Westport’s Michael Gold on How Wealthy Families Choose Advisors
Wealthy families are asking tougher questions before they hire an advisor. Who is truly responsible for the plan? Who has handled this level of complexity before? Who will remain involved when the family goes through a major transition?
Those questions come up often in the work of Michael Gold, founder and CEO of Gold Family Wealth in Westport, Connecticut. He says families have grown more deliberate about their advisory relationships, especially after experiences with teams that were technically competent yet fragmented.
“As complexity increases, families are more selective, intentional, and discerning in selecting advisory relationships that can truly meet their needs,” he says.
Accountability at the Top
For Gold, those questions explain why senior or founder-level involvement matters. He treats it as a matter of accountability and continuity rather than prestige.
“UHNW families want to know that the people advising them today will stay engaged tomorrow and that leadership understands their world firsthand,” Gold says.
The concern about continuity has a basis in the numbers. Nearly half of all financial advisors plan to retire by 2035, and that wave coincides with the Great Wealth Transfer, which is expected to peak around 2026. A family that picks an advisor today may still need that relationship when the next generation takes over.
Heirs Enter the Picture
Firms have noticed. Many are hiring younger advisors to bridge cultural and communication gaps with Millennial and Gen Z heirs, and some are forming multigenerational teams meant to keep clients across family handoffs. Dedicated practices for the ultra-wealthy are also becoming more common.
Michael Gold Westport own firm serves families with $20 million to $150 million in net worth through a network of fractional specialists. The Westport practice pairs that model with a partnership with Carson Partners for institutional infrastructure and investment access.
His core argument is that capital is easy to find while good judgment is not. For families in Westport and beyond comparing advisors, the three questions above offer a practical starting point, and the answers can say a lot about who will actually lead. Read this article for more information.
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