Private Wealth Management: For Individuals and Families
Through an energizing mix of rigorous academic insight and practical experience, this program teaches wealth owners a comprehensive, integrated, and strategic approach to wealth management.
Get the introduction to Stuart Lucas's book, Wealth: Grow It and Protect It, when you download the program brochure.
As a wealthy individual, you are working to protect and grow your wealth, enjoy financial security, and build a lasting legacy. Effective investment management is critical, of course, but successful wealth management is an integrated and strategic discipline which also includes tax, estate planning, philanthropy, governance, and family culture. Each family's situation is unique, and no one solution will suffice for all.
During the PWM program, you will:
- Clarify your family and financial goals.
- Design a strategy to preserve and manage your wealth.
- Oversee financial advisors with greater confidence, accountability, and results.
The program incorporates case studies, lectures, and small and large group discussions. Because some of the most valuable learning in the course takes place in the shared experiences among classmates and peers, we create a confidential and solicitation-free environment. All participants must sign a confidentiality agreement before joining the course.
To facilitate the interactive nature of the course experience, enrollment is limited. Please submit your application by:
- September 7, 2020 for the fall program
This program is also offered in Spain.
Location
Chicago Booth, Gleacher Center, Chicago, IL
Please note, the May offering of this program has been postponed. Future program dates are shown below.
This program is for wealth owners only, with financial assets of USD $10 million or more. Single family office executives may attend with principal family members, but other financial advisors may not attend.
Private Wealth Management is designed for US and international individuals and families who have built significant wealth in this generation, have inherited family wealth, or are contemplating or have recently experienced a transition, such as a liquidity event or change in family leadership.
PWM will be of greatest interest to those:
- Striving to maintain prosperity and a flourishing family through retirement and, for many, across generations
- Contemplating—or recently experiencing—a significant liquidity event, whether through the sale of a company, inheritance, or other major wealth transition
- Committed to engaging their families in more productive dialogue about the challenges and opportunities of wealth
- Seeking added confidence to evaluate and select financial advisors and/or to set strategic direction for a family enterprise
We have found that multiple members of the same family—husband and wife, parent and offspring, cousin and cousin—derive considerable benefit from taking the course together. The program gives them a foundation for continued productive dialogue well into the future.
Enrollment Requirements
Completed applications should be submitted as early as possible. Candidates will be notified of acceptance within one week. Application does not guarantee admission; candidates will be selected on their ability to benefit from, and contribute to, the program and valuable peer-learning environment.
John C. Heaton
Prior to joining the Chicago Booth faculty in 2000, Heaton was the Nathan S. and Mary P. Sharp Distinguished Professor of Finance at Northwestern University's Kellogg School of Management. He also has held positions at MIT's Sloan School of Management and at the Hoover Institution. Heaton is a research associate of the National Bureau of Economic Research. The practical problems investors and institutions face are a key component of his teaching.
Originally from Canada, Heaton earned a bachelor's degree in commerce at the University of Windsor in 1982, a master's degree in economics from the University of Western Ontario in 1984, and a PhD in economics from the University of Chicago in 1989. He joined the Chicago Booth faculty in 2000. Outside of academia, Heaton enjoys music, skiing, and sailing.
Steven Neil Kaplan
He ranks among the top 60 in paper downloads and in paper citations (out of over 280,000 authors) on SSRN (Social Science Research Network). He is the co-creator of the Kaplan-Schoar PME (Public Market Equivalent) private equity benchmarking approach. A Fortune Magazine article referred to him as "probably the foremost private equity scholar in the galaxy.”
Kaplan teaches advanced MBA and executive courses in entrepreneurial finance and private equity, corporate finance, corporate governance, and wealth management. BusinessWeek named him one of the top 12 business school teachers in the country.
Professor Kaplan co-founded the entrepreneurship program at Booth. With his students, he helped start Booth’s business plan competition, the New Venture Challenge (NVC), which has spawned over two hundred companies that have raised almost $1 billion and created over $10 billion in value including GrubHub, Braintree/Venmo and Simple Mills.
Kaplan serves on the boards of Morningstar, Zayo Group and the Illinois Venture Capital Association. He has been a member of the faculty since 1988.
He received his AB, summa cum laude, in Applied Mathematics and Economics from Harvard College and earned a PhD in Business Economics from Harvard University.
Stuart E. Lucas
Stuart founded Wealth Strategist Partners (WSP) as the successor to his family's investment platform, where he was co-Chief Investment Officer for many years following the sale of Carnation Company, the business founded by his great-grandfather. The family remains a client of WSP.
Stuart has been an investment professional for over 35 years, and serves as WSP's CIO. In addition to his duties with WSP, Stuart is Chairman of the Investment Committee of National Public Radio and is a board member of the National Public Radio Foundation.
