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The Family Wealth Coach: A Change Agent

Businessman coach in the auditorium

What is a wealth coach?

Despite more “coaches” popping up in the wealth advisory world, the profession of a wealth coach in the industry is still a relatively new concept because the term coach as a profession is traditionally steeped in the areas of sociology, psychology, and education.  Not just a financial coach, the wealth coach must corral all family members to take uniform action to achieve defined goals directly related to managing shared assets for sustaining family wealth for many generations.  This means getting family members aligned around a common vision and mission prescribed by a shared purpose while engaging rising generations to perpetuate stewardship. 

This may sound simple but the reality is there is no magic pill or silver bullet that guarantees family members are prepared to step into the shoes of their predecessors because while academic education is important much more is needed, both in terms of knowledge and soft skills, when it comes to effective co-management of substantial and complex shared family wealth.  Enter the wealth coach whose overarching objective is to alert family members to the real risks involved when you are a passive owner who lacks the hard technical skills necessary to understand the complexity of the family balance sheet and/or the soft skills needed to work cohesively and with minimal conflict in a group dynamic where everyone has a stake and a seat at the table. 


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