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Crestbridge director highlights importance of purpose at wealth stewardship roundtable

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17 July 2023
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Good communication, a focus on education and careful consideration of the interpretation of ‘purpose’ were all on the agenda at a wealth-focused roundtable recently, in which Daniel Channing, Director at Crestbridge Family Office Services, participated.

Organised by Jersey Finance, the roundtable involved an invited group of London and Jersey-based intermediaries to discuss and debate what ‘responsible stewardship of wealth’ means to them and their clients.

Speaking at the event, Daniel highlighted that ‘purpose’ was increasingly a key word when considering options for families who are looking at how they manage their wealth with a conscience, appreciating that ‘wealth’ goes beyond financial gain.

“It’s important to note, though, that every family has their own unique situation,” added Daniel. “Global economic instability, inflation and the current high interest rate environment is also creating uncertainty and complications in making these decisions.”

Other participants agreed that integrating purpose into family strategies brings with it a need to explore concepts of social capital and to ensure that decisions taken tie in with a client’s values and often diverse viewpoints. Participants stressed that advisers have a key duty here in helping families recognise what is important and support them in applying a more conscious approach in adhering to the family’s values in line with their governance framework.

Beyond purpose, discussions at the roundtable also focused on educating the younger generation by cutting through jargon and obstructive language in order to safeguard future wealth transfer, while participants were also keen to emphasise the importance of good, open conversations with clients, and establishing a process for reviewing structures carefully and frequently to ensure they remain fit for purpose in a rapidly evolving world.

Reflecting on the roundtable, Daniel said:

“This was a really lively discussion that served to highlight some of the key issues for the family advisory community at the moment, when it comes to responsible stewardship.

“Certainly families want and need to address their interpretation of ‘purpose’ carefully – and that is achieved through good communication between advisers and clients, having strong governance frameworks in place, and focusing on nextgen education, as they prepare to take over the reins to manage their families’ wealth.”