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Crisis Management in the Wealth Space
Lawyers, Accountants, Wealth Advisers and other advisers – are used to dealing with difficult situations all at the heart of their specialty. But often, the advice the clients need goes past the wealth arena . . . .
How do you help them when you hear situations like this?
- My son shows no drive and won’t get up from bed-
- My daughter is cutting herself-
- My brother just got his second DUI this year and is running the business into the ground-
- The trustee of my trust has missed filing taxes and is making mistakes-
What do you do when you are the first point of contact, but out of your expertise?
What happens when the family is in crisis and devastating wealth impacts are in view?
What happens when it’s not in your business model or expertise to deal with this part of the family’s issues? How do you do the right thing by your client and yourself?
JANE MINTZ is the person to help us deal with this gaping hole in the wealth management industry.
Jane is an internationally respected pioneer who has spent 20 years working with individuals and families around crises related to addictive illness, mental health, and life concerns. Best known for her work as a concierge strategist guiding clinically complex individuals and their families through extraordinary challenges, she is also a noted thought leader, industry consultant, educator, and speaker who has garnered international recognition. Jane has extensive experience working with family businesses and private family wealth offices so that the dysfunctions of today do not destroy the legacies of tomorrow.
Jane is a Licensed Professional Counselor with multiple dimension training credentials in high acuity clinical clients. She is a Laurel School graduate (Cleveland, OH) with degrees from Washington University (St. Louis, MO) and John Carroll University (Cleveland, OH).
Outline
Jane, in a couple of sentences, what do you do as Professional Counselor-
How is your expertise applied to the wealth space? (Family Businesses and Wealth Offices/Trustees)
Crisis
- What constitutes a crisis?
- What is the difference between a crisis and a mistake (or “growing pains”)?
- How does a financial advisor, coworker, wealth manager know when to intervene?
- What are we looking for signs and symptoms that someone needs help:
- Misspending
- Not showing up for appointments
- Missed deadlines
- Disruption in workplace
- Missed work
- Inability to participate in large planning matters
The Intersection of Being a “Fiduciary” and Getting a Client the Help They Need?
- What is a fiduciary relationship? vs. Human Ethics?
- When do human ethics supersede fiduciary ethics? How can a clinical strategist be a key collaborator in bridging the gap between the two?
- What does a professional counselor do?
- What happens when a client is introduced to to a Counselor?
- What are reasonable expectations? For the family? For the Adviser?
- What does progress look like?
- How do you set up the structures for long term success?
- Where does the Adviser fit in that process?
How do we stay in touch and how do listeners find you?
Books Mentioned . . . .
“Frazer Rice is an employee of Next Capital Management, LLC.
This podcast is not investment, legal, or tax advice, nor does it reflect the opinions of Next Capital Management.
Any opinions represented in the show are Frazer’s individually and not an endorsement of the guest.”