The Ten Domains of Family Wealth model was the first major framework developed by The UHNW Institute to advance thinking about the field. Initially developed in early 2020, the model was further refined and updated in late 2022 for its current configuration.
The Ten Domains model takes a novel approach to understanding families of wealth and family enterprises. Traditionally, wealth-management strategies have relied on organizing the needs of a family based largely on the services that can be delivered by advisors, potentially biasing recommendations in favor of the advisory firm rather than the family. In contrast, the Ten Domains model analyzed and organized the needs of families independent of whatever a particular advisory firm might provide for service. This allowed a clean-sheet design that prioritized a balance of needs and services without favoring any individual domain. It also elevated the importance of interdisciplinary knowledge and skills in all technical services to create the most effective relationship between a client family and its advisors. By placing these traditionally secondary “soft skills” at the core of all technical areas, the Ten Domains model emphasized the importance of how services are delivered as much as what services are delivered.
The Ten Domains of Family Wealth include the following domains (see image):
- Family-Advisory Relationships domain
- Wealth Creation and Stewardship cluster:
- Cultivation of Family Capital cluster:
The UHNW Institute continues to refine the Ten Domains of Family Wealth model through initiatives focused on integrated family wealth management, understanding phases of service delivery, practice management issues, and types of advisory firms that offer services in various domains.
See Also: Multiphasic Service Model
The UHNW Institute. Our Thinking, December 15, 2022. https://www.uhnwinstitute.org/our-thinking/.
