Sentiment Improves Amongst Trust And Estate Practitioners

by Amanda Banks, Tax-News.com, London

18 November 2009

The Society of Trust and Estate Practitioners (STEP) has released figures from its latest global quarterly confidence survey showing that sentiment amongst trust and estate practitioners is improving. The majority of practitioners are optimistic that business flows will improve in the short-term as the global economy leaves behind the worst of the downturn.

The STEP Near Term Confidence Index, which looks at the outlook over the next three months, has risen from 11 to 20. This index was minus 13 at the start of the year. The STEP Longer Term Confidence Index, which looks at the outlook over the next 12 months, has similarly risen strongly, from 28 to 37, having begun the year at minus 2. The survey looks at members’ views across a wide range of jurisdictions and trust and estate businesses.

The Confidence Indices are constructed by taking the balance of survey respondents replying that they expect business to “improve” or “significantly improve” relative to those expecting business to “decline” or “decline significantly”.

STEP Chief Executive David Harvey said: “The steady increase in confidence among STEP members is a strong indicator that the trust and estate industry is looking forward to a bright future. It is especially encouraging that this comes during a period of rapid change in the industry worldwide. STEP is committed to being at the forefront of these changes and will continue to help its members in over 60 countries around the world to adapt to business challenges during a period of rapid change in the global economy.”

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