the client family engagement. Firms with those capabilities and staff fulfill the criteria for having a Family Wealth Advisory business model.