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For a family’s long-term wealth management strategy to succeed, its advisory team's efforts must be integrated. This means the coordination of various experts, marching in lockstep to accomplish a family's goal. But this level of coordination, this integration — isn't a simple task.

Despite how simple it may sound, effectively combining various disciplines on the team into a cohesive unit still represents one of the biggest challenges in wealth management-- often with a high cost for failure.

By leveraging an integrated wealth strategy, families have a much greater chance of meeting their needs and achieving their goals. But because implementing such an approach can be difficult, advisors must pay heed to factors that may prevent its effectiveness and guide clients in the best way to achieve integration.

So, what does an integrated wealth management structure look like?

Read this latest report from Key Private Bank Chief Operating Officer Joe Calabrese, as he imparts lessons learned over more than 25 years working with families to meet their goals. Joe provides a proven model for organizing needs and service areas under the ten domains of family wealth.

Key Takeaways

  • Understanding the Wealth Management Ecosystem: Wealth management teams are inherently complex. These interdisciplinary team structures, and more importantly, their communication, define the success or failure of a family wealth strategy. From attorneys to accountants, brokers, to investment managers, we'll discuss their roles in the wealth management ecosystem.
  • The costs of poor integration: We'll examine the three primary reasons for poor integration and how these reasons can measure up to poor performance and missed goals over time.
  • The blueprint for integrated wealth management: Wealth management integration begins with a family taking action. Here, we'll outline the tools for achieving team accountability and a foundation for outstanding communication. Joe also examines the core skills and competencies, compensation alignment, and the technology and reporting to keep a family's wealth plan ahead of the competition.

About Joe Calabrese

Joe Calabrese is Executive Vice President and Chief Operating Officer at Key Wealth Management. He is responsible for overseeing the development, integrated delivery, and strategic development of a full range of financial planning, investment, fiduciary and banking capabilities for Key’s clients. Joe has more than 25 years of experience in the financial services industry. He joined Key in 2016, and lends his knowledge and expertise to affluent individuals, families, business owners, and institutions.

Before joining Key, Joe held a wide range of executive roles including President and CEO of Geller Family Office Services, a New York based RIA and multi-family office; and President of Harris my CFO, which focused on serving clients with a net worth in excess of $100 million.

Joe graduated from McGill University in Montreal, Canada with a joint honors degree in Economics and Finance and holds a Chartered Accountant designation. Joe actively serves on the advisory board of The UHNW Institute and the Gaples Institute for Integrative Cardiology. He is a past President of the Goodman Theatre Board of Trustees in Chicago, and also served as Chairman of the board of overseers for Lewis College of Human Sciences of the Illinois Institute of Technology.

Joe resides in Bronxville, NY with his wife and three children.

This piece is not intended to provide specific tax or legal advice. You should consult with your own advisors about your particular situation.

Any opinions, projections, or recommendations contained herein are subject to change without notice and are not intended as individual investment advice.

Investment products are:

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY