Jersey Finance Private Wealth Conference: Advisers must respond to families’ changing world views
Jersey Finance Private Wealth Conference: Advisers must respond to families’ changing world views
Decisions being made by global families of wealth are being driven increasingly by concerns around safety and security against a backdrop of relentless change and uncertainty – but high-quality advice and a willingness to be flexible when it comes to long-term structuring can help those families navigate the landscape effectively, according to speakers at this year’s Jersey Finance Private Wealth Conference.
Held in London recently (24 September), the event – of which Crestbridge Family Office Services (FOS) was once again a sponsor – brought together more than 500 professionals from across the private wealth sector to explore the concept of a ‘Permacrisis’, from geopolitical upheaval to technological disruption.
Keynote speaker at the event was former diplomatic editor for Sky News and bestselling author Tim Marshall, who highlighted the emergence of a ‘multipolar world’, whilst a fireside chat with Claire Williams, one of the most successful women in Formula 1 history, focused on the need to identify opportunity in moments of significant change.
Across two panel sessions, other key points included:
- The world is currently experiencing a combination of the ends of economic, political and geopolitical cycles, which is creating significant complexity for families
- Being tuned into the wider environment and listening to clients carefully is critical for advisers in this environment, with circumstances around safety and security now driving family decision making far more than issues around tax
- Building flexibility into structuring, keeping an eye on the long-term and ensuring good standards of governance are all vital in enabling families to navigate change, drawing on the platforms provided by jurisdictions like Jersey that can offer stability and robust frameworks
- Change and volatility can provide opportunities too and families should be alive to that possibility
Commenting on the event, Heather Tibbo, CEO, Crestbridge Family Office Services, said:
“There’s no doubt that the concerns and values of families are changing as they adopt a new world view. Safety and security are absolutely critical and we need to respond to that, by being sensitive to those concerns and empowering clients to build into their structures the sort of flexibility they need to navigate this period of change in the long-term.”