Stuart designed and leads the University of Chicago Booth School of Business's Private Wealth Management continuing education program, which has served over 500 individuals and families in the 12 to 14 years since the course’s inception. His book, Wealth: Grow It and Protect It (FT Press), has been published on three continents. He is the author of numerous articles on investing and wealth management, most recently "The 50% Rule" and "Pick Your Battles" (Journal of Wealth Management), co-authored with Alejandro Sanz. His latest book, "The Taxable Investor's Manifesto" (Wiley), will be published in early 2020.
Previously, Stuart was the Senior Managing Director of the Ultra-High Net Worth Group within Private Client Services at Bank One (now JP Morgan Chase), director of a multi-family investment office in Paris, France; General Manager of European operations of Wellington Management Company in London, England; and Assistant Portfolio Manager of a Forbes Honor Roll mutual fund.
He has a B.A. with honors from Dartmouth College, an M.B.A. from Harvard Business School, and is a Chartered Financial Analyst.
Kathleen Fitzgerald
Kathleen Fitzgerald is known at the University of Chicago as a superb educator. She brings a remarkably wide array of experience as an educator and a practitioner to the classroom. She has taught courses in Investments, Corporate Finance, Financial Accounting, Money and Banking, International Finance and Financial Management.
She is currently teaching for the University of Chicago Booth School of Business and the University of Chicago Law School. Her past experience includes the University of Massachusetts, Rochester Institute of Technology, and several Universities in Barcelona, Spain.
Kathleen also holds the position of Director of Academic Support at the University Of Chicago Booth School Of Business in Chicago, London and Hong Kong in which she prepares students of Chicago Booth Executive MBA program for the rigors of Chicago’s quantitative approach to finance, economics, statistics, and marketing.
Her professional experience includes auditing and tax consulting at Ernst & Young, LLP and forensic accounting consulting at Chicago Partners.
Kathleen graduated from the University of Massachusetts in Amherst with a Bachelor’s Degree in Economics in 1990 and a MBA in 1994. She passed the Unified C.P.A. examination in 1994 and holds a Masters in Business Administration from the University of Chicago.
Sara Hamilton
Sara Hamilton is the Founder and CEO of Family Office Exchange (FOX), the definitive source of information and best practices associated with the business of managing family wealth across generations. The strength of the FOX network is derived from the collective knowledge and experience of over 500 globally-minded family enterprises based in 26 countries.
Since 1989, FOX has made solutions accessible to financial families by fostering dialogue among wealth owners, family office executives and wealth advisors. In 2014, FOX celebrated its 25th anniversary of service, and remains true to its founding mission of objectivity in wealth management, member education and shared knowledge across a sophisticated, global network of families and leading wealth advisors.
Sara is the co-author of Family Legacy and Leadership: Preserving True Family Wealth in Challenging Times, © 2010, Wiley & Sons.
For three years running, Sara was named as one of the "Top 50 Women in Wealth Management" by Wealth Manager. She serves on the editorial boards of the Journal of Wealth Management and Trusts and Estates as well as a Founding Board Member of the Chicago Global Donors Network.
Prior to founding FOX, Sara worked in marketing and strategy at Harris Bank and AT&T Information Systems. She holds a B.A. from Vanderbilt University and an MBA from the University of North Florida.
Howard M Helsinger
Howard M. Helsinger is a partner in the Chicago law firm of Sugar Felsenthal Grais & Helsinger, LLP, and taught courses on trusts and estates at the University of Chicago Law School from 1997 to 2016. He is a member of the American College of Trust and Estate Counsel, a past chair of the Chicago Bar Association Probate Practice Committee, and a frequent lecturer for the Illinois Institute of Continuing Legal Education and other state and national bar associations. He concentrates his practice in estate planning, estate administration, probate, charitable planning, and trust and estate related litigation.
He was a member of the committee that drafted the Illinois Uniform Transfers to Minors Act. He served as a planned giving advisor for the National Humanities Center, and the Newberry Library. He has also taught at the Northwestern University School of Law, and in the graduate tax program at IIT-Chicago Kent College of Law.
He has a B.A. in English from Haverford College, a Ph.D. in English Literature from Princeton University, and a J.D. from the University of Chicago Law School (1978). Before law school he taught English Literature at Boston University, and after law school he clerked for two years in the U.S. Court of Appeals for the Seventh Circuit.
Stephen R. Quazzo
Stephen R. Quazzo is Co-Founder and CEO of Pearlmark, a Chicago–based private equity real estate investment firm that pursues domestic, value-added strategies through a series of institutional and high net worth investment vehicles. Since its inception in 1996, the firm has made more than 530 office, industrial, retail, multifamily and mezzanine loan investments nationwide, representing a gross investment of over $13.2 billion. Currently the firm oversees an approximately $1.5 billion portfolio of U.S. real estate investments.
From 1991 to 1996, Mr. Quazzo served as President of Equity Institutional Investors, Inc., a subsidiary of investor Sam Zell’s private holding company, Equity Group Investments, Inc. Mr. Quazzo was responsible for raising equity capital and performing various portfolio management services in connection with the firm’s real estate investments, including institutional opportunity funds and public REITs. Prior to joining the Zell organization, Mr. Quazzo was in the Real Estate Department of Goldman, Sachs & Co., where he was a Vice President responsible for the firm’s real estate investment banking activities in the Midwest.
