Welcome everyone! Welcome to the 460th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Stephanie Hughes. Stephanie is the CEO of Wiss Family Office, a multi-family office based in Florham Park, New Jersey, that oversees approximately $1 billion in assets under management for 220 client households.
What’s unique about Stephanie, though, is how she has established the operational systems required to serve Ultra-High-Net-Worth (UHNW) clients efficiently and securely as her practice has grown beyond $1 billion in AUM in just seven years.
In this episode, we talk in-depth about how Stephanie and her firm are able to provide clients with a “one-stop shop” for their financial, legal, and tax needs (reducing the stress clients face when personally managing stakeholders across several different firms), how Stephanie finds that integration across the firm’s different services (and active communication amongst team members across the business) is a key driver to the firms success (and a differentiator from firms focused on one primary service area), and how Stephanie prioritizes having strong internal controls in place given the volume of high-dollar client transactions her team processes that (if mishandled) could create significant tax burdens or expose them to fraud.
We also talk about how Stephanie encountered challenges hiring for positions in her multi-family office environment because of how her practice’s processes differ from what candidates might have experienced at other wealth management firms, why Stephanie looks beyond a job candidate’s skills to take a deep dive into their personality and motivations to ensure they’d be a good fit for her firm’s culture, and how Stephanie finds that gaining experience in client service is valuable for aspiring advisors at her firm because it exposes them to the complex nature of UHNW clients’ service needs and the importance of diligence when managing money movements and other transactions.
And be certain to listen to the end, where Stephanie shares how her clients can use a dedicated email address that goes to several members on their planning team (given that a question might require tax, wealth management, and/or legal expertise), why Stephanie’s firm is creating an internal workflows tool to manage its robust approvals process (as well as another tool to monitor accounts and communications to detect signs of fraud, such as changes to their phone number and address), and how Stephanie finds that being linked to an accounting firm not only provides her practice with a steady flow of good-fit clients, but also fosters an immediate sense of trust given new clients’ years of experience working with the firm on business and personal tax issues.
So, whether you’re interested in learning about what it takes operationally to serve ultra-high-net-worth clients, the importance of internal controls when handling these clients’ high-dollar transactions, and how proper staffing can ensure a high-quality experience for these clients, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Stephanie Hughes.
Read More…
