Firm type

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The nature of a professional or institutional business entity providing services to wealthy clients in one or more of the Ten Domains of Family Wealth.

Classifying financial or related business entities into a relatively simple or straightforward set of categories is harder than it might appear. Financial or professional services firms exist under a wide array of regulatory schemes, capital structures, ownership systems, legal structures, and service delivery systems in different jurisdictions and with varying purposes and goals. Some common types of firms providing services to UHNW clients include the following:

  • Broker-dealers – small/boutique brokerages or large institutional firms
  • Commercial banks, often with private banking departments
  • Investment banks
  • Insurance firms – either primarily focused on insurance or with affiliated wealth advisory or asset management services
  • Professional service firms – e.g., accounting or law firms, consulting firms
  • Registered investment advisors (RIAs)
  • Multifamily offices (MFOs)
  • Single family offices (SFOs)
  • Asset management firms

See Also: Practice setting

Investopedia. “Private Wealth Management: Overview and Types.” Last modified September, 2023. https://www.investopedia.com/ask/answers/052915/what-private-wealth-management.asp

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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