Bedell Cristin Partner works with Jersey Finance to produce succession report
13 September 2018
Edward Bennett, Partner and head of Bedell Cristin's International Private Client practice has worked in partnership with Jersey Finance to produce a private wealth thought leadership report named Flourishing Futures: Making Succession a Success.
The report sets out to address the challenges arising from the intergenerational transfer of wealth, dubbed by economists and financial observers as the 'Great Wealth Transfer'.
The report focusses on how existing trust structures, established 30 plus years ago, might be affected by the next generation of beneficiaries. Using examples from Jersey’s wealth sector, Edward recommends proactive actions that trustees and fiduciary service providers can take in anticipation of the increasing influence of the next generation.
Edward said: “It’s vital trustees and other fiduciary service providers are ready to meet the demands of the next generation. We’ve identified key differentiators between the founder generation and next generation to provide context for the situations trustees may face in future. The 10 clear action points we set out in the report can support practitioners in their decision making – ensuring succession is a success”.
Geoff Cook, CEO of Jersey Finance, explained: “It is clear there will need to be a certain amount of change and evolution within the global private wealth industry as a result of the Great Wealth Transfer. The indications are that the social, cultural and technological trends shaping the global wealth management sector are giving forward-thinking private wealth professionals a real opportunity to support families with the transfer of inter-generational wealth".
The Flourishing Futures report is available to download at www.jerseyfinance.je/flourish.