Overview

The Society of Trust and Estate Practitioners (STEP) has recently published a report, entitled ‘Offshore Evolution – Transparency and Solutions in Cross Border Wealth Restructuring July 2009’. Based on interviews with leading practitioners over the past six months, the report seeks to offer some predictions about the private client industry for the next 12 to 18 months. The predictions offered in the report are split into two different categories. Firstly, there are a number of “impact” predictions, which seek to identify trends or impacts happening in our industry over which firms have limited control. Secondly, the report identifies a number of “response” predictions which are termed as actions or approaches that industry might make to the impact predictions.

The premier private client centres should feel confident that their industries are well positioned to prosper over the next two years because what is apparent from reading the report is that there will be an increasing focus on quality (of service), on transparency (of jurisdiction and service offering) and on reputation (both of jurisdiction and service provider) and Jersey and its firms are better placed than most to cash in on these factors.

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