Jersey Finance releases private wealth report

Posted: 11/09/2018

JerseyFinance report Sept18Jersey Finance has launched its latest private wealth thought leadership report, Flourishing Futures: Making Succession a Success

Written with law firm Bedell Cristin, the report sets out to address the challenges arising from the intergenerational transfer of wealth. In the next 30 to 40 years, it is estimated this so-called ‘great wealth transfer’ will see US$30trn of wealth pass down to the present-day generation in the US alone. 

The report focuses on succession planning and how existing trust structures, established more than 30 years ago, might be affected by the next generation of beneficiaries.   

Using examples from Jersey’s wealth sector and insights from private client specialist Edward Bennett, Partner at Bedell Cristin, it recommends actions trustees and fiduciary service providers can take in anticipation of the increasing influence of the next generation. 

The recommended steps include: 
• Prepare a summary of the trust structure, explaining the terms of the trust in detail 
• Initiate meetings with the next generation to discuss the trust 
• Consider how existing structures meet the wishes of the next generation or whether it might be appropriate to establish new structures supporting philanthropic causes 
• Ensure communication is carried out in a suitable manner – for instance, with the next generation expecting fast, accurate information, does the existing approach sufficiently embrace technology, have the capability to interact via social media or offer an easy online platform? 

Edward Bennett said: “Next generation families tend, for example, to spread their wings further geographically, and are more likely to include step-children and long-term but unmarried relationships, whilst not all family members will share the same personal, commercial or philanthropic goals. 

“In addition, those families are much more comfortable with technology - accessing information and communicating digitally, transacting online, managing their finances via apps or being more open to fintech investment options." 

• The report is available to download at www.jerseyfinance.je/flourish. Hard copies are available on request from mialy.oporia@jersyfinance.je


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