Family wealth advisor Scott Winget is new to Chicago-based Cresset Family Office, but not to the business of family wealth management. With more than 25 years of experience, Winget knows how to work with high-net-worth families seeking to grow their finances and make the world a better place.
Both a licensed CPA and an attorney, Winget began his career as a senior tax consultant with Arthur Andersen in 1992. That was followed by stops at various other companies that entailed tax and personal financial counseling. Most recently, he was senior managing director at Ascent Private Capital Management, where he served as head of the wealth sustainability team that provides family governance, legacy, wealth planning and CFO services. This year he became senior managing director of family enterprise consulting at Cresset Family Office, whose national headquarters are in Chicago.
A socially conscious environmentalist who enjoys outdoor activities with his family, Winget partnered with the non-profit Mountain Area Land Trust (MALT) in Colorado during his employ with Ascent to promote high-net-worth investment in the organization's mission to preserve and protect the state's open spaces.
Winget discussed the business of family wealth management and sustainable investing with Financial Advisor.
FA: How have family dynamics changed in the 25 years you have worked in the wealth management field?
Winget: I don't believe that family dynamics themselves have really changed. Families are still families and conflicts still arise. However, I've seen more willingness on the part of senior generations to listen and involve the rising generation earlier and more fully. Also, it seems that the rising generation is demanding to be involved earlier. Whenever the generations come together like this, it's a good thing.
FA: Is there a deeper divide between the generations today than there was a generation ago?
Winget: No, I don't believe there is a deeper divide between generations today. That said, the differences are still real. There’s a reason that researchers have divided society into separate generations, and that is because each generation is unique and don't always fully understand each other, but that's always been the case. But as all of us are increasingly interconnected, I would argue that baby boomers, Gen X and Gen Y are more on a similar plane than that of earlier generations.
FA: What were some of the factors affecting family finances 25 years ago compared with those affecting them today?
Winget: Impact investing really didn’t exist 25 years ago as an option for most families. A family could always create their own impact opportunity, but having professional, curated offerings from investment and private equity firms has blown it open. For example, at Cresset we are very excited about our new Qualified Opportunity Zone fund and the impact that can make on disadvantaged communities.