Crestbridge professionals discuss structuring, governance and NextGen demands at London private wealth forum
Professionals from Crestbridge Family Office Services’ (FOS) discussed innovation in family office structuring, the growing importance of governance and the value of coaching the NextGen at a conference in London, hosted by Coutts in collaboration with ePrivateClient.
The event, which took place in February at Coutts’ London headquarters, and which formed the final instalment of a three-part series of events, explored the evolving family wealth advisory landscape in the 21st century.
Heather Tibbo, Group Head of Crestbridge FOS, spoke on a panel session at the event which highlighted the changing nature of family structuring, and examined the challenges and the steps advisers need to take to remain relevant. Heather was joined by Rachel Harrington, Executive Director at Coutts Family Office & Coutts Institute, who also moderated the first session, Georgina James, Partner at Farrer & Co, Catherine Grum, Head of Family Office Services at BDO, Alexander Erskine, Partner at Taylor Wessing, and Mark Stokes, Partner at Deloitte.
Among the topics discussed were the evolution of family structuring in an increasingly global and scrutinised environment, how to support greater communication and governance, and the importance of setting down shared values for harmony across the generations.
Commenting on the session, Heather said: “What’s clear is that family clients now are far more complex and sophisticated – they are multijurisdictional, multigenerational and engaged in multi-asset strategies. All this has implications for structuring and serves to underline the importance of good governance within family frameworks and communication.
“It also reinforces the appeal of structures that are as simple and as efficient as possible – housed in jurisdictions that can demonstrate excellent standards and delivered by institutions that can offer premium service quality.”
In addition, Daniel Channing, Director at Crestbridge FOS, participated in a session that explored the shifting demands and expectations of the NextGen within family structures. Moderated by Coutts Family Office and Institute Director Stuart May, this also featured expert speakers including Charlotte Matthews, Senior Associate at Taylor Wessing, Alex Fish, Associate Director at BDO, Chris Cook, Senior Associate at Baker Mackenzie, Lucy Lukic, Associate Director at Deloitte and Stefan Le Marquand, Manager at Highvern.
Pointing to the need for greater transparency within families and the challenges created by increased information flow between generations and family members, this session emphasised the need for tailored service in building lasting relationships with families. Daniel added:
“Catering to the individual needs of clients has always been about tailoring service, knowledge and structures – and the rising importance of the NextGen within family structures has exacerbated that. Listening to all stakeholders, including the NextGen, is critical in building trust, whilst being able to adapt quickly and seamlessly as the needs of families change, is vital in today’s environment.