In this episode of the Ultra High Net Worth Institute Podcast, guest host Jamie McLaughlin sits down with Stephanie Gromek, Managing Partner at BBR Partners, to discuss the origins and purpose of the Collegium and the Practice Management Council within the Ultra High Net Worth Institute. They explore how these initiatives create valuable learning environments for business leaders, advisors, and wealth managers, while also fostering collaboration among industry professionals.
Key Topics Discussed:
1. The Origins and Purpose of the Collegium
- The Collegium was born out of a panel discussion moderated by Jamie in 2018.
- Aimed at creating a safe, conflict-free space for industry leaders to share insights and best practices.
- Addresses the need for unbiased, independent information in the ultra-high-net-worth sector.
- The Collegium synthesizes discussions into a formal report to advance industry knowledge.
- Transitioned from virtual during the pandemic to in-person in October 2023 and 2024.
- Upcoming Collegium VIII will be held virtually on April 23rd & 24th, 2025.
2. The Role of the Practice Management Council
- Led by Stephanie Gromek, the council helps industry players learn and share best practices.
- Focuses on how business leaders can build sustainable firms that meet the evolving needs of wealthy families.
- Organized around five key pillars:
- Human Capital: Attracting, retaining, and developing talent.
- Sales & Marketing: Growing businesses with effective strategies
- Business Management: Aligning profitability, capital structure, and strategy.
- Technology: Enhancing operations and client service through innovation.
- Integrated Wealth Management: Delivering across the 10 domains of wealth management
3. Structure of the Practice Management Clinics
- Expert-led panels: Featuring professionals from member firms.
- Breakout discussions: Participants share challenges, best practices, and solutions.
- Focus on actionable takeaways: Turning insights into tangible strategies.
4. Highlights from the October 2024 In-Person Collegium
- Topic: Firm Sustainability – critical for long-term success.
- Keynote by Andrew Schwede del (Bain & Co.): The challenge of scaling intimacy in high-touch businesses.
- Four core discussion areas:
- Growth & Profitability – ensuring firms remain competitive.
- People & Talent – attracting and retaining top professionals.
- Capital Structure – long-term sustainability of business models.
- Strategic Focus – defining what firms will and will not do.
5. What to Expect at Collegium VIII (April 2025)
- Two sessions: April 23rd (3:30 PM EST) & April 24th (12:00 PM EST).
- Virtual format with structured breakout discussions.
- Reports & takeaways will be shared post-event.
- Opportunity to collaborate and learn from other leaders in the industry.
- Designed for C-level executives, business operators, and wealth management professionals.
Final Thoughts...
