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Wealth 3.0: The Future of Family Wealth Advising
More than four decades ago, the field of family wealth advising began to emerge as a challenge to the tradition of caring only about the money. We now stand at the threshold to the next major transformation, strengthening the focus on family while shedding the fears and flaws that invaded beliefs about the rich. Written by three renowned experts, Wealth 3.0: The Future of Family Wealth Advising outlines how the field arrived at this point and what will be needed to establish a positive vision of family wealth. Through relatable stories and insightful recommendations, Wealth 3.0 is a modern manifesto. It challenges family wealth advising to become the enduring, scalable, rigorous profession it was always destined to be.
212 pages, Kindle Edition
Published July 8, 2023
27 people are currently reading
130 people want to read
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Displaying 1 - 5 of 5 reviews
March 24, 2024
This was very good. It doesn't apply to most of my practice as it is designed for working in the HNW and UHNW space, but the basic principles can most certainly be applied to not just all financial planners/advisors, but into any consultative business. Here's why:
Nearly every form of interpersonal consultative vocation has evolved from a dictatorial approach, to a move collaborative approach, to moving into the current behavioral approach. The wealth industry is no different and not necessarily unique in this sense. But, as I have been in the industry for 28+ years, I have seen my own path and maturity help with my ability to provide guidance and advice as I have aged and become older. It is a bit daunting, and can be seen as really precocious, for an advisor, say aged 32, to tell people in their 60s or older what they should do, how they should feel, and why it is either good or bad.
Imagine you are a "regular person" aged 35, with a fine pedigree from college and some impressive skills in your first 10 years of the profession, giving advice about the wealth of a client family who's $15 million net worth is 20 times greater than yours. It is hard to relate to that client. It is hard for the client to relate to you and see validity in your insights, regardless of how "right" they may be. This is the age-old paradox of not having enough life experiences yet trying to persuade clients with much more life experience that the direction you are advising is anchored in their best-interests.
So, on to the book......
I was introduced to this book from a colleague who works exclusively in the HNW and UHNW space. Her initial commentary was how you cannot be a generalist and cover all of these areas for a client. In that subset of the industry, I agree. But, in the context of working with mass-affluent (anathema for some advisors), I still believe that range is your best asset. Nonetheless, there is some serious truth of that initial statement and how we have continued to evolve in this industry.
The book uses an ongoing story in the intro of each chapter of a family wealth firm that's roots came from an wealthy oilman and his son who gets into the wealth-advising industry. This evolves into the next generation son getting into the firm and taking to a new level. Kind of hits home-and I think this was an excellent segue for each chapter.
Basically, Wealth 3.0 has spawned from originally Wealth 1.0, and evolved through Wealth 2.0. So, what are they?
Wealth 1.0 – basically the stock broker and wirehouse style of onboard a client, capture their assets, either trade the accounts to grow them. Mostly in a commission world, and not very involved in any type of holistic financial planning
Wealth 2.0 – Moving into a fee-for-advice model with emphasis on financial planning and investment planning in an AUM styled management. This is a much better model than Wealth 1.0 from both the client and advisor stand point. Nonetheless, this model wouldn’t have existed without the establishment of the prior model. Further, although this is a more encompassing style, it is not covering everything the client may need. I have noticed this many times in the past, myself. Full-disclosure, this is the space in which I have existed for the last 25 years of my career, and certainly the last 15.
Wealth 3.0 – This model builds on the work of Wealth 2.0. The breadth of this level is leaving no stone unturned. Not until page 75 does the book get into the meat of the model with the Ten Domains of Family Wealth. I would have liked to have gotten there earlier as a taste. Some readers may not make it that far in the book before petering out, so a smaller snippet of this model would have been good. But, if you get that far, you think, okay, this is where we see the ‘new’ model. The authors do a great job building this model and it is very interpersonally based.
Again, in my average client interactions, the client may have between $250,000 to $2,000,000, and even on the higher ranges, there is still some trepidation from both the client and me if they will have enough for their retirement, let alone how much, and how, they will leave a legacy for the next generation. So the depth of Wealth 3.0 is not as applicable from a “you must do this” perspective. But, reading between the lines, this book certainly has me thinking of building out a more holistic approach with my team to serve our clients more completely.
Give this a try and if you are a wealth manager of any sort, let your mind wander and see where you may be able to provide a better experience for your clients, which in the long-run will provide more referrals, more retention, and deeper relationships with clients.
Nearly every form of interpersonal consultative vocation has evolved from a dictatorial approach, to a move collaborative approach, to moving into the current behavioral approach. The wealth industry is no different and not necessarily unique in this sense. But, as I have been in the industry for 28+ years, I have seen my own path and maturity help with my ability to provide guidance and advice as I have aged and become older. It is a bit daunting, and can be seen as really precocious, for an advisor, say aged 32, to tell people in their 60s or older what they should do, how they should feel, and why it is either good or bad.
