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The Journal of Wealth Management

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Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management

James Grubman and Dennis Jaffe
The Journal of Wealth Management Summer 2010, 13 (1) 16-31; DOI: https://doi.org/10.3905/JWM.2010.13.1.016
James Grubman
is a psychologist and consultant to families of wealth, family businesses, and the financial services industry. He is based in western Massachusetts.
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  • For correspondence: jim@jamesgrubman.com
Dennis Jaffe
is a professor of organizational systems and psychology at Saybrook University in San Francisco, CA.
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  • For correspondence: djaffe@saybrook.edu
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Abstract

Financial firms and family offices are increasingly affected by and involved with the personal and relationship issues of client family. This reality challenges a firm to help families in a way that is very different from providing financial services. For most relationship managers (RMs) who are the interface between the client and the firm, this is a new area in which they are neither trained nor comfortable. This article outlines the ways that family-dynamics issues impact multigenerational family decisions and how the RM becomes involved in these decisions. The authors present a typography of the competencies needed by RMs to serve families in this way. Next, they explore how the RM can develop these client relationship skills and define the key elements needed so that an RM is competent in handling these issues as they arise. Finally, the authors look at the challenges that arise within the financial firms and family offices as they support their client families with these services. We suggest some ways that RMs and their firms can effectively combine family-dynamics services with their financial advising.

TOPIC: Wealth management

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The Journal of Wealth Management: 13 (1)
The Journal of Wealth Management
Vol. 13, Issue 1
Summer 2010
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Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management
James Grubman, Dennis Jaffe
The Journal of Wealth Management Apr 2010, 13 (1) 16-31; DOI: 10.3905/JWM.2010.13.1.016

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Client Relationships and Family Dynamics: Competencies and Services Necessary for Truly Integrated Wealth Management
James Grubman, Dennis Jaffe
The Journal of Wealth Management Apr 2010, 13 (1) 16-31; DOI: 10.3905/JWM.2010.13.1.016
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  • Article
    • Abstract
    • TO BE OR NOT TO BE INVOLVED WITH FAMILY DYNAMICS
    • THE RM AS THE “GENERAL PRACTITIONER” FOR FAMILY DYNAMICS
    • FAMILY-DYNAMICS SERVICES WITHIN THE WEALTH MANAGEMENT FIRM
    • IMPLEMENTING FAMILY-DYNAMICS SERVICES FOR FAMILIES
    • SUMMARY: THE PROMISE OF INTEGRATED WEALTH MANAGEMENT
    • ENDNOTES
    • REFERENCES
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