Materials with correlated electrons display an amazing variety of phenomena, ranging from Mott-Hubbard insulators to high-temperature superconductivity. So far most research in strongly correlated materials has focused on the role of the "Hubbard U" term, i.e, the repulsion between electrons on the same atom, driving the Mott localization in partially filled bands. In the last few years two new paradigms have emerged: the “Hund's metal”, a highly correlated state driven by Hund's exchange coupling favoring the formation of high-spin multiplets on an atom and the "spin-orbit Mott insulator or correlated metal" where spin-orbit coupling conspires with local interactions to produce novel correlation effects. The conference will gather the main researchers active in the field. Focussing on the effects of Hund’s and spin-orbit couplings in correlated materials such as iron-based superconductors, ruthenates or iridates, and from the comparison between theoretical/computational and experimental results, it will aim at improving the conceptual understanding of the new phenomena. A specific objective of the conference will also be the further development of electronic structure methods able to capture the new paradigms and to provide a reliable description of the properties of 3d, 4d, and 5d transition metal compounds from first principles.