Citywealth Forum 2025: Rethinking Wealth Management in an Era of Complexity
The Citywealth Forum 2025 convened in London this May, bringing together leaders in the private wealth industry for a day of high-level discourse and forward-looking strategy.
Against a backdrop of geopolitical uncertainty and rapid financial innovation, participants examined how professionals can adapt, collaborate, and plan for the future in a shifting global landscape.
Chaired by Joshua Rubenstein, National Chair of Private Wealth at Katten Muchin Rosenman LLP (New York), and moderated by Karen Jones, Editor of Citywealth, the event was both reflective and practical—challenging established norms while proposing integrated, actionable frameworks.
A Strategic Forum for Uncertain Times
Setting the Scene
In her opening remarks, Karen Jones welcomed attendees and acknowledged the meticulous preparation behind the event, involving over 20 Zoom meetings and hundreds of emails. The day, she noted, was designed not only to share expertise but to build relationships within an industry that thrives on trust, discretion, and long-term thinking.
Joshua Rubenstein then outlined the vision of the forum as a “strategic thought conference”—a space to examine the overlapping dimensions of wealth planning, administration, and litigation. In today’s turbulent environment, he argued, wealth professionals must move away from siloed practices and embrace a more collaborative and interdisciplinary approach.
Themes from the Forum
1. Adapting to Global Change
Rubenstein offered a sweeping view of recent history, referencing milestones such as 9/11, the 2008 financial crisis, the rise of FATCA, digital assets, and ongoing geopolitical conflicts. These developments, he said, underline the new pace and complexity of global change—demanding agility and foresight from wealth managers.
“We’re not just reacting to change anymore,” Rubenstein noted. “We’re living in a permanent state of disruption.”
2. The Case for Integration
At the heart of the forum was a call to unify the often-divided disciplines of planning, administration, and litigation:
- Planning must anticipate administrative limitations and legal exposure.
- Administration should reflect the spirit and intention of the original plan.
- Litigation strategies gain strength when built on a foundation of deep structural understanding.
As Rubenstein put it: “We do our clients a disservice if we don’t integrate all three.”
3. Learning from Tragedy
Invoking the structure of Greek tragedy, Rubenstein encouraged professionals to study not only their own failures but those of others. Mistakes, he said, are “pre-paid tuition”—a source of strategic learning that helps prevent costly future errors.
Panel Spotlight: Trusts and Capacity Issues
One of the day’s most poignant and technically detailed discussions addressed a topic of growing relevance: what happens when trustees or protectors lose mental capacity.
Framing the Debate
Moderated by Maxine Bodden-Robinson, Director at IMG Trust Company Limited, the panel included barrister Gilead Cooper KC (Wilberforce Chambers), Andrew McCallum (Rawlinson & Hunter), Sarah Bartram-Lora Reina (Stonehage Fleming), and contributor Peter Goddard (IMG). Chair was Joshua Rubenstein, Chair Private Wealth, Katten Muchin Rosenman.
The session examined how legal frameworks, documentation, and human judgment intersect when fiduciaries can no longer fulfil their duties.
Key Insights
- Legal Clarity Is Crucial: Cooper stressed the importance of well-drafted trust deeds, highlighting that vague or missing capacity clauses often lead to litigation.
- Knowing the Client: Bartram-Lora Reina shared a moving account where subtle behavioural changes in a client led to the discovery of a brain tumour—an example that underscored the value of personal insight alongside formal due diligence.
- Structural Fragility: McCallum warned of over-engineered trust structures that confuse rather than clarify fiduciary responsibility, particularly when multiple layers of appointors and protectors are involved.
- The Role of Documentation: Cooper also emphasized that contemporaneous notes and file records are critical in defending against legal disputes arising from questions of capacity.
- Proactive Governance Tools: From age provisions to protective committees, panelists debated mechanisms for ensuring continuity without veering into discrimination or overreach.
Perhaps the most sobering moment came from Peter Goddard, who shared a case involving a rogue PTC director who had siphoned off $28 million—a stark reminder of the risks in opaque or unmonitored fiduciary structures.
Conclusions and Recommendations
The overarching message from both the keynote and panel sessions was clear: private wealth professionals must move beyond tradition and embrace structures designed for today’s complex, fast-moving world.
Recommendations for Practitioners
- Draft for Reality: Include precise and enforceable capacity clauses in trust deeds.
- Prioritise Personal Knowledge: Build deep, long-term relationships with clients to detect early signs of decline.
- Document Everything: Maintain meticulous records to guard against disputes and ensure clarity of intent.
- Stress-Test Structures: Regularly review trusts for gaps, outdated provisions, or excessive complexity.
- Plan for Succession: Discuss age, retirement, and capacity proactively within trust governance.
Final Thought
As the population ages and the financial landscape grows ever more intricate, capacity planning and interdisciplinary collaboration are no longer optional—they are essential. The Citywealth Forum 2025 served as a timely reminder that in wealth management, resilience is not just about safeguarding assets, but designing systems that withstand the test of time, uncertainty, and human frailty.
“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.”
Read more about the Citywealth Forum here https://www.citywealthmag.com/citywealth-forum/
If you would like to see a copy of the full report please email Karen Jones kjones@citywealthmag.com
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Explore more from Citywealth:
Citywealth Forum – About & updates | WP Club – Networking | Tomorrow Club
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Citywealth Forum 2025 — FAQs
When and where did it take place?
Citywealth Forum 2025 was held in London on 21 May 2025.
Who chaired the forum?
It was chaired by Joshua Rubenstein, National Chair of Private Wealth at Katten Muchin Rosenman LLP, with moderation by Citywealth’s Editor, Karen Jones.
What were the key themes?
Integration of planning, administration and litigation; governance and documentation; and capacity risks in fiduciary roles, with practical recommendations for practitioners.
How can I get more information?
Email kjones@citywealthmag.com to request more information.
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