Insights / 09 September 2021
In the PCD Club “Hot Seat” with Paul Hunter and Heather Tibbo
Family Office Services Group Heads,
Paul Hunter and Heather Tibbo, recently sat in the “Hot Seat” with PCD Club’s David Bell to discuss key trends shaping the future of the family office space.
Touching on a range of issues from governance and structuring to client relationships and cultural approaches to wealth management, the conversation – broken down into easily digestible sessions - provides an insight into how families are adapting to a new and unfamiliar environment…
Approaches to devising and implementing modern family governance strategies for high-net-worth clients in the Middle East are continuing to evolve.
Here, Paul shares his thoughts on how the next generation is looking anew at how they manage family wealth and actively reviewing their approach to succession planning.
Against a backdrop of remote working over the past 18 months, it has become clear just how important maintaining close working relationships with clients is.
Discussing clear objectives and structuring options is critical to achieving optimum outcomes for clients, as Paul discusses here, whilst touching in particular on how Middle Eastern clients place an emphasis on information security and expect a certain level of privacy in their affairs.
Expanding on the idea that building solid client relationships and taking the time to properly understand a client’s family dynamics is crucial to supporting a family in the long-term, Heather explores here how the younger generations are becoming increasingly confident and – quite rightly - asking more of their advisors.
With the next generation of clients being more and more conscious of the ESG movement and responsible investment in particular, Heather outlines the Family Office Services team’s belief in the need to adapt over time to meet changing attitudes and demands and shifting generational needs.
No two families are the same – and in a world where families are increasingly diverse, with a footprint in multiple jurisdictions, interests around the world and unique family values, this has never been truer, as Heather explains here.
Pointing to the fact that for the Crestbridge Family Office Services team the focus is on each individual client’s circumstances rather than a set plan of trustee management, Heather explains the emphasis they place on taking the time to get to know their client and understanding their different dynamics and priorities.
With reference to real life examples, here Paul reflects on how the services the team provides can allow their clients to enjoy – and not just ‘manage’ - their luxury assets, highlighting one client in particular who was seriously considering selling his boat as he was finding the staffing and administration issues in respect of the boat too much of a time demand.
Explaining how discussing the issues with his team and devolving responsibility to Crestbridge ultimately enabled the client to enjoy the boat, Paul discusses how luxury asset management is becoming a hot topic amongst families seeking to alleviate stress and focus more on enjoying their wealth.
In tandem with ever greater international regulatory demands, families are becoming more sophisticated in their investment strategies and exploring new sectors and markets. Here Heather and Paul discuss the importance of putting in place structures that can be ‘future-proofed’ and able to support families and their changing needs.
Pointing in particular to the increasingly complex issues related to cross-border tax matters, they reflect on how client structures ought to aim to alleviate complexity rather than be the cause of a headache.
To view the full "Hot Seat" interview, click here.