Financial Advisor Success Podcast – Ep 460

Title: Establishing The Operational Systems It Takes To Truly Serve Ultra-HNW Clients Effectively
Guest: Stephanie Hughes, CEO of Wiss Family Office
Host: Michael Kitces
Release Date: October 21, 2025

Overview

In this episode, Michael Kitces sits down with Stephanie Hughes, CEO of Wiss Family Office, to unpack the operational complexities and best practices for serving ultra-high-net-worth (UHNW) clients. Stephanie’s firm, a multi-family office integrated with a large accounting firm, has experienced tremendous growth, surpassing $1 billion in assets under management in just seven years. The conversation highlights the unique systems, controls, and culture required to provide a seamless, secure, and truly integrated client experience, covering financial, tax, legal, and estate planning needs.

Key Discussion Points & Insights

1. Firm Structure and Growth Story

[05:36–10:33]

• Wiss Family Office is the family office division of Wiss & Co., an accounting firm with roots going back to 1969.
• The firm serves 220 multigenerational UHNW households, most of whom are business owners with complex tax and estate needs.
• The explosive growth—$1 billion AUM in seven years—was fueled by integrating wealth management with accounting services, allowing access to longstanding business client relationships.

2. Defining the UHNW Client & Service Model

[22:03–25:32]

• Clients are typically founders or families behind mid-market businesses (revenue $20 million to $500 million).
• Relationships often begin through the business’s accounting, tax, or advisory relationship, then expand to include full family office services.
• Wealth, tax, legal, bill pay, entity management, and concierge services are bundled with dedicated specialists.

3. Operational Systems & Internal Controls

[27:29–33:37]

• Rigorous internal controls are mandatory given the high value and complexity of transactions.

• Dual approvals and detailed checks are enforced for all client money movements, trades, and paperwork.

• Stephanie emphasizes, “We have accountants in the RIA who are very good with the details. Sometimes there’s just no way to get away from the four-eye check.” (30:00)

• Technology stack includes Redtail CRM, ShareFile, Emoney, Orion, and custom-built workflow tools.

• The firm is building its own workflow automation to streamline and securely manage onboarding, approvals, and compliance (e.g., real-time monitoring for address/phone changes as a cybersecurity and anti-fraud measure).

4. Team Structure, Collaboration, and Hiring

[46:13–58:09]

• About 40 people staff the multi-family office, with only 30% focused on investment management; the majority focus on tax, estate planning, and operational support.

• Teams are assembled by both expertise and client fit. Each client typically has a “relationship leader,” dedicated advisors from different disciplines, and multiple support staff.

• Communication is intentionally group-based—a shared client email (e.g., smithfamily@wissfamilyoffice.com) ensures all relevant disciplines see every inquiry, facilitating integrated, rapid, and accurate responses.

• On hiring: Recruiting for client service roles is challenging due to the need for extreme diligence with large, complex transactions. The firm shifted to developing talent internally, often hiring those with finance/accounting backgrounds and training them up.

  • “Just because you have experience as a client service associate doesn’t mean you’re going to be good at this.” (57:34)
  • A third-party assessment—Test of Attentional and Interpersonal Style (TAIS)—is used to screen for collaboration and attention to detail. (84:18)

5. Client Experience & Service Nuances

[25:32–45:46]

• Services are “ultra high net worth concierge”; support includes handling lost documents, paying taxes and bills, and managing complex family structures and entities.

• The operational burden is significant: “The basics at this size, and with the complexity, aren’t so basic.” (46:02)

• Every trade or money movement is double-checked, and wires are tested before sending large transfers to combat fraud.

  • “If somebody wants to send a wire… any wire we have a test wire that we send… No one wants to send $50 million to the wrong place.” (43:09)

• Clients experience deep relief at having these burdens lifted. “Our clients are very grateful and appreciative… life becomes a burden when they don’t have that person to coordinate everything.” (64:47)

6. Challenges in Scaling UHNW Service

[75:44–80:54]

• The biggest hurdles:
  • Finding and developing the right collaborative, detail-oriented talent.
  • Building integrated workflows and controls as the firm scaled at 50% per year.
• Stephanie: “Trying to find that person… at first we didn’t know what that looked like… people are trained differently. The low point was trying to figure out who to hire and where to hire from.” (76:00)
• Over time, the firm learned to focus on motivation, the ability to collaborate, and cultural fit more than just technical skills.

7. Advice for Firms Aspiring to Serve UHNW Clients

[86:27–87:34]

• Build deep tax and estate planning competence, ideally by partnering or integrating with an accounting firm.
• Culture and collaboration matter—clients need fully coordinated advice.
  • “For an RIA, you might want to partner with an accounting firm… the tax piece and estate planning are absolutely essential.” (86:40)
• Integrating these functions cannot be merely an afterthought for moving up-market.

Notable Quotes & Memorable Moments

• On Complexity:
  “The operational aspect of dealing with complex clients is extremely nuanced... building the operational structure around that is extremely complicated. It takes a Herculean effort to really scale for these clients.” – Stephanie Hughes [04:17]

• On Internal Controls:
  “We have accountants in the RIA who are very good with the details. Sometimes there’s just no way to get away from the four-eye check.” – Stephanie Hughes [30:00]

• On Delivering for UHNW Families:
  “We are truly providing ultra high net worth concierge services…we pay tax payments directly to the IRS for the entire family, for all the trust accounts, for the LLC accounts.” – Stephanie Hughes [25:32]

• On Client Gratitude:
  “Our clients are very grateful and appreciative…life becomes just a burden when they don’t have that person or family office, that CPA really to help them coordinate everything.” – Stephanie Hughes [64:47]

• On Hiring:
  “Just because you have experience as a client service associate doesn’t mean you're going to be good at this. This is not your typical client.” – Stephanie Hughes [57:34]

• On Team Collaboration:
  “If you can’t collaborate, it’s going to be very hard to do business here. That is the number one thing we look for.” – Stephanie Hughes [81:30]

Timestamps for Key Segments

• [05:36] — Wiss Family Office history, client base, and rapid growth
• [22:03] — B2B2C model, how clients enter through business relationships
• [25:32] — Service model: concierge, tax, estate, bill pay, operational details
• [30:00] — Four-eye controls, dual sign-offs, why operations are so demanding
• [33:37] — Custom workflow development, tech stack, and AI use cases
• [46:02] — The “non-basic” basics and why people underestimate operational difficulty
• [53:01] — Dedicated group email and integrated communication for families
• [57:34] — Lessons learned on hiring and why wirehouse experience isn’t always transferrable
• [64:47] — The depth of client gratitude and relief with coordinated service
• [76:00] — Stephanie’s candid discussion of hiring low points and adaptation
• [86:40] — Advice for ambitious RIAs: build a tax and estate backbone
• [88:03] — Stephanie’s definition of personal and professional success

Conclusion

This episode is a masterclass in operational excellence and cultural alignment for serving UHNW clients. Stephanie Hughes articulates why integrated control systems, a deep tax backbone, and relentless collaboration are vital in the multi-family office space. For firms aspiring to move upmarket, her advice is clear: invest in true team integration, prioritize operational detail, and never underestimate the challenge—or the personal fulfillment—of serving at the highest level.

For more insights and resources, visit Nerd’s Eye View – www.kitces.com.