Trust And Wealth Management Adapting To New Age Of Transparency: Survey

by Robert Lee, Tax-News.com, London

23 July 2009

The Society of Trust and Estate Practitioners has released the findings of its survey examining the international trends in the trust and estate planning industry. Focusing on changing policy and the economic environment, client referrals, competition, business management and products and services, the report released on July 23 examines sentiment amongst thirty-two leading Trust and Estate Planning practitioners for the following twelve to eighteen months.

Participants agreed that three key trends would develop in the industry over the course of the coming years:

• The end of secrecy will mean families will seek out advisors and trustees who can master global tax advice. Economic conditions will mean tax competition between countries will increase and the distinction between offshore and onshore will disappear;
• The industry will modernise its practices to attract a wider audience; increasing its market share through adopting best practices in investment management and enhancing compliance processes to reduce risk;
• Products and services will continue to be combined together to create new revenue opportunities for wealth structuring professionals. Trust and Estate Planning practitioners will have to be increasingly innovative to expand the number of strategies in its ‘toolbox’ to create bespoke solutions in higher value structures.

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