Mr. Quazzo holds undergraduate and MBA degrees from Harvard University, where he serves as a member of the Board of Dean’s Advisors for the business school. He is a Trustee of the Urban Land Institute (ULI), Trustee and immediate past Chairman of the ULI Foundation, a member of the Pension Real Estate Association, and a licensed real estate broker in Illinois. Mr. Quazzo is a public company director of Marriott Vacations Worldwide Corp. (NYSE: VAC) and Phillips Edison & Company. For 22 years (1994-2016), he also served as a director of Starwood Hotels & Resorts (NYSE: HOT), which in 2016 merged with Marriott International (NYSE: MAR). Mr. Quazzo serves on a number of non-profit boards, including: Rush University Medical Center, the Chicago Symphony Orchestra Endowment, the Chicago Parks Foundation, Deerfield Academy, and City Year Chicago.
You will learn practical, tested, and actionable frameworks:
- Learn the key value drivers for preserving and growing wealth and how to use them, wherever in the world you reside
- Define your financial and family objectives within a comprehensive family enterprise management strategy that is consistent with your business, family values, and personal circumstances
- Explore family purpose and values within the context of a family enterprise. It’s a lot of work—is it worth it? Why?
- Delve into investment fundamentals and theory through two concurrent tracks. Track one is an introduction for those who have limited investment background. Track two is for participants who want a deeper dive into the nuances of asset allocation “factors”—such as value, momentum, and quality— that affect performance and the way value added, or “alpha,” is measured. Is past performance a good predictor of the future?
- Examine real estate as an important asset-class complement to equities and fixed income. Depending on how real estate is structured, it can have significant tax benefits that put more of the return in your pocket
- Select an investment strategy that is realistic, prudent, tax-efficient, and actionable given the time and resources you have to commit
- Learn the differences among the investment, brokerage, and wealth management industries, and their complex relationships and incentive systems. How can you align their interests with yours?
- Decide how to evaluate, select, and oversee the firms and individual advisors who are right for you and your family. Do you make decisions based on trust, service, or performance?
- Build performance evaluation, good reporting, and accountability into your relationships with your advisors
- Learn how trusts and other sophisticated planning instruments can reduce tax exposure, protect privacy, provide flexibility, and serve a family’s many generations without potentially spoiling them
- Explore governance systems that help your family steward assets wisely and encourage your family members to flourish. After all, human capital is your family’s most important asset
- Learn five lessons from families that successfully maintain and grow their wealth within thriving families for multiple generations. These lessons can be rolled up into the concept of “entrepreneurial stewardship” that reinforces rigor and vigor. Wealth doesn’t necessarily demotivate; in fact, wealth and the skill to use it purposefully is a powerful combination
- Finish the program with a list of action items that will make a real impact on your wealth management
A terrific, relevant subject. This entire seminar was thought provoking, purposeful and very well organized.
- P.J. Thompson, President, Trans-Matic Mfg Co. Inc.
A+ -- best wealth management seminar I have ever attended.
- David W. Burleigh, Partner, Buechner Haffer Meyers & Koenig
Excellent program and I would say better than others that I have attended. I found it extremely beneficial to attend with my family, and we liked that the program's structure allowed time to share knowledge and learning with each other and fellow classmates.
- Kristen, past participant
My family learned a great deal from the knowledgeable faculty and interaction with other participants. Attending with my family was enormously valuable and I would highly recommend it -- we could discuss the sessions and how they related to our situation, further cementing what we learned.
- Esther Brabec, past participant
Rare to have access to this quality of participants, academics, and professionals. Great experience not solely based on program content, but total class.
- William Brewer, CEO, Cornell Forge
The course provided the perfect launch platform for setting my financial objectives and beginning the exercise of deciding on investment strategies and confronting the overall wealth management challenge.
- Guillaume Cuvelier, Founder and former CEO, SVEDKA Vodka
The course was incredibly interesting and thought provoking. The true 'transparency' of shared information by faculty and participants was especially refreshing.
- Kathy Leventhal, past participant
The organization and planning of the program was very good. Excellent lectures and group orientations and networking.
- Andres Araujo, Director of Trademarketing, D'casa
This is a must course for anyone interested in a multiple generational approach to investing and wealth management. The perfect balance between new insights and confirmation of long held beliefs.
- Steve Richardson, COO, Alamosa PCS
Your program covered a great deal of complex material and made it come to life! As a result of what my wife and I learned, we are going to make BIG changes in our portfolio. It is a long trip from Shanghai, but I can honestly say it was one of the most valuable weeks in my life.
- Patrick Hopkins, past participant
The PWM program is the most profound education ever delivered to me. Thinking of wealth as ‘well being’ will likely enhance the lives of the Guminski family for generations.
- Christine Guminski