Bridging the gap between wealth management and mental health  

Maxine Lace talked about her learnings from working with clients in the front line at Stonehage Fleming’s latest Four Pillars of Capital dinner.

Over her 30 years as adviser to many high net worth families, Maxine has noticed an increase in the discussions she has with her clients around mental health.

"There’s a fine line between whether it is right or not to step in and discuss mental health, but there is no doubt that it comes up with increasing regularity," she told guests at our latest Four Pillars of Capital dinner, hosted in the Isle of Man last week.

Much of how and when to approach the discussion comes down to cultural dynamics, she noted. "In our discussions we’ve learned that people from some parts of the world – particularly the US – are very open to acknowledging the role of therapy and talking about mental health in overall. British families are generally more reserved, though this is changing; the next gen is much more open to having those conversations."

As a trained Mental Health First Aider with MFHA England, people’s psychological wellbeing is a subject close to Maxine’s heart. So, how does she approach a situation where mental health meets the management of family wealth? "You have a dual responsibility. On the one hand, there is a duty of care towards the individuals involved and on the other, you’re responsible for the stewardship of family wealth," she explained.

The key, she notes, is to keep to clearly defined roles. "As advisers, we are not therapists. Our role is to signpost potential issues for families. Sometimes that’s pointing them towards a gap in their knowledge in terms of the risks their children or grandchildren are likely to be exposed to. Others, it’s a case of education, bridging generational gaps in perception – helping the older generations understand the terminology used around mental health discussions and raising awareness of triggers or early warning signs," she said.

The nature of family office relationships and their intersection with mental health is just one of the topics covered in our Four Pillars dinners. Guests are given several discussion points to debate in groups, providing a unique opportunity to share ideas and perspectives with families in similar situations.

Maxine believes that the consideration of mental health in the family office context is a discussion that will continue to be relevant. "If I have one prediction, it’s that this topic will be one we talk about more and more with our clients in the coming years. These opportunities to discuss together the upcoming challenges are an important part of thought leadership."

Maxine is a Director in our Family Office division, working closely with the Head of Family Office on all matters relating to client service and the efficient day-to-day operations of the Family Office team.

Having joined the group in 2012, she has extensive knowledge and experience in trust and fiduciary management including with multi-jurisdictional ultra-high net worth families, family trusts, investment holding companies, investment funds and art holding structures.

Stonehage Fleming is adviser to many of the world’s leading families and wealth creators.

It manages and protect their wealth, often across several geographies and generations, including the Fleming Family over several decades, in the process bringing together talented professionals to offer a range of skills and capabilities rarely found in one firm.

Acting as a full service Family Office, and working in conjunction with other trusted advisers, they are able to draw on over 40 years of practical experience helping discerning clients address the challenges of creating and preserving wealth.

Stonage Fleming’s clients have entrusted them with the management, fiduciary oversight and administration of in excess of US$170bn. They offer their services from 20 offices in 14 geographies.

Independently owned by management, staff and a publicly quoted family investment trust with a patient capital philosophy, its goals are precisely aligned with those of the clients they serve.

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