A team, practice, firm, or business unit that focuses on the financial, enterprise, and/or investment needs of a client family as well as the needs in at least two other domains in the Wealth Creation and Stewardship cluster. The services may use a combination of internal and external 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 Financial Advisory business model primarily focus on financial, investment, asset, and operating business services for client families. They also typically incorporate tax, accounting, risk management, insurance, business-related legal, and/or investment-related philanthropic services in their advisory work. These cover many or most of the domains in the Wealth Creation and Stewardship cluster of the Ten Domains Model of Family Wealth. They generally have limited service offerings in the Cultivation of Family Capital domains, though they may have experience or skills in relevant areas of governance, family education, or family dynamics.
Many Financial Advisory business model firms include investment services in their offerings, while others specifically exclude investment services in their focus on other financial, corporate, or asset management services.
Financial advisory firms may provide services through some combination of in-house individuals or teams plus external resources either on referral or through more collaborative strategic partnerships.