In our journey at Total Family Management (TFM), we often encounter a myriad of enriching and enlightening articles, books, and sources. These resources not only deepen our understanding but also guide us in our mission to enhance family dynamics and well-being. Recognizing the value of these materials, we've decided to compile a running list, making it easily accessible for everyone in our community. This compilation is a testament to our commitment to continuous learning and growth, offering you a one-stop destination for valuable insights. Whether you're looking for inspiration, guidance, or just a deeper understanding of family dynamics, our curated collection is here to serve you. Dive into this treasure trove and explore the wealth of knowledge that has been shaping our path at TFM.
Wealth managers who still see their jobs as only managing the money, defending their turf against other advisors of the client, and giving only lip service to personal or family dynamics are missing opportunities to better serve their clients.
A client segmentation strategy can help build scale and manage profitability. It defines the client experience and how it’s delivered consistently and efficiently among each segment of clients.
Only 68% of leading firms are engaging with the rising generation. Only 43% are using white labeled materials and thought leadership, and only 38% engaging in educational workshops.
Looking for a way to stand out? Only 10% of wealth firms with AUM over $1 billion provide coaching services to clients, in contrast to 99% offering investment management, 92% offering financial planning, and 73% providing tax planning and strategy.
Wealth manager brands are about the ability to diagnose and solve client problems. The first step in building cost effective brands is recognizing that they are about a firm’s ability to diagnose and solve client problems and not how good it is at giving financial advice. Money is merely a means to an end, and the end is about what clients want to use their money to accomplish in their lives. Wealth managers use their personal judgment and experience, along with financial expertise, to help clients to first diagnose their problems and only after that is accomplished then they organize their finances to solve them and meet their goals.
A family office is a tailored, full-service solution that caters to the financial, administrative, and lifestyle needs of affluent families. Whether it's managing investments, managing projects, minimizing taxes, or ensuring the smooth transition of wealth across generations, family offices are expected to provide comprehensive support.