Natalia Tchetchoulina is a partner and client advisor 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.