Family wealth advisor

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A professional who specializes in managing the wealth and financial affairs of high-net-worth and ultra-high-net-worth families. The advisor’s services are typically more comprehensive and holistic than just financial or asset management, encompassing multiple aspects of a family’s life with wealth.

A family wealth advisor’s services typically include overseeing many or most of the Ten Domains of Family Wealth. These financial and/or nonfinancial services may be offered within the advisor’s firm or can be outsourced, but the services are typically coordinated, managed, and monitored by a family wealth advisor. Ideally, family wealth advisors have skills to work closely with other professionals such as attorneys, accountants, estate planners, and family consultants to provide integrated and holistic financial advice.

The term for a family wealth advisor may vary depending on the type and organizational structure of a firm. Common examples include relationship manager, senior client advisor, wealth strategist, client advisor, and managing director.

See Also: Integrated wealth advisor and Expert generalist

Mack, Linda C., and Michael Zeuner. “The Missing Link for Family Offices.” Campden FB, September 30, 2015. https://www.campdenfb.com/article/missing-link-family-offices.

McCullough, Tom. “Rise of the Integrated Advisor.” The Journal of Wealth Management. Volume 26, no 1( 2023): DOI: 10.3905/jwm.2023.1.208

McCullough, Tom. and Keith Whitaker, eds., “Seeking Sound Advice.” in Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask. Wiley: 2019.

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Welcome to the Wealthesaurus*

A Glossary of Family Wealth Advising Terms

*pronounced: well-thuh-SAWR’-uhs

The Wealthesaurus provides standardized definitions of common and specialized family wealth advising industry terms. By sharing this glossary, we hope to improve communication across the UHNW community.

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Mission:
  • Provide an intellectual framework, understanding and organization of family wealth management content
  • Educate advisors and family offices on how best to support evolving UHNW families
  • Provide thought leadership, insights and resources to advisors and family offices
  • Promote best practices, provide professional development and support sustainable, positive change within our industry
  • Foster an equitable, collaborative and safe learning environment within the wealth management industry