Due to the challenging economic environment, wealth advisors and their clients need to reconnect and create new financial and family plans to help them make it through the upcoming decade, explained Erich Smith, executive director at BNY Mellon Wealth Management.

For all those firms in the family office and wealth management space that have either undergone merger and acquisition activity or have planned to expand into additional geographical locations, there are challenges that need to be thought out to capture growth opportunities by using a multi-office model, explained Suzanne Joshi.

At the SOCAP 2010 conference in San Francisco, California, philanthropists and industry executives discussed how difficult the concept of impact investing—the idea of doing good, while financially benefiting—has been to introduce to ultra-high-net-worth individuals and families.

When attendees noticed that the clouds parted and the sun came out on day one, many made a beeline to the pool at the Marriott Convention Center to try to get a little color on their lunch break. Some conference goers were spotted fully clothed, reclining in the lounge chairs while doing some Heckerling supplemental material reading. That's tax guys for ya.

The concept of family governance is gaining steam with ultra-wealthy families despite the economic downturn as families are realizing communication is the most important aspect to running and managing their own wealth.