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The ultra affluent–defined here as those having $50 million or more in liquid assets–are an elite class who expect their financial advisors to not only preserve and grow their assets, but also help them with "soft" issues such as philanthropy and family governance. One of the biggest factors to success in this field is the relationship between the client and the advisor. In Advising Ultra–Affluent Clients and Family Offices, author and practicing investment consultant Michael Pompian provides a practical introduction to who the ultra–affluent actually are and reveals what it takes to build and maintain a solid relationship with them. Filled with in–depth insights and expert advice, this unique resource offers valuable information on issues that every advisor to the ultra–affluent must be familiar with.
From the Inside Flap
Despite the downturn in financial markets, there are still a large number of ultra–affluent individuals and families across the globe. And in light of recent events, these clients–defined here as those having $50 million or more in liquid assets–need help on a variety of fronts. That′s why author Michael Pompian, an experienced investment consultant in the private wealth arena, has created this timely guide.
Advising today′s ultra–affluent clients (UACs) and family offices requires solid investment knowledge and the skills to deal with "soft" issues such as family governance and philanthropy. Understanding this idea and integrating it into your professional endeavors will put you in a better position to serve your clients as well as excel in one of the most–dynamic segments of the financial services industry. Although targeted at financial practitioners, this book is also a valuable resource for families considering whether to establish or join a family office.
Divided into four comprehensive parts, this thoughtful resource opens with an informative introduction to advising UACs, including a detailed discussion of which clients are considered "ultra–affluent" and an in–depth look at their attitudes, aspirations, and investment behavior. Part II outlines various investment strategies for UACs, examining the best practices of top investment organizations and reviewing many of the alternative investments available to UACs. Part III takes the time to outline the key aspects of advising multigenerational families–including selecting an adviser, considerations for creating a family office, selecting an investment vehicle structure, and wealth transfer. Part IV rounds out this extensive exploration of advising the ultra–affluent by covering special topics in advising UACs, such as family governance, equity risk management, philanthropy, asset protection, and developing a multigenerational asset allocation strategy.
Working with the ultra–affluent has great upside potential, especially given the generational transition of wealth that is taking place globally. In order to take advantage of this opportunity, you need to gain a fundamental understanding of both the investment and noninvestment issues that affect ultra–affluent clients. Advising Ultra–Affluent Clients and Family Offices contains the practical insights and expert advice that will allow readers to successfully navigate this complex field and effectively serve some of today′s most sophisticated investors.
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Customer Reviews
Unsurprisingly, as far as investment management is concerned, the emphasis seems to be on active management, with its accompanying fees. These are often over 1%. There is little suggestion about the use of passive index funds, which have much lower expenses.
To be sure, the book does talk about cases where clients need advice about spending and about such subjects as real estate investments. So some active management fees levied by you are appropriate. But a good advisor should also suggest a core of index funds, that will lower the overall expenses of the client.
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