International finance centres (IFCs) and cross-border financial services providers have both an opportunity and an obligation to build confidence in global markets in the face of societal tensions, geopolitical shifts and digital disruption - but can only do so by placing reputation at the heart of their long-term strategies, according to speakers at this year's Jersey Finance Private Wealth Conference.
Entitled 'Reputation as a Strategy', the event - which took place this week (Tuesday 23 September) in London and was attended by more than 500 delegates from Jersey, the UK, Europe and further afield - included a keynote speech from historian and co-host of 'The Rest is Politics' podcast, the Rt Hon Rory Stewart OBE.
Discussing how trust is earned and lost on the world stage, the former UK cabinet minister and diplomat highlighted in particular how the speed with which perceptions are formed has shifted over recent years, fueled by digital technologies, the potential for misinformation and the rise of polarised politics.
This narrative was maintained in the first panel, 'Reputation in Practice: Navigating the Private Wealth Landscape'. Highlighting the drive towards greater transparency in cross-border financial services and the rising appetite for public scrutiny, the panel discussed how private wealth practitioners must demonstrate consistency and move beyond simply talking about change to delivering tangible results - particularly in areas such as AI and digital transformation - in order to remain competitive and build trust.
Meanwhile, panellists in the second session - 'Leading with Trust: Advancing Jersey's Competitive Edge' -explored how Jersey is focussed on safeguarding its position as a respected IFC, by differentiating itself from other centres through a programme of targeted innovation, such as recent enhancements to the Jersey Private Fund product and digital asset guidance and by maintaining high standards of regulatory compliance and cooperation, as evidenced through last year's MONEYVAL assessment.
Concluding the event, journalist and presenter Sam McAlister provided further personal reflections on the themes of trust, reputation and influence, drawing on her extensive experience in the media and broadcasting world.
Commenting after the event, Joe Moynihan, Chief Executive Officer, Jersey Finance, said:
"The theme of our conference this year was certainly very timely, set against the backdrop of sustained ongoing global uncertainty, political upheaval and societal tensions. In such uncertain times, investors gravitate towards the advisers and jurisdictions they trust. Reputation is currency and as an IFC and an industry, we must integrate reputation at the heart of what we do if we are to succeed in earning trust and building confidence in our ecosystem.
"But what came across strongly at our event, from all our speakers and panellists, was that reputation is a fragile thing and is an ongoing process; it can take years to build but can be easily destroyed. Which is why, as an IFC that values its reputation, in Jersey we continue to invest in it. It's about forward-thinking. It's about being brave. It's about consistency. And it's about leading through actions. By doing all these things, we can not only thrive as an IFC, but we can also provide certainty and reassurance to the markets and contribute to bringing about positive change.
"I'd like to extend my thanks to this year's speakers and panellists, our sponsors, our media partners, our guests, and our team at Jersey Finance, who have made this year's event such a success once again."
Sponsors for this year's conference were Affinity Private Wealth, Butterfield Mortgages Limited, Carey Olsen, Crestbridge Family Office Services, Equiom, Fairway Group, HIGHVERN, Investec Bank (Channel Islands) Ltd., Lloyds Bank International, VG and Walkers. Media partners were eprivateclient, FT, Philanthropy Impact, Reports Legal and Wealthbriefing.
Further event details, videos, interviews and images from this year's Conference can be found at the Jersey Finance Private Wealth Conference Hub
This press release was first published by Jersey Finance.
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