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This chapter is from the book

The Nature of the Wealth Strategist’s Role

The Wealth Strategist plays the critical role in developing and executing a family’s wealth management strategy. He or she works closely with their family to define management plans and goals and then oversees implementation, coordinating the involvement of both family members and professional financial advisors as needs require. The key function is to integrate the advice and activities of various professional advisors and to make sure the advice is consistent with the overall wealth management strategy and goals and with the dynamics and priorities of the family.

Becoming a Wealth Strategist doesn’t require detailed knowledge of investment theory, estate law, or the tax code. But, it does require the following:

  • Patience and a long-term perspective
  • The ability to foster good communication among family members
  • Accurate assessment of your own wealth management skills and those of prospective advisors
  • An informed layperson’s understanding of how the wealth industry works
  • Reasonable financial and managerial discipline
  • I’ll have much more to say later in this book about the critical role of the Wealth Strategist. Suffice to say for now that the Wealth Strategist is in fact the CEO within your family, and it is the job of this individual or team to ensure effective wealth management over time.
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