The location and type of business entity providing services to UHNW clients within the Ten Domains of Family Wealth
See Also: Firm type
Professionals serving UHNW clients provide their services within a wide variety of firm types and business models that impact the delivery of those services. These range from large institutional financial firms to small boutique professional service firms, each with its own type of ownership, leadership/management model, compensation structure, service focus, regulatory compliance requirements, clientele, and firm culture. The setting in which professionals practice their trade – the practice setting – influences service delivery to an important degree, including the extent to which services may be integrated or kept separate. The term “practice setting” was adapted from its definition in the legal field.
GW Law. “Exploring Practice Areas and Practice Settings.” Accessed September 27, 2024. careers.law.gwu.edu/exploring-practice-areas-and-practice-settings