Crestbridge Chairman explores US & Jersey trust sectors evolution at International Private Client Forum

Speaking in a highly interactive session, Steve and Dean explored how the US trust sector has evolved from a primarily domestic focus to a global player over the last 25 years, within a framework that showed such development running largely in parallel to established offshore trust centres (using Jersey as a prime example), each shaped by similar and different evolutionary triggers. The discussion covered broader trends such as shifting wealth dynamics and macros, regulatory and compliance changes, global taxation trends, and the evolving nature and role of trustees. A prevailing view emerged indicating that these trust sectors have indeed shared many attributes in their journeys over the last 25 years. Today there is more competition, providing global UHNW families with not only more choice, but also with more aligned and complementary options to meet their bespoke, complex and multi-jurisdictional needs, particularly (but not only) those families with US connections.

Taking place between 13 and 15 November, the event – ‘The Erosion of Trust: the new normal?’ – was facilitated by Beatrice Puoti of Stephenson Harwood LLP in London and Jonathan Speck of Mourants in Jersey, and attended by other leading lawyers and trustees who came together to explore the key issues affecting and shaping the modern cross-border private wealth sector. Crestbridge Family Office Services’ Jersey Managing Director, Steve Le Seelleur also attended the conference and provided valuable contributions to the many discussions and debates within the ‘new normal’ theme of the conference.

Elsewhere at the Forum, other speakers and panellists focused on the impact of political instability when it comes to giving private client advice, effective protection of property assets in succession planning, and preparing the next generation for an imminent and unprecedented mass wealth transfer.

Commenting on the event, Steve Sokić said: “Once again, this event brought together a world class line-up of private client legal and other advisors from around the world to reflect on the key drivers shaping the cross-border wealth landscape. It was a pleasure to hear from top-level speakers throughout the Forum, whilst I was also delighted to contribute to a session with Dean looking specifically at how the trust sectors in the US and offshore, including Jersey, have evolved over the past 25 years to offer today a good blend of optionality when it comes to international planning.”