A Florida based RIA focused on ultra-high-net-worth clients has introduced a formal governance program aimed at helping families manage the non-investment challenges that come with significant wealth, including succession, communication and preparing younger generations for leadership.
Activest Wealth Management unveiled its Family Office Governance Program last week, an initiative built with input from Dennis T. Jaffe, Ph.D., a scholar and advisor specializing in family enterprise, and designed to turn governance from a topic families revisit occasionally into an ongoing part of the advisory relationship.
The program brings together several elements under one structure such as facilitated meetings for family members, the design of governance frameworks, education spanning multiple generations, succession planning and conversations centered on legacy. Activest said the approach is customized to each family's situation rather than applied as a one-size-fits-all template.
"As families grow in size, complexity and wealth, the challenges they face extend well beyond investment management," said Isaac Wakszol, chief executive of Activest. "The stewardship of wealth requires communication, shared values, thoughtful decision-making and the preparation of future generations. Under Dr. Jaffe's guidance, our Family Office Governance Program is designed to give families the tools and structure to address these issues proactively and to strengthen their legacy over time."
According to the firm, the offering draws on academic research alongside hands-on experience, with the goal of getting families talking about issues that too often get pushed aside until they force a crisis.
An initial group of families has already gone through the program, taking part in governance planning sessions, education across generations and guided discussions on legacy and stewardship. Activest said those families have used the structure to start conversations about long-term legacy while aligning decisions on shared assets, advisor relationships and oversight of investments.
"Families are looking for guidance not only on managing financial capital, but also on preserving human capital, family culture and shared purpose," Wakszol said. "This program is designed to help them do exactly that."
Activest positions the launch within a wider shift in the wealth management field, as advisors take on a bigger role in the interpersonal and structural questions that can determine whether family wealth survives across generations. The firm said its process is designed to scale while still allowing each family to shape a structure that fits its own values and circumstances.
Wells Fargo affiliate and women-focused wealth firm both promote leadership as they scale advisor support.
Todd Bryant of Signature Wealth Partners on vanishing pensions, SECURE Act 2.0, and what clients really want to know.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
