Resources for Advisors : James Grubman, PH.D. -- FamilyWealth Consulting

Resources - For Advisors

Who Really Inhabits the Land of Wealth?

Understanding Differences between Wealth's Immigrants and Native-born Citizens

A surprising statistic is that over 80% of wealthy households have achieved their position within one generation. Only 20% of the wealthy have been raised with inherited wealth. First-generation wealthy families ("New Money") are much like immigrants, having travelled from the economic culture of their birth to a much higher economic level. Those marrying into wealthy families from a more modest background are also immigrants of a different type who make the journey suddenly.

Many of the stresses experienced by individuals, couples, and families of affluence are similar to other types of immigrant experience, including the strains between first-generation parents and their native-born children and grandchildren. Referenced by Robert Frank in his Wall Street Journal Wealth Report, this analogy is explored in a series of articles by Dr. Grubman, Dr. Dennis Jaffe and Keith Whitaker with recommendations for how to approach these issues by the trusted and thoughtful advisor.

Immigration To The Land of Wealth - Private Wealth Magazine, March/April 2009

Immigrants and Natives to Wealth: Understanding Clients Based on Their Wealth Origins - Journal of Financial Planning, July 2007

Acquirers' and Inheritors' Dilemma: Discovering Life Purpose and Building Personal Identity in the Presence of Wealth - The Journal of Wealth Management, Fall 2007

Key Elements of the Client Relationship in Financial Advising

Dr. Grubman works closely with investment advisory firms on the fundamental relationship skills in financial advising. Through innovative webcasts, resource materials, and white papers, he is on the forefront of the financial services industry, guiding professionals towards a deeper understanding of the issues clients face and how to address them with trust.

Collaborations with State Street Global Advisors:

Bridging the Trust Divide - an SSgA and Knowledge@Wharton research study with associated webcast and podcast (requires free registration).

In association with State Street Global Advisors and Knowledge@Wharton, Dr. Grubman explores key elements of trust in the advising relationship. In the final report, he offers commentary on these findings plus a down-to-earth set of recommendations about the highly-charged area of fee discussions, an area where many advisors fall short.

Managing Clients' Reaction to Risk - In a cutting-edge use of web technology, Dr. Grubman provides video coaching help using an interactive format to help advisors talk effectively with their clients about risk. Through three different client scenarios, advisors choose answers and get immediate feedback from Dr. Grubman about the effectiveness of their responses.

The Financial Advisor's Guide to Active Listening - In easy-to-follow text and diagrams, Dr. Grubman explains how to use active listening to go deeper in conversations with clients.

Listen Before Advising: Using Structured Interview Techniques to Satisfy Clients - In a question-and-answer section in this webcast with Hannah Shaw Grove, Dr. Grubman helps discuss how advisors can get to know what's important for clients, deepening and improving the advising relationship.

The Personal and The Financial: Addressing Both Dimensions in Wealth Management

Every interaction in wealth management can be characterized along two dimensions: the complexity of the client's personal and family needs and the complexity of the client's financial needs. Financial advisors often attend mostly to the financial dimension, addressing clients' personal issues or family dynamics only when these seem problematic. In reality, all tasks in wealth management can be characterized along these two axes, each ranging from less complex to more complex. Truly understanding this leads to a new level of integration in wealth management services.

A Two-Axis Model of Financial Advising - FFI Practitioner, 2008

Job Loss and Other Stress: Advising Clients Experiencing Major Life Events

Moments of major change for a client � job loss, the recent passing of a loved one, or even a sudden windfall of wealth � can create turmoil in a client�s financial and personal life. Advisors can offer unique value by helping clients steer a steady course through the turbulent emotions associated with these events. In this webinar for State Street Global Advisors, Dr. Grubman discusses the psychology of three life-changing events, offering useful guidance for how to listen and respond to a client with patience and wisdom.

Clients in Crisis: The Financial Psychology of Life Changing Events

Understanding Family Meetings for Families of Wealth

In this collaboration with Calibre, the family-office subsidiary of Wachovia (now part of Wells Fargo), Dr. Grubman helps outline essential principles of family meetings as a core part of basic governance and communication processes for families of wealth. Run successfully, family meetings contribute immeasurably to the long-term health of the family and its legacy.

Should We Have a Family Meeting? - A Calibre White Paper, Spring 2007

Raising Responsible Children with Wealth

One of the worries most consistently voiced by families of affluence is how to raise children who are productive, motivated, responsible, and generous. This task is difficult for parents who have acquired wealth during their lifetime and for parents who were raised amidst wealth themselves. See the links below for written and web-based resources about financial literacy, parenting skills, and family-oriented estate planning.

Resource Guide for Financial Literacy and Estate Planning (pdf)

Taking the Time to Teach - A Calibre White Paper, May 2006

In collaboration with State Street Global Advisors, Dr. Grubman outlines the basics of financial literacy for advisors and clients in two webcasts plus client handout. He discusses the importance of starting early in building sound relationships with money for children (webcasts require free registration):

The ABC's of 123's: Helping Clients Raise Financially Intelligent Children: Webcast for Advisors
and,
The ABC's of 123's: Helping Clients Raise Financially Intelligent Children: Webcast for Clients with pdf handout for Clients

Some of the resources listed above are in .pdf format and therefore must be viewed with Adobe Reader. Click on 'Get Adobe Reader' to the left to download a free version of Adobe Reader.