Global Private Clients Service Line Leader, Nick Cawley and Trust Director, Michelle Tring highlight our clients' key concerns as the Covid-19 pandemic continues to influence wealth planning activity.
Despite the current circumstances, we continue to operate as normal and are spending a lot of time with our clients and intermediaries, albeit virtually, discussing their primary concerns and assisting with the effective management of their wealth structures.
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Here are some of the common themes arising from our discussions:
A rise in philanthropic concerns
The pandemic has caused many clients to really assess what they want their lasting legacy to be. We are therefore helping our clients consider their philanthropic objectives and ensure their wishes can be implemented.
Implications of market volatility on investments
We are utilising the latest, independent market analysis in order to accurately inform trustee discussions with investment managers. Working with our clients, their investment managers and industry experts we are ensuring investments are structured in a way best suited to weathering the volatility. We are also performing in-depth reviews of the holdings within specific portfolios and assessing the general performance of managers.
From well-established family businesses to successful early-stage enterprises, we are working with our dedicated Capital Markets team to assist with corporate debt and refinancing administration. Whilst an unfortunate product of the current climate, this offering gives clients a centralised team with requisite market expertise.
Tax and structuring
We are bringing intermediaries together across several jurisdictions in order to provide advice for clients where travel restrictions may give rise to changing reporting and filing requirements.
Adoption of technology
Clients are now actively engaging in technological solutions including video call platforms, dedicated client portals and document sharing applications, all delivered in a secure mobile environment; and expect their service providers to be able operate effectively at that level so as to maximise operational efficiency.
We are working with clients to ensure their Letters of Wishes are current and, in some instances, facilitating discussions with the family around succession planning and appropriate structures.
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Originally published 28 April 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.