Imagine you are a "regular person" aged 35, with a fine pedigree from college and some impressive skills in your first 10 years of the profession, giving advice about the wealth of a client family who's $15 million net worth is 20 times greater than yours. It is hard to relate to that client. It is hard for the client to relate to you and see validity in your insights, regardless of how "right" they may be. This is the age-old paradox of not having enough life experiences yet trying to persuade clients with much more life experience that the direction you are advising is anchored in their best-interests.
So, on to the book......
I was introduced to this book from a colleague who works exclusively in the HNW and UHNW space. Her initial commentary was how you cannot be a generalist and cover all of these areas for a client. In that subset of the industry, I agree. But, in the context of working with mass-affluent (anathema for some advisors), I still believe that range is your best asset. Nonetheless, there is some serious truth of that initial statement and how we have continued to evolve in this industry.
The book uses an ongoing story in the intro of each chapter of a family wealth firm that's roots came from an wealthy oilman and his son who gets into the wealth-advising industry. This evolves into the next generation son getting into the firm and taking to a new level. Kind of hits home-and I think this was an excellent segue for each chapter.
Basically, Wealth 3.0 has spawned from originally Wealth 1.0, and evolved through Wealth 2.0. So, what are they?
Wealth 1.0 – basically the stock broker and wirehouse style of onboard a client, capture their assets, either trade the accounts to grow them. Mostly in a commission world, and not very involved in any type of holistic financial planning
Wealth 2.0 – Moving into a fee-for-advice model with emphasis on financial planning and investment planning in an AUM styled management. This is a much better model than Wealth 1.0 from both the client and advisor stand point. Nonetheless, this model wouldn’t have existed without the establishment of the prior model. Further, although this is a more encompassing style, it is not covering everything the client may need. I have noticed this many times in the past, myself. Full-disclosure, this is the space in which I have existed for the last 25 years of my career, and certainly the last 15.
Wealth 3.0 – This model builds on the work of Wealth 2.0. The breadth of this level is leaving no stone unturned. Not until page 75 does the book get into the meat of the model with the Ten Domains of Family Wealth. I would have liked to have gotten there earlier as a taste. Some readers may not make it that far in the book before petering out, so a smaller snippet of this model would have been good. But, if you get that far, you think, okay, this is where we see the ‘new’ model. The authors do a great job building this model and it is very interpersonally based.
Again, in my average client interactions, the client may have between $250,000 to $2,000,000, and even on the higher ranges, there is still some trepidation from both the client and me if they will have enough for their retirement, let alone how much, and how, they will leave a legacy for the next generation. So the depth of Wealth 3.0 is not as applicable from a “you must do this” perspective. But, reading between the lines, this book certainly has me thinking of building out a more holistic approach with my team to serve our clients more completely.
Give this a try and if you are a wealth manager of any sort, let your mind wander and see where you may be able to provide a better experience for your clients, which in the long-run will provide more referrals, more retention, and deeper relationships with clients.
November 13, 2024
Wealth 3.0: Bridging the Gap Between Wealth and Meaning captures a timely shift in how wealth is communicated—merging the best of traditional wealth narratives with a fresh, purpose-driven approach. Where old-school messaging focused on growth and preservation, Wealth 3.0 reframes wealth as a tool for legacy, impact, and values alignment, speaking to today’s leaders who see wealth as more than just numbers.
For communicators, the book is a playbook for reaching an audience increasingly focused on purpose and legacy. It provides the tools to craft narratives that respect the history of wealth while making it relevant for a new generation. Wealth 3.0 challenges us to help our clients communicate as leaders who value both heritage and the drive to make meaningful change.
For communicators, the book is a playbook for reaching an audience increasingly focused on purpose and legacy. It provides the tools to craft narratives that respect the history of wealth while making it relevant for a new generation. Wealth 3.0 challenges us to help our clients communicate as leaders who value both heritage and the drive to make meaningful change.
July 12, 2024
This is the most niche book I've ever read.
It has some good suggestions, but the main trust of the book doesn't make sense to me. There is a need for better practitioners in the family wealth advising space, but a CPA, CFA, CAIA-type credential won't work. There is not enough demand for this and the industry is too small to support it. There are various lesser known institutes that are trying to do something like this but it's not working very well.
It has some good suggestions, but the main trust of the book doesn't make sense to me. There is a need for better practitioners in the family wealth advising space, but a CPA, CFA, CAIA-type credential won't work. There is not enough demand for this and the industry is too small to support it. There are various lesser known institutes that are trying to do something like this but it's not working very well.
April 8, 2024
Insightful look at the future of wealth management!
This books speaks to my inner financial planner/wealth advisor as I have begun to incorporate more behavioral finance and psychology into my own practice over 16+ years and grow the necessary knowledge to help family wealth clients learn, grow and educate their legacy.
Highly recommend this book!
This books speaks to my inner financial planner/wealth advisor as I have begun to incorporate more behavioral finance and psychology into my own practice over 16+ years and grow the necessary knowledge to help family wealth clients learn, grow and educate their legacy.
Highly recommend this book!
March 24, 2025
Not in my wheelhouse but a good read for the full understanding of what generational wealth can/has evolved into and what it would take in discussions moving forward with families.
Displaying 1 - 5 of 5 reviews