Natalia Tchetchoulina is a partner in the New York office of the wealth management firm Cerity Partners. She provides virtual family office services to entrepreneurs and middle-market business owners, including coordinated investment, tax, estate, financial administration and lifestyle management advice.
Why do many of your clients prefer a virtual family office to an actual one?
While many clients have the scale, they often lack the time and desire to retain and oversee a dedicated in-house team. These are first-generation wealth creators, so they’re busy growing, selling and often founding businesses again. They appreciate an efficient, outsourced, centralized service and are good delegators. For families with either skeleton or fully built-out family office staff, we augment their efforts with sophisticated investment strategies and complex estate planning guidance.
How have you seen the role and presence of women in wealth management shift?
Women control and earn wealth as never before. We know from a McKinsey study that by 2030, women will control nearly $30 trillion, and that's due to several factors: women are becoming owners of operating businesses, C-suite executives; and younger affluent women are more likely to make financial investment decisions on behalf of their families. Women also tend to outlive their male partners by inheriting wealth. Some research shows that these female clients prefer to deal with female advisers or teams that include female colleagues, so we’re seeing more women on both sides.
What traits do you and your female colleagues possess that you find particularly relevant to your clients?
Empathy and compassion. Money is personal and deeply emotional. Patience makes for a successful adviser, taking a longer-term perspective. I also find building relationships with the next generation or generations of clients is very important.
How do you think the role of women is changing within family offices?
We're seeing more and more representation, whether it's within families that own and control operating businesses or families that are professional investors. There is much more appetite for women to take on leadership roles. There's much more support from their families and professional advisers. When I started my career 25 years ago, it was a foregone conclusion that a male sibling would take over the top role at a business or family office. It’s up for grabs now, with the person best suited and willing to take that responsibility stepping up.
What have you noticed about how women in decision-making roles differ from their male counterparts?
Women take a more consultative approach to making financial decisions on behalf of their families or organizations. Part of it is that confidence gap many advisers talk about, and part of it is wanting to have the data points to make smart and effective decisions. Female clients appreciate advisers who are willing to sit down with them and explain financial concepts and answer questions while being patient and suspending judgment. If they don't feel this kinship, women are more likely to replace an adviser than male clients, in my experience.
Trends that you're forecasting or expecting?
There's greater appetite for one-stop shops where clients can access various types of advice from the same provider: investment, tax planning and/or estate planning, as well as cash management, lending or trust administration services. Younger, wealthier clients prefer working with one provider delivering multiple services. This shift means an adviser’s unique selling point relies on their relationship with a client, authenticity and credibility.
Innovative strategies to spark a passion for philanthropy in the next gen
By BETTY PETTINE
In a world where compassion and social responsibility are paramount, engaging children in philanthropy is a cornerstone for shaping a brighter future. From the earliest years of elementary school to the transformative high school period, involving the youngest generation in philanthropic endeavors is an investment that pays dividends in character development and societal impact.
Developing philanthropic values isn’t a one-size-fits-all approach. And if you are waiting for the best time to speak with your children, nieces or nephews, or your grandchildren, the time is now. Teaching children about philanthropic values can influence children of all ages.
How so? For one thing, engaging in philanthropy exposes children to diverse perspectives, challenges and underserved needs in the community or world — which fosters a deep understanding of the struggles and joys experienced by others as well as problems to be solved. By actively participating in charitable activities, children develop empathy and cultivate a deep sense of compassion that extends beyond themselves.
Involvement in philanthropy also builds a sense of purpose and meaning beyond their immediate concerns. By contributing to causes they are passionate about, youngsters discover the power of their actions in making a positive difference, instilling a lifelong commitment to purpose-driven living.
Of course, the conversations need to be appropriate for their age. Yet, it’s never too early.
For instance, for elementary-school-age children, you can employ storytelling and discussions. Choose age-appropriate books or stories that highlight the importance of kindness, generosity and helping others. Look for stories with relatable characters and simple, clear messages. After reading a story together, facilitate a discussion about the themes of the story. Ask questions like, "How did the characters help each other?" or "Why is it important to be kind and generous?" Connect the themes of the story to real-life examples of others’ philanthropy — including your own — and discuss how small acts of kindness can make a big difference. Encourage children to share their own ideas on how they can help others.
Also, for younger children, you can plan an arts and crafts project that relates to a charitable cause. For example, children can create greeting cards, bookmarks or artwork that can be sold or donated to raise funds for a charity of their choice. Before starting the project, explain the purpose behind it and share information about the chosen charity — invite children to share their own ideas beforehand! Then discuss the impact their creations will have on others. Allow your child to express their creativity while reinforcing the idea that their art can be a tool for positive change. A hands-on approach helps them understand the tangible results of their efforts.
As the children reach middle school, you can expand the conversation. Here, we can switch to service-oriented discussions. Often, your child’s school requires a service-learning project that combines classroom learning with community service. Offer to help choose a project that addresses a local or global issue, such as environmental conservation, gender inequality or racial injustice. Ask them to better explain their project by breaking down the project into phases, including research, planning and implementation.
Friends are important to them at this age — offer to help them and their friends explore the root causes of the issue and propose solutions and ways to actively contribute to making a positive impact. This process helps children set appropriate project goals and plans.
Incorporate reflection sessions throughout the project to help your child connect actions to the broader concept of philanthropy. Discuss the challenges faced, the lessons learned and the overall impact of their service.
By high school, children are able to get more directly involved in philanthropy. Ask about a social issue or cause that your child is passionate about, such as environmental sustainability, social justice or food and housing insecurity. Discuss how to participate in the family’s philanthropic budget planning for the year or allow your child to make a recommendation to the family on how best to deploy the family’s resources for the greatest impact on the child's preferred cause. They can do this by checking with reputable sources, through interviews and via their firsthand accounts. Schedule time to follow up and check in, and give your child the audience and attention needed to inform the family about the impact of the gift facilitated.
Engaging the next generation in philanthropy is a powerful investment in a future where compassion, responsibility and a commitment to positive change are intrinsic values. By fostering empathy, teaching vital life skills, cultivating a sense of purpose, enhancing awareness and strengthening community ties, we empower our youth to become active contributors to a better world.