Starting Critical Wealth Management Conversations

Date: Jun 19 2013

Todd Luchik

The job of advising the wealthy necessarily veers into the realms of the personal. Wealth advisors are as much family counselors as they are portfolio managers or financial planners. Issues like leadership succession or engaging the younger generations touch on such sensitive topics as aging, mortality, sibling rivalry, drug addiction, and divorce. That’s often where the true heavy lifting of being an advisor occurs, where the preservation of multigenerational wealth meets the lives of the family members.
FOX President Alexandre Monnier recently led a panel discussion at our 2013 Wealth Advisor Forum that touched on this aspect of family wealth management. The discussion dealt with common challenges facing business-owning families and featured such industry pioneers as FOX CEO Sara Hamilton, FTI Consulting Senior Managing Director Mark Rubin and WE Family Offices CEO Maria Elena (Mel) Lagomasino. In the following excerpt, Lagomasino talks about her views on starting the wealth management conversation, a process she likens to playing the role of a detective.