The UHNW Institute Podcast

Navigating Risk Management with Kate Norris Join us in this insightful episode of the Ultra High Net Worth Institute podcast as Russ Haworth sits down with Kate Norris, founder and CEO of Attenuate Risk. They delve into the top risk trends impacting wealth managers and their clients today. Kate shares her journey from financial services to launching her own firm, emphasizing the importance of understanding non-portfolio risks such as physical security, digital footprints, and family dynamics. Key Takeaways: The significance of non-portfolio risks and their impact on financial security. The importance of personalized risk management plans for families. How wealth managers can better understand and address the unique risks faced by ultra-high-net-worth families. The role of wealth advisors in protecting clients' financial legacies. Chapters: 1. Introduction to Kate Norris and Attenuate Risk 2. Kate's Journey in Financial Services 3. Understanding Non-Portfolio Risks 4. The Role of Wealth Advisors in Risk Management 5. Top Risk Trends for Ultra-High-Net-Worth Families 6. Personalized Risk Management Plans 7. The Importance of Independent Advice 8. Conclusion and Key Takeaways For more information about the Institute head to https://uhnwinstitute.org [https://uhnwinstitute.org]

Summary In this episode of the Ultra High Net Worth Institute podcast, Russ Haworth speaks with Judy Galst from Henley and Partners about investment migration. They explore the increasing interest from Americans in obtaining alternative residence and citizenship through investment, the differences between residency and citizenship, and the popular programs available. Judy shares insights on the motivations behind this trend, the importance of strong passports, and common misconceptions surrounding investment migration. The conversation emphasizes the need for education and guidance in navigating these options. Chapters 00:00 Introduction to Investment Migration 02:30 Understanding Investment Migration 04:02 The Surge of American Interest 10:27 The Importance of Strong Passports 12:13 Residency vs. Citizenship 16:52 Popular Programs for Americans 25:58 Investment Structures and Tax Considerations 35:05 Common Misconceptions and Advice

Summary The conversation introduces the new Single Family Office (SFO) membership program by the Ultra High Net Worth Institute, highlighting its purpose, unique offerings, and the insights gathered from advisory board discussions. The speakers discuss the need for relevant content, the complexity of the SFO leader role, and the importance of networking and collaboration among family office executives. They outline the membership structure, benefits, and upcoming events designed to engage members and foster a community of learning and support. Chapters 00:00 Introduction to the SFO Podcast 02:50 The Need for SFO Membership 05:43 Unique Offerings of the Institute 08:50 Insights from the Advisory Board 11:36 Evolution of the SFO Initiative 14:40 Target Audience for Membership 17:43 Membership Structure and Benefits 20:46 Engaging Events and Clinics 23:40 Future Plans and Launch Announcement

Summary In this episode, Russ Haworth and Teresa Leigh discuss the complexities of elder care within ultra high net worth families. They explore the reluctance of families to bring in external caregivers, the risks associated with transitioning in-house staff to caregiving roles, and the importance of managing expectations during these transitions. The conversation emphasizes the need for proper vetting of care providers, the potential pitfalls of improper vetting, and the role of technology in caregiving. Additionally, they highlight the critical involvement of family members in coordinating care and ensuring the well-being of their loved ones. In this conversation, Teresa Leigh discusses the complexities of caregiving within ultra high net worth families, emphasizing the emotional and relational dynamics that come into play when making care decisions. She highlights the importance of reframing care as a positive experience rather than a negative one, focusing on quality of life rather than costs. Effective communication strategies are essential for families to navigate these discussions, and understanding the risks associated with care management is crucial for ensuring safety and well-being. Chapters 00:00 Introduction to Elder Care in High Net Worth Families 03:04 Understanding the Reluctance for External Care 05:48 The Risks of In-House Staff Transitioning to Caregivers 09:04 Managing Expectations with New Caregivers 12:13 Protocols for Hiring Caregivers 14:47 The Importance of Vetting Care Providers 18:02 Potential Pitfalls of Improper Vetting 20:49 Integrating Technology in Caregiving 24:07 The Role of Family in Care Coordination 29:21 Navigating Family Dynamics in Care Decisions 34:23 Reframing Care as a Positive Experience 39:08 Quality of Life Over Cost 44:03 Effective Communication Strategies for Families 52:31 Understanding Risks in Care Management

In this episode of the Ultra High Net Worth Institute Podcast, guest host Jamie McLaughlin sits down with Stephanie Gromek, Managing Partner at BBR Partners, to discuss the origins and purpose of the Collegium and the Practice Management Council within the Ultra High Net Worth Institute. They explore how these initiatives create valuable learning environments for business leaders, advisors, and wealth managers, while also fostering collaboration among industry professionals. KEY TOPICS DISCUSSED: 1. THE ORIGINS AND PURPOSE OF THE COLLEGIUM * The Collegium was born out of a panel discussion moderated by Jamie in 2018. * Aimed at creating a safe, conflict-free space for industry leaders to share insights and best practices. * Addresses the need for unbiased, independent information in the ultra-high-net-worth sector. * The Collegium synthesizes discussions into a formal report to advance industry knowledge. * Transitioned from virtual during the pandemic to in-person in October 2023 and 2024. * Upcoming Collegium VIII will be held virtually on April 23rd & 24th, 2025. 2. THE ROLE OF THE PRACTICE MANAGEMENT COUNCIL * Led by Stephanie Gromek, the council helps industry players learn and share best practices. * Focuses on how business leaders can build sustainable firms that meet the evolving needs of wealthy families. * Organized around five key pillars: * Human Capital: Attracting, retaining, and developing talent. * Sales & Marketing: Growing businesses with effective strategies * Business Management: Aligning profitability, capital structure, and strategy. * Technology: Enhancing operations and client service through innovation. * Integrated Wealth Management: Delivering across the 10 domains of wealth management 3. STRUCTURE OF THE PRACTICE MANAGEMENT CLINICS * Expert-led panels: Featuring professionals from member firms. * Breakout discussions: Participants share challenges, best practices, and solutions. * Focus on actionable takeaways: Turning insights into tangible strategies. 4. HIGHLIGHTS FROM THE OCTOBER 2024 IN-PERSON COLLEGIUM * Topic: Firm Sustainability – critical for long-term success. * Keynote by Andrew Schwede del (Bain & Co.): The challenge of scaling intimacy in high-touch businesses. * Four core discussion areas: 1. Growth & Profitability – ensuring firms remain competitive. 2. People & Talent – attracting and retaining top professionals. 3. Capital Structure – long-term sustainability of business models. 4. Strategic Focus – defining what firms will and will not do. 5. WHAT TO EXPECT AT COLLEGIUM VIII (APRIL 2025) * Two sessions: April 23rd (3:30 PM EST) & April 24th (12:00 PM EST). * Virtual format with structured breakout discussions. * Reports & takeaways will be shared post-event. * Opportunity to collaborate and learn from other leaders in the industry. * Designed for C-level executives, business operators, and wealth management professionals. FINAL THOUGHTS & CALL TO ACTION * The Collegium fosters a spirit of collaboration and professional growth. * Participants leave with new insights, strategic clarity, and stronger industry relationships. * The Ultra High Net Worth Institute is committed to being both a think tank and a do tank, ensuring these discussions translate into meaningful advancements. * Register now to join Collegium VIII and be part of the conversation shaping the future of the wealth management industry. Thank you for listening! For more information on the Ultra High Net Worth Institute and upcoming events, visit https://www.uhnwinstitute.org