Citywealth NextGen Editorial Board report: Mobility, Governance and Geopolitical Risk
Members of the Citywealth NextGen Editorial Board met online to discuss developments affecting private client advisers, trustees and wealth managers. The discussion covered international mobility, geopolitical risk, sustainable investing, governance and the increasing complexity of wealth structures.
Participants included:
Karen Jones, CEO, Editor, Citywealth Chair
Alex Clayton, Client Advisor, UBS,
Gintare Nedelec, Trust Officer, Guardian Trust Company, Switzerland
Natalia Alvarez, Director EMEA, Ascentium Fiduciary
Sanmari Crous, Business Manager, Fiduciary Services, Standard Bank Offshore
Zoe Norton, Solicitor, Private Wealth, Druces
International structures and governance
Several participants reported growing demand for more sophisticated wealth planning structures as families become increasingly international and assets are held across multiple jurisdictions.
Natalia Alvarez, Director EMEA at Ascentium Fiduciary, said clients increasingly require structures capable of accommodating international families, cross border assets and changing residency patterns.
Sanmari Crous, Business Manager, Fiduciary Services, Standard Bank Offshore, reported a similar trend among African and African connected families.
“We are seeing fewer structures and fewer clients, but more complex and more substantial requests.”
“There is a greater focus on the governance and regulation and the strength of the structure rather than just this is the vehicle or this is the solution.”
Crous said clients are increasingly looking for robust governance frameworks and structures capable of operating across multiple jurisdictions.
Dubai, Asia and changing client mobility
The Board discussed the impact of recent geopolitical events on client behaviour, including developments in the Middle East and changing attitudes towards international relocation.
Alvarez said recent tensions had affected activity, particularly among clients considering relocation.
“Whenever there is a crisis, people will rethink what they’re doing.”
Alvarez said some clients are placing greater emphasis on lifestyle, security and family considerations rather than focusing solely on tax efficiency when choosing where to live.
Zoe Norton, Private Client Solicitor at Druces, said some of her Israeli connected clients had reassessed where they wanted to live following recent events.
“Some who live in London, because of the anti-Semitism, have decided to go back to Israel.”
Others, she said, had moved in the opposite direction and returned to the UK.
The discussion also touched on the continued growth of Hong Kong and Singapore as wealth management centres.
Gintare Nedelec, Trust Officer at Guardian Trust Company, Switzerland, said service quality, continuity and client relationships remain important factors when families choose where to establish structures.
She noted that some structures had subsequently been transferred back to European jurisdictions, despite the growing profile of Asian wealth centres.
Sustainable investing and fiduciary responsibilities
Participants discussed the growing prominence of sustainable investing and the challenges it can create for families, advisers and trustees.
Norton said discussions increasingly extend beyond environmental concerns.
“It’s also ethical sustainability. Do they want to invest in certain economies that sanction things that they don’t necessarily agree with on a political or ideological level?”
However, she said investment performance often remains the deciding factor.
“Ultimately it comes down to the numbers and people go with the investments that generate the best returns for them.”
Nedelec said trustees need to consider carefully how environmental, social and governance objectives are incorporated into structures.
“There has to be some kind of strategy because we all have our own values.”
She suggested that settlors should clearly document their intentions and expectations to avoid future disputes.
“I wouldn’t go blindly and say this client wants to invest in ESG, that’s amazing, let’s just put all the money in there.”
Crous said trustees remain bound by their fiduciary obligations.
“As trustees, we have the duty to enhance and preserve the trust assets.”
She added that philanthropic structures often provide a more appropriate vehicle for clients seeking social impact and long term charitable objectives.
Intergenerational wealth and control
Another recurring theme was concern among wealth creators about how future generations will manage inherited wealth.
Alvarez said many families are introducing additional governance measures and oversight mechanisms.
“I’ve seen a lot of first and second generation clients afraid of what the new generation is bringing.”
She said some families are creating committees and appointing independent advisers to help preserve long term objectives.
“The ways of controlling that I’m seeing is a lot of external committees or boards where they include other people external to the family.”
According to Alvarez, these arrangements are designed to balance flexibility for future generations with the wishes of the founders and reduce the risk of family disputes.
Market uncertainty and investment conversations
Alex Clayton, Private Banker at UBS, said geopolitical developments continue to shape conversations with clients.
“What’s happening in the world is very much the day to day at the minute speaking with clients.”
He said internationally mobile clients continue to assess their options, although tax is rarely the sole factor behind major decisions.
“There is a lot of planning you can put in place, so it shouldn’t be tax alone that drives that decision.”
Despite political and economic uncertainty, he said movement of wealth across borders continues.
“We’re still seeing a lot of movement with wealth.”
Discussing market volatility and geopolitical events, Clayton said advisers play an important role in helping clients navigate uncertainty.
“It’s just being their trusted adviser.”
Litigation and family disputes
Norton also reported an increase in contentious probate work.
“People seem a lot more willing to spend money on contesting wills.”
She said the trend highlights the importance of proper estate planning and clear documentation.
“It’s really important when you do a will to get it done properly.”
Looking ahead
The discussion highlighted a wealth planning environment that is becoming increasingly international, more heavily governed and significantly more complex.
Participants reported growing demand for cross border structures, increased attention to governance and a continued focus on helping families navigate uncertainty. While geopolitical events continue to influence decision making, the Board agreed that clients are increasingly looking beyond tax considerations alone and focusing on long term stability, flexibility and family objectives.
https://www.citywealthmag.com/news/falling-into-a-career-and-finding-a-vocation/
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