Fundamentals of Excellence for Advisors

These fundamentals are offered to advisors already doing values-based work and to new advisors entering the space. Our goal is to increase awareness of relevant factors for doing this work authentically and to increase the quality of the experience for families who embark on the journey. We define affluent as net worth of $10M or more.

The term values-based space is used for simplicity yet we acknowledge the term itself is limiting. These Fundamentals address work done in the following areas: wealth coaching or counseling, family governance, financial life planning, heritage planning, values-based planning, and all similar arenas.

How do you describe your services? What expectations are created?

Make your intentions known by describing all services and revenue streams up front. Ensure the expectations created when describing services are consistent with your firm’s ability to deliver.
Provide complete disclosure regarding all services or products provided by your firm, all fees, incentives and commissions derived by the firm, and all conflicts of interest that may arise in
the process.
Ensure your intentions and capabilities are aligned.

What training, expertise, credentials or education support your ability to execute?

Advisors who have gone through this type of work themselves are better equipped to help families navigate the journey.
Be aware of the talents, readiness, and training that you possess to carry through on commitments made to families.
Commit to ongoing learning.
Have the infrastructure and processes to support the ongoing integration of the vision work into the families’ daily lives and relationships, as well as their existing and future planning and decision making.
Commit to continuous collaboration between behavioral and technical disciplines.
Have a well-vetted team of multi-disciplinary experts to allow unforeseen complexity to be managed immediately. Team member roles may include: facilitator, coach, psychologist or mentor; experts and practitioners in health & fitness, conflict resolution, family governance, substance abuse, child development, special needs children, financial parenting and aging issues; ghostwriting, videography and genealogy; and traditional professional disciplines such as legal, tax, financial planning, investments and insurance.
Build a sustainable model for families to continue the work with your firm or any other advisor or firm.
Offer methodology for intergenerational continuity of the work as desired or appropriate to the families.

What is your commitment to this practice area? What are your underlying motivations?

Tread where you’re equipped to tread. Invite collaboration as needed by the family regardless of the impact on your revenue, or risk to your client relationship.
Examine your motivation for doing the work. Is it to create professional intimacy for the primary purpose of selling products, or is it to create intimacy in order to help the family achieve deep and continuous progress in their values-based work?
When asking clients to begin this long-term journey, ask yourself whether the duration of your commitment to this practice area aligns with the expectations you set forth for families.
Come to each new family with clean-slate thinking; erase preconceived notions.