David Guin featured in ALM | ThinkAdvisor's "The 3 Types of UHNW Clients and How to Serve Them"

7 September 2023 | Applicable law: US | 2 minute read

David Guin was recently featured in the ALM | ThinkAdvisor article "The 3 Types of UHNW Clients and How to Serve Them."

David spoke at length with ALM | ThinkAdvisor about the challenges surrounding the needs of ultra-high-net-worth clients. "It's a challenging and rewarding time to be working in this area of the law" and encourages financial advisors and with high and ultra-high-net-worth clients to be mindful of emerging trends. In a period of global economic and regulatory change, it's critical for UHNW advisors to be mindful of emerging trends." 

These trends - and challenges - are unique to different types of clients and the individuals that fall within these types. David noted that his clients share some "broad characteristics" while acknowledging their differences. Namely, the first group of clients he mentions "have their primary wealth tied up in an operating company," and their focus is on their business' needs in addition to their own financial investments. The second type of client has taken that business focus and shifted their primary wealth within an operating company to held financial assets. David calls the third type a "founders' practice," which often involves searching for ways to create liquidity, especially during present times when slowdowns in the broader economy have made going public to sell their company shares difficult.

Each of these groups needs support in different ways, from sourcing liquidity to balancing personal wealth alongside business success. David indicated the importance of his UHNW clients separating their personal assets (and expenses) from those of their operating company. These and other issues can extend to a family office setting, where some clients are much more focused on best practices, policies, and procedures than others. A positive trend David has observed is the collaboration between different family offices to pursue significant transactions, inviting friends to participate in these large investments. 

Private wealth has its challenges; however, David concluded that the issues surrounding privacy and cybersecurity are some that he has seen often. These concerns are also not limited solely to family office, but extend to all operating companies or family-owned companies as the risks grow.

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