Fundamentals of Excellence for Individuals and Families

These Fundamentals are offered to individuals and families who are contemplating engaging a values-based advisor. 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.

This document does not suggest that every family check off every item on the list. The information is offered as an opportunity to select the right firm or advisor and to achieve ideal results from the work itself.

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.

Create the foundation for a successful experience:

• Understand that this advisory decision is unlike hiring a traditional legal, tax or financial advisor. The relationship warrants deeper connection and therefore requires a strong perceived mutual fit. 
• Come to the relationship open and willing to fully engage in the process. The work you’ll do will be deep – for yourself and your family. Trust that an amazing outcome might be just around the corner at any time – even if you can’t readily see it.
• Have the courage to communicate with candor as long as the environment is safe. If it doesn’t feel safe, communicate this with candor as well.

Understand what the advisor brings to the table:

• Gain an understanding of the advisor’s training, experience, education, background and credentials.
• Inquire about the business infrastructure (teams, systems, methodology) that will be used to execute the process. Consider reviewing sample deliverables that are developed as a result of the work. 
• Discuss why the advisor chose this work and what has prepared him or her to be helpful. 
• Ask about the advisor’s long-term commitment to this practice area. Understand how you’ll continue the work if they’re gone or if the relationship doesn’t work out the way you both intend.
• If sustaining the work intergenerationally is important to you, ask the advisor about the firm’s capacity for working with future generations.

Achieve clear mutual expectations: 

• Ask what outcomes you can expect from an initial engagement, the relationship and the work itself, should you decide to continue it over time.
• Understand how the information the advisor collects will be integrated into your daily thinking, relationships and family projects. What shifts can you anticipate in the short- and long-term?
• Expect full disclosure regarding all services the firm provides, all revenue streams and any potential conflicts of interest that may arise in the process. 
• Speak to others who’ve been through the firm’s process. Use the Fundamentals of Excellence for Advisors to pose substantive questions.