Trust is not only crucial to success among the owners of substantial wealth but also the sine qua non for successful teamwork among professionals who work with them. There can be dangers, however, in too much trust and too little healthy confrontation, just as there are in mistrust and chronic conflict.
In a more challenging investment environment, families are more frequently seeking to partner with investment advisors that manage the entire relationship, leading to a dramatic increase in demand for family office providers. Multifamily offices have emerged as an attractive structure because of their solutions-driven approach and capacity for shar...
While it is always a good practice to be prepared for possible future transitions, the current economic climate makes succession planning imperative. A well designed succession plan will help protect client relationships, ensure business continuity, promote economies of scale and provide procedures for dealing with the eventual retirement of adviso...
The crisis of confidence in private banking has some obvious causes. It also has one not so obvious remedy: change the ownership structure. This remedy, however, requires a high level of involvement in all aspects of the business. For those families willing to make the commitment, Mutual Private Bank says, the only confidence that matters may be in...
In the latest issue of Private Banking Newsletter, Baker & McKenzie examines the case of Centre Trustees (CI) Ltd & Another v Van Rooyen & Others, in which the Royal Court of Jersey endorsed the removal of the protector who had put himself in a position where his own interests were in serious conflict with the interests of the trust beneficiaries.
This PriceWaterhouseCoopers study of global private banking and wealth management provides insight into the themes and trends affecting the world of wealth management as well as practical suggestions for actions wealth managers should be taking. The study is conveniently divided into six sections covering performance, client service, products and s...
To be competitive, advisors need to determine and consistently demonstrate what makes them unique and relevant to ultra-wealthy clients. This workbook from Natixis Global Associates helps advisors define what they stand for, understand how they are perceived, determine the priorities and needs of clients, create a personal brand message, develop an...
When a family needs to add to their domestic staff, they often call upon their family office for assistance in overseeing the process. This paper from Mahler Private Staffing provides an overview of the steps involved in hiring domestic staff, as well as questions to ask when assessing search firms.
Increased use of modern networking technologies, including social media, is creating new forms of participation, shifting power from producer to citizen and building customer sovereignty. For corporations and organizations, entry into the digital society rests on new economic principles, rules of play, and collaborative business models.
This IBM report argues that many client relationship managers do not actively sell their firm. IBM also contends that there is a tremendous opportunity for wealth management firms to strategically use client attitudinal information to target and improve high-impact service interactions. Firms that get it right can strengthen their ability to improv...
This research brief reports on declining UHNW client satisfaction levels among their wealth advisors and private banks.
GenSpring reports that despite increased market volatility and instability on global markets, threats of inflation and recession, the age of affluence is upon us. It further argues that men play a central role in decision-making of most affluent families. Understanding their attitudes, views and practices may therefore help us to understand their f...
Families spend a lifetime building a legacy and tragically, just one lawsuit can place that legacy in jeopardy. Without that critical layer of personal liability insurance, your are at risk. Personal excess liability coverage—commonly called an umbrella policy—protects individuals from a covered claim brought against them, personal injury, or ...
To adapt to the unprecedented pace of change across the tax landscape, companies must focus on embracing a total tax liability mindset—a holistic understanding of the sum of all taxes across the entirety of the organization. Once viewed as a compliance-driven, back-office function, effective tax planning is now crucial to business perfor...
As the number of reported cases of the novel coronavirus (COVID-19) continues to rise, employers are increasingly confronted with the possibility of an outbreak in the workplace. Learn how COVID-19 continues to affect employers' disease prevention efforts and potential compliance issues and legal obligations.