| Close to a decade ago, a challenge was put forth to those serving wealthy families: in the future, the best advisers to families would be those who developed a cross-disciplinary expertise that would include at least the legal, tax, accounting, investment, fiduciary, lending, and insurance fields. Over the years, that list has expanded to include other services such as family succession planning, education of the next generation about their roles and responsibilities, business risk management, and concierge services, including private travel, security, and bill paying to mention a few. The exciting reality is that many individuals advising families have risen to that challenge posed so many years ago and are working holistically with families today—families of both entrepreneurial wealth and inherited wealth. Those advisers are the ones practicing what is now called "integrated wealth management." This article first will highlight the characteristics of the integrated wealth management adviser, then will explain how such an adviser goes about performing integrated wealth management from a practical standpoint, and finally will describe the team needed to implement integrated wealth management successfully over the long term. |