Evolving private client needs

Rupert Pleasant, Chief Executive of Guernsey Finance

Average read time: 4 minutes

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Last month, Guernsey Finance’s event calendar focused on the private wealth sector. Here, Chief Executive Rupert Pleasant discusses current trends and their significance for the private wealth sector?

Connecting with the north of England?

At the start of the month, James Crawford and Rowan Stone from our business development team headed to Manchester with a delegation from Guernsey to explore potential collaborative opportunities between Guernsey and the north west as a hub for tech entrepreneurs.??

The delegation held a series of introductory meetings, hosted a presentation lunch and attended a PCD Dinner, all themed against the backdrop of internal and external changes to the private client world.??

Together, the delegation explored a new generation of wealth creators as well as the ways in which complex family relationships require innovative solutions to wealth planning in terms of products and customer service.???

With the emergence and growth of Manchester not only as a northern powerhouse but a European and world player, specifically in the property and technology sectors, there is great potential for Guernsey businesses to collaborate with this region. The northern regions of the UK will continue to be a focus for Guernsey Finance, so please watch this space for further events and roadshows in 2025.?

“The world of wealth is becoming even more international, with some countries and jurisdictions emerging as new hubs for private wealth.”? - Edwin Smith, Editor-in-Chief of Spear’s Magazine

Guernsey Private Wealth Forum?

On 16 October, Guernsey Finance’s annual Private Wealth Forum took place, with the central theme of ‘wealth in transition’ and featured a fireside chat and audience Q&A with entrepreneur, Dragon’s Den investor and host of Europe’s most successful podcast Diary of a CEO, Steven Bartlett.?

Opening the conference, Edwin Smith, Editor-in-Chief of Spear’s Magazine, outlined the most important forces affecting private client professionals: “The world of wealth is becoming even more international, with some countries and jurisdictions emerging as new hubs for private wealth.”?

In turn, this has increased the number of jurisdictions that impact any one family, meaning that stability and diversification of assets are important for mitigating any risks associated with this.?

The event featured two panel discussions where diversification by asset type, manager, management style and jurisdiction was urged by panellists. For modern wealth creators like entrepreneurs, sports stars and social media creators, one cornerstone of wealth advice is reputation management. Creators are now looking to wealth managers to manage their image and ensure their values align closely with any brands that they partner with.?

Jurisdictions and service providers must also differentiate themselves using technology to stay in line with the expectations of this new generation. This was a clear message from panellists – although technology can’t replace the relationship aspect of wealth management, providers can set themselves apart by bolstering their offerings using technology and AI.?

To keep up with the evolving needs of wealth successors and creators, jurisdictions like Guernsey must be nimble in our approach. In Guernsey, thanks to the collaboration between our government, regulator and private sector, the island is able to adapt quickly to meet market needs.?

A roadshow in Miami?

Following on from the forum, I headed straight from London to Miami for our Private Wealth Roadshow and STEP’s Miami conference with Guernsey Finance’s US Representative Jonny Gamble.??

Ahead of the conference, myself, Jonny and a strong delegation from Guernsey visited a number of prominent intermediaries within the Miami financial services community, highlighting the benefits of Guernsey as a leading financial services jurisdiction for their clients.?

Guernsey Finance was proud to support the STEP Miami Conference as Captured Moments sponsor. There were more than 400 attendees at the event, with many new business contacts made, relationships developed and a number of pieces of potential new business in the pipeline. We discussed Guernsey’s long-established tradition of providing specialist wealth