PHILADELPHIA, July 18, 2024 – “We are at the beginning of the greatest intergenerational transfer of wealth that has ever happened,” says Wharton professor Raffi Amit. The reporting backs him up. Baby boomers and the silent generation are expected to bequeath about $84 trillion by 2045, most of it going directly to their heirs, according to the New York Times.
This phenomenon presents an unparalleled opportunity for seasoned financial professionals to hone and expand their services in family wealth management. At the same time, ultra-high-net-worth families are facing the extraordinary challenges of creating an enduring legacy.
That is why Wharton Executive Education is launching two new programs: Family Wealth Management: Advanced Financial Strategies and the Wharton Family Office Program: Balancing Family Harmony and Financial Prosperity. The first, running October 28–November 1, 2024, will bring experienced financial advisors a rigorous, in-depth guide to everything involved in managing an ultra-high-net-worth family’s assets. The second, which runs January 13–17, 2025, is designed for ultra-high-net-worth families themselves—empowering them and their trusted advisors with critical knowledge on the formation, operations, and governance of family offices.
The programs’ co-academic directors are top experts in this distinctive area of asset management. Wharton management professor Raffi Amit founded and chairs the Wharton Global Family Alliance, a renowned academic-family business partnership. Wharton finance professor Bilge Yilmaz serves as academic director of the Harris Family Alternative Investments Program. The programs are anchored in decades of award-winning Wharton research on family wealth management.
Why are special programs needed in family asset management? “This is really a unique segment within the general asset-management industry,” explains co-academic director Raffi Amit. “It’s more than just investing in an asset that provides the highest return for a given level of risk—it’s a complicated, holistic process.”
Co-academic director Bilge Yilmaz points out that “in family wealth management, there is no single owner,” which creates complexity. He explains that financial advisors must juggle the diverse, sometimes conflicting, needs and circumstances of multi-branch, multi-generational families. Frequently, family members will differ in their risk preferences, investment horizons, and liquidity requirements. Tax considerations can vary too: for example, family branches may or may not be required to pay state taxes depending on their location.
Session topics for the financial advising program include investing in volatile markets, fixed income investing, hedge funds, real estate, manager due diligence, the latest trends in wealth transfer and wealth management, the global economic outlook, and more. The program for ultra-high-net-worth families will cover similar investment topics but also encompass managing difficult conversations, preparing the next generation for leadership, and fostering family unity through a shared vision and mission. Both programs’ classroom experiences are enhanced with guest speakers, interactive sessions, and real-life case studies.
Experienced financial advisors will find that the October program offers them the ideal toolkit to upgrade their book of business and seize the opportunities occurring during the current historic period of wealth transfer. And ultra-high-net-worth families enrolling in the January program will receive world-class guidance in preserving their wealth and legacy for future generations.
Family Wealth Management: Advanced Financial Strategies and the Wharton Family Office Program: Balancing Family Harmony and Financial Prosperity are now accepting applications. Prospective participants can learn more and apply at executiveeducation.wharton.upenn.edu.
About Wharton Executive Education
Wharton Executive Education has served as the global leader in executive development for 35 years. Steeped in the heritage and analytical insights of the Wharton School, with an eye toward shaping the future of business, Wharton Executive Education’s individual, online, and custom programs prepare more than 100,000 professionals a year to transform their careers and organizations. For more information on Wharton Executive Education’s practical business solutions, visit executiveeducation.wharton.upenn.edu.
About the Wharton School
Founded in 1881 as the world’s first collegiate business school, the Wharton School of the University of Pennsylvania is shaping the future of business by incubating ideas, driving insights, and creating leaders who change the world. With a faculty of more than 235 renowned professors, Wharton has 5,000 undergraduate, MBA, executive MBA, and doctoral students. Each year 100,000 professionals from around the world advance their careers through Wharton Executive Education’s individual, company-customized, and online programs, and thousands of pre-collegiate students explore business concepts through Wharton’s Global Youth Program. More than 105,000 Wharton alumni form a powerful global network of leaders who transform business every day. For more information, visit www.wharton.upenn.edu.
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