Firms across wealth management are eyeing the ultra-high-net-worth (UHNW) segment. The appeal is clear; the execution is not.

In Part 1 of this two-part kickoff to Season 2 of The Wealth Horizon Podcast, Rosemary Denney talks with Jamie McLaughlin, founder and CEO of J.H. McLaughlin & Co. and co-founder of The UHNW Institute, about the gap between marketing claims and operating reality.

They discuss why margins often compress as firms “move up-market,” how pricing tied only to AUM breaks down and where outsourcing supports quality without losing primacy. The conversation also looks at compensation systems, ownership and “relationship capital” and why scale can threaten client intimacy if firms aren’t deliberate.

In the episode, Rosemary and Jamie unpack:

• Why revenue grows but margins stall in UHNW service models
• Where AUM fees fall short and retainers fit better
• How to work with outside experts without losing primacy
• Why underused talent erodes profitability
• Collaboration vs. integration and why it matters
• Building the next generation through mentoring and incentives

For leaders looking to grow thoughtfully in the UHNW space, this conversation details what it takes to protect both quality and economics.

Links & Resources

• Access Jamie McLaughlin’s article “A Cautionary Tale” in The Family Wealth Report
• Learn more about J.H. McLaughlin & Co.
• Explore The UHNW Institute
• Subscribe to The Wealth Horizon Podcast on YouTube for future episodes