I’ve spent more than two decades listening closely to families with extraordinary wealth and even more extraordinary responsibilities. If there’s one truth that’s emerged time and time again, it’s this: they rarely wait for headlines to act.
They move when others are still speculating.
They prepare for the storm long before clouds gather.
They invest not just in assets, but in agility.
Lately, I’ve found myself thinking more about this instinct: the quiet, strategic preparation that takes place when the world gets noisy.
A Familiar Pattern, Repeating
Just the other week, I was on a call with an advisor from a well-established multi-family office. We were discussing what I call “the hum”—that low, persistent frequency of client concern that rises when markets are turbulent, tax policy is in flux, and no one really knows what’s coming next.
“There’s a lot of talk,” he told me, “but not much action. At least, not yet.”
And that’s exactly it. Our most sophisticated clients aren’t panicking. But they are plotting. They’re laying out Plan Bs and Cs across continents. Swiss custody accounts are being dusted off. Milan property lawyers are back on retainer. Private foundations are requesting fresh reviews of their U.S. tax exposure.
It’s not about fleeing—it’s about flexibility. The kind that doesn’t wait for Washington or Westminster to send a formal invitation.
When Perception Becomes Policy
We saw this dynamic play out recently in the UK. The end of the non-dom tax exemption wasn’t just a policy change—it was a turning point. In a matter of months, we saw a cascade of capital migration. Milan, Dubai, Madrid—suddenly, these weren’t just nice-to-have options. They were lifelines.
The clients who fared best? They weren’t reacting. They were ready.
The Price of Being Ready
That readiness, though, comes at a cost. It’s a topic I often explore with private bankers and corporate lenders. In today’s climate, optionality is more expensive than ever.
Banks are tightening. Terms are shifting. Even families with pristine balance sheets are finding that credit isn’t flowing as freely, especially across borders. I’ve seen loan-to-value ratios fall, margin requirements rise, and AUM thresholds inch higher for lending desks that once prided themselves on flexibility.
All of this means that families who want the freedom to move—liquidity, jurisdiction, or strategy—must pay more for the privilege.
And still, they do it.
Because the cost of inaction, of not being ready, is almost always higher.
A World Repricing Risk
From my seat, I’m watching a world reprice risk; not just on Wall Street, but in dining rooms and boardrooms and family offices across the globe.
Art is being reevaluated. Not because it’s lost value, but because its liquidity profile has changed. Private equity stakes are harder to exit. Continuation funds are growing, but so are the questions about when and how those positions will eventually unwind.
Some clients, particularly in the U.S., are only now realizing how concentrated their exposure really is. Others, especially in Europe, are reassessing their U.S. holdings in light of potential currency and geopolitical risk.
In each case, the decisions being made are less about what’s happening today, and more about being agile enough to act tomorrow.
What I Tell My Closest Advisors
If you’re a gatekeeper to wealth—an advisor, a private banker, a lawyer, or an allocator—your role is more vital now than ever. Your clients don’t just need solutions. They need strategy. They need your calm. Your foresight. Your ability to see around corners.
And sometimes, they need you to ask the question they haven’t thought to ask: What would it cost to pivot if the world changed tomorrow?
Because if we’ve learned anything in this business, it’s that it can. And it will.
The Power of Optionality
I often say that the most powerful financial resource isn’t capital. It’s control.
Optionality is control. The ability to say, yes, we’ve planned for this. To move without scrambling. To protect without panicking.
In this environment, optionality costs more. But for the families we serve, it’s worth every penny.
— Eileen
P.S. Read my latest article on this topic on Wealth Solutions Report here.