As part of the Hubbis Private Client Insights- Year-End Review 2024, Richard Grasby offers his perspective on evolving priorities of ultra-high-net-worth (UHNW) clients. From addressing geopolitical risks and wealth preservation to leveraging innovative financial centers and exploring new opportunities for growth, his insights underscore the importance of strategic, forward-thinking advisory. Richard also highlights the value of transparent, client-focused services and the increasing role of next generation leaders in shaping family governance and succession planning.
What are UHNW clients' biggest priorities and concerns, and how do you see that changing?
Many clients are fearful of geopolitical issues. There is an increased focus on where structures are established, where assets are located, and where office holders are based.
Wealth preservation: Clients wish to incubate wealth from divorce, especially future divorce risks for children and grandchildren. Increased litigation risk, increased divorce rates, and PRC community property risk.
Wealth growth: Clients are searching for yield and wish to reduce costs. This includes direct investment, private equity, digital assets, and private lending.
What can financial centres do to attract a broader client base?
Develop innovative legislation and structures that work in practice. Adopt new technology. Retain privacy while being well-regulated. At the higher end of the market, UHNW clients are looking to diversify between centres.
What most irritates clients when dealing with professional services firms and advisers?
Duplication of fees and KYC requirements. Lack of clarity on fees. Advisers who focus on selling or hold themselves out as experts on topics in which they are not truly knowledgeable. Slow response times.
Are we seeing the next generation taking more of a leadership role when dealing with the family office, governance issues, and succession planning?
If they are allowed to, yes! There is certainly a lot of benefit to consulting the next generation. However, giving people a voice is not the same as giving them a vote.
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