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Director, Michael Powell contributes to eprivateclient's report on Jersey, examining the island's family office services for private clients.
Its strategic location, between the time zones of the Americas and Asian markets also makes Jersey a preferred location for basing a family office. Close proximity to London and excellent communication links and infrastructure also help to consolidate why Jersey is a premier location for administering the wealth of ultra HNW individuals.
As families become increasingly international, the requirement for consolidated administration, advisory and tax reporting, which are all necessary components of an effective family office, becomes even more apparent. Excellent but pragmatic levels of governance are mandatory if structures are to survive beyond the third generation, so clients need to engage the services of trusted experts to ensure the effectiveness of their existing structures.
Using Jersey as a base for a private family office enables clients to take advantage of its highly skilled and specialist workforce. All of the skill sets required by a successful family office - legal, investment, wealth management, tax, corporate governance, including (NED!) relevant skilled succession planning - are available in Jersey. In addition Jersey advisers naturally work with international advisers to provide services to families spread out across the world.
The far-reaching footprint of many companies in Jersey means that a seamless international service is very much a reality for clients.
Regulation will continue to evolve, and will only become more prevalent with Jersey at the forefront of the most requested jurisdictions. Jersey has always been an early adopter of regulatory change and remains committed to maintaining its reputation as a compliant jurisdiction, which will in turn be to the benefit of its clients. When it comes to preserving their wealth, families increasingly must accept and embrace this regulation. Jersey has always been technologically advanced but The Panama Papers remind us that complacency is never justified.
Looking ahead it is likely that the services required by family offices will become increasingly complex and specialist. I am seeing the emergence of a new generation of clients who are increasingly entrepreneurial and require an even higher percentage of the services traditionally provided to a family office. Jersey clearly has a huge advantage in being able to offer or facilitate all such services that could reasonably be required to service the family office.
With all of its obvious advantages, Jersey aspires to become the best in the world at helping UHNW families to set up and manage their family offices as part of the wealth protection for future generations, facilitating the process of pro-active and constructive use of wealth.
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*Originally published in eprivateclient's Jersey Report 2016
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