Citywealth Forum
Citywealth Forum 2025 – Brief Summary Report
Date: May 13, 2025
Location: Skyline London
Introduction
Event Chair: Joshua Rubenstein, Katten
Moderator: Karen Jones, Citywealth
Executive Summary
The Citywealth Forum 2025 brought together leaders and professionals in the private wealth sector for a full day of strategic insight and discussion in London. Chaired by Joshua Rubenstein, Partner and National Chair of Private Wealth at Katten Muchin Rosenman LLP (New York), and moderated by Karen Jones, Editor of Citywealth, the forum focused on adapting wealth management practices to meet the demands of a rapidly evolving global environment.
Key Highlights
1. Introduction of Key Speakers
- Joshua Rubenstein was introduced as the forum chair. He is a longtime supporter of Citywealth and recipient of honours such as Lawyer of the Year and Trusted Advisor of the Year by Citywealth and STEP.
- Karen Jones, with her extensive background in private wealth, served as the moderator ensuring productive and focused conversations throughout the day.
2. Opening Remarks – Karen Jones
Karen welcomed attendees, praised the venue, and acknowledged the behind-the-scenes planning—over 20 Zoom meetings and hundreds of emails. She thanked the staff, speakers, and sponsors for their contributions to the forum’s success.
3. Forum Vision and Context – Joshua Rubenstein
Joshua described the event as a strategic thought conference, emphasizing the need to address wealth management through an integrated lens that considers:
- Planning
- Administration
- Litigation
He stressed that in today’s volatile world, wealth professionals must think proactively and collaboratively.
Thematic Discussion Points
1. Adapting to Global Change
Joshua noted that while change is constant, today’s pace, unpredictability, and global scope are unique. Referencing events like 9/11, the 2008 crisis, FATCA, the rise of digital assets, and current geopolitical conflicts, he argued that wealth managers must anticipate and adapt swiftly.
2. Integrated Approach to Wealth Management
The forum’s central theme was the need to integrate planning, administration, and litigation:
- Planning must be done with knowledge of practical administration and legal vulnerabilities.
- Administration should reflect the planner’s intent and anticipate challenges.
- Litigation benefits from understanding tax and administrative structures to build stronger cases and settlements.
“We do our clients a disservice if we don’t integrate all three.” — Joshua Rubenstein
3. Learning from Mistakes
Joshua invoked the concept of Greek tragedy to highlight the importance of learning from failure, not just personally, but from others as well. He encouraged a mindset of reflection and continuous learning to improve client service.
Conclusion and Key Takeaway
The forum emphasized the necessity of interdisciplinary collaboration in private wealth management. Joshua Rubenstein’s keynote underscored that anticipating disruption and working across planning, administration, and litigation is essential for building resilient client strategies.
Primary Insight:
“No one plans so well as when they understand what a plan is — and is not — capable of being administered and how plans become contested.”
— Joshua Rubenstein
Panel Report: Trusts & Capacity Issues – What Happens When Trustees or Protectors Lose Capacity?
Moderator: Maxine Bodden-Robinson, Director, IMG Trust Company Limited
Panelists:
- Gilead Cooper KC, Barrister, Wilberforce Chambers
- Andrew McCallum, Senior Partner, Rawlins & Hunter
- Sarah Bartram-Lora Reina, Trustee Director, Stonehage Fleming
- Contributor: Peter Goddard, Head of Private Client, IMG Trust Company Limited
Executive Summary
This panel addressed the complex and increasingly relevant issue of mental incapacity in trustees and protectors. Discussions highlighted the legal, practical, and emotional implications of fiduciaries losing capacity during the lifetime of a trust. Particular emphasis was placed on the Mental Capacity Act 2005, trust deed provisions, the importance of knowing clients personally, and risk mitigation through proper planning and documentation.
The overarching conclusion was clear: proactivity, clarity in drafting, and strong client relationships are critical to managing capacity risks effectively.
Session Highlights by Chapter
Chapter 1: Introduction
The session opened with a brief welcome by the host and an introduction of the moderator and panelists. The goal was framed succinctly: to explore what happens when fiduciaries lose capacity mid-trust.
Chapter 2: Opening Remarks
Maxine Bodden-Robinson set the tone by encouraging audience participation and framing the discussion around both individual and institutional trustees. She noted that while capacity clauses are common in trust documents, their practical application is often unclear or under-examined.
Chapter Summaries and Key Takeaways
Chapter 3: Capacity Clauses & Legal Frameworks
Speaker: Gilead Cooper KC
- Defined the complexity of mental capacity, emphasizing the challenges of fluctuating cognitive states.
- Explained the presumption of capacity under the Mental Capacity Act 2005.
- Stressed that trust deeds must clearly define who determines capacity loss and how removal should be executed.
- Cited a Guernsey case where effective drafting allowed smooth removal of a protector who lost capacity.
“The trust deed should ideally define capacity and specify who has the power to act if it’s lost. If it doesn’t, litigation is often the fallback.”
Chapter 4–5: Assessing Capacity in Practice
Speakers: Maxine Bodden-Robinson & Sarah Bartram-Lora Reina
- Discussed the trustee’s burden in deciding on a colleague’s capacity.
- Sarah shared a real-world case where behavioral changes in a client revealed a brain tumor diagnosis.
- Emphasized that “knowing your client” goes beyond KYC—personal familiarity is crucial for spotting early signs of incapacity.
Chapter 6: Structural Challenges in Trusts
Speaker: Andrew McCallum
- Observed that many families don’t fully trust trustees or protectors, prompting the appointment of appointors or oversight layers.
- Warned of over-complexity: layered roles may dilute accountability and create confusion when capacity is lost.
“You may trust the appointor—but what happens when they lose capacity too?”
Chapter 7: Stress Testing Trusts
All Panelists
- Introduced the concept of “stress testing” trusts—re-evaluating existing structures to ensure they’re still fit for purpose.
- Gilead noted that resignation may be invalid if the fiduciary lacks capacity, stressing the importance of foresight in drafting.
Chapter 8: Legal Precedents & Documentation
Speaker: Gilead Cooper KC
- Shared a case where the capacity of the settlor was contested, highlighting the litigation risk when documentation is insufficient.
- Underscored the need for accurate, contemporaneous file notes.
Chapter 9–10: Age Provisions & Protective Committees
Speaker: Sarah Bartram-Lora Reina
- The panel debated age caps for fiduciaries, acknowledging both benefits and risks (e.g., perceived discrimination, family tensions).
- Sarah proposed protective committees as a governance tool to provide oversight and collective decision-making power.
Chapter 11: Rogue Trustees and Protectors
Contributor: Peter Goddard, Head of Private Client, IMG Trust Company Limited
- Illustrated the danger of unchecked power, referencing a case involving a rogue PTC director who misappropriated $28 million.
- Highlighted the risk of unregulated fiduciary behavior in opaque structures.
Chapter 12: Final Thoughts
- Concluded with a reference to a recent Northern Ireland case on removing incapacitated trustees.
- Emphasized the technical nature of such proceedings and reiterated the importance of proper documentation, communication, and family dialogue.
Conclusions & Recommendations
Critical Insight:
The assessment and management of capacity is not a binary issue but a nuanced and evolving concern. Fiduciaries, particularly in private wealth and family trust contexts, must be equipped with clear legal guidance, personal awareness, and proactive planning tools.
Recommendations for Practitioners:
- Draft Provisions Thoughtfully:
- Include explicit capacity clauses in trust deeds.
- Define who determines incapacity and what documentation is required.
- Build Personal Knowledge of Clients:
- Maintain consistent communication to detect behavioral changes.
- Incorporate this knowledge into fiduciary oversight and risk frameworks.
- Document Everything:
- Use contemporaneous notes, file memos, and correspondence logs.
- Prepare defensively to reduce litigation risks.
- Stress-Test Your Structures:
- Regularly review trust instruments for outdated provisions.
- Evaluate the reliability of trustees, protectors, and appointors.
- Discuss Age and Succession Proactively:
- Where appropriate, consider retirement ages or review milestones.
- Introduce succession planning mechanisms within the trust governance.
Final Thought
The panelists agreed that the trust industry must move beyond boilerplate clauses and build governance frameworks that can withstand the reality of human decline. As populations age and structures become more complex, capacity planning is no longer optional—it is essential.
A full report of the day is available, on request to select individuals.
Contact Karen Jones at kjones@citywealthmag.com or call 020 7487 5858