In today's rapidly evolving world of private wealth management, a paradigm shift is taking place. Dominique Jooris, the visionary Founder and CEO of WMCockpit, has ignited a conversation that challenges the traditional focus on portfolio management. His perspective, shared at the Hubbis Independent Wealth Management Forum - Hong Kong 2026, underscores the importance of a holistic approach to managing family estates.
The Estate: A Complex Web of Assets
Jooris emphasizes that the true wealth of a family often extends far beyond the confines of a liquid investment portfolio. It encompasses a diverse range of assets, from real estate and private businesses to art collections and family vehicles. These assets, though not as fluid as securities, can have a profound impact on a family's financial well-being.
Impact of Estate Decisions
To illustrate this point, Jooris presents a compelling example. Consider a $50 million estate, where 75% is held in real and business assets, and the remaining 25% is invested in a USD-denominated portfolio. A seemingly minor fee saving of 10bps on portfolio management fees amounts to a mere $12,500. However, the same estate could be significantly impacted by a 10% depreciation of the US dollar against the Singapore dollar, resulting in a loss of $1.25 million.
Managing Risks and Opportunities
Whole-estate management requires a broader perspective on risk. It involves considering jurisdictional risks, tax implications, currency exposures, illiquid assets, and hidden liabilities. Jooris argues that while portfolio management remains crucial, it is no longer sufficient in the context of ultra-high-net-worth (UHNW) families.
Precision vs. Action
One of the intriguing aspects of Jooris' presentation is his take on data precision. He suggests that imperfect but directionally useful estate data can be more valuable than waiting for perfect valuations. This perspective challenges the conventional wisdom of seeking absolute accuracy in every valuation.
The Role of Technology
Jooris highlights the limitations of traditional tools like Excel spreadsheets for managing complex family estates. These tools, though flexible, lack the scalability and integrated functionality required for modern wealth management.
Purpose-Built Platforms
In contrast, purpose-built platforms offer a range of benefits. They can provide AI-assisted tax exposure analysis, scenario simulations, and document management, among other features. These platforms enable advisers and families to move beyond fragmented information and establish a single source of truth.
The Strategic Advisor
Jooris poses a critical question: if an adviser is not the family's trusted advisor, who is? Large families often rely on a single advisor who holds a holistic view of their estate. This advisor may not be an expert in every field, but they understand how the various components of the estate interconnect.
The Competitive Advantage
Owning the whole-estate view gives an adviser a significant competitive advantage. They are positioned to guide the family through major decisions, such as selling properties, restructuring businesses, or transferring wealth. This insider perspective ensures that the adviser remains central to the family's financial strategy.
The Future of Wealth Management
Jooris predicts a Darwinian evolution in private wealth management. Portfolio optimization will continue, but the real differentiator will be the ability to manage the entire estate. Advisers who can provide this holistic service will become indispensable to their clients.
In Jooris' words, "Own the estate conversation, own the client." This philosophy encapsulates the future of private wealth management, where advisers are not just managing portfolios but entire family legacies.
