The 2013 FOX Thought Leaders Council brought together representatives from sophisticated family offices and industry leading advisors with the goal of identifying the state of the art in private wealth management. They discovered that while on paper the services offered from one firm to the next are often similar, the greatest differentiators between industry norms and industry leaders are rooted in how advice is delivered.

As Rockefeller & Co.’s Loraine Tsavaris put it, “Everyone says that strategic planning is critical, but on the other hand you have to execute – it’s all about the HOW. Strategy and execution are two ends of the barbell. Everything we do is in between.”

One key hallmark of delivering state of the art wealth advice is communication with the goal of understanding. Too often the act of relaying information is mistaken for communication. State of the art advisors know that true communication is more than a transaction where information is passed from one person to another. They communicate strategically, anticipating their clients’ needs, and test for understanding, while making a point of utilizing a variety of channels and media in order to broaden their reach and increase their effectiveness.

Following are what some of the FOX Thought Leaders Council had to say about communicating with their clients:

Brittney Saks, PwC Private Company Services

“Seventy-six percent of family businesses say they plan to keep the business in the family. Statistics show that the number of family businesses that accomplish this is much lower, in part because of a failure to do proper planning. We advise our clients to start the process early and help them document a formal written succession plan, which is monitored regularly to ensure that they are prepared for unforeseen events.”

David Diefenbach, U.S. Trust, Bank of America Private Wealth Management

“I constantly find that we have to look back on ourselves and answer this question: As we’re working with the clients over the years are we considering what they’ve told us, capturing it, and are we using it? That’s where our responsibility lies.”

 

Lisa Featherngill, Abbot Downing

“My ‘aha moment’ came when I realized that the estate plan is not final until it’s been communicated to the rest of the family. Until it’s in action, it just doesn’t have life. And until it’s been communicated, you don’t have engagement. Without engagement, you won’t be successful.”

 

This blog post draws on content from the new FOX report, The State of the Art in Family Wealth Management, which outlines the family enterprise concept and leading practices in the delivery of wealth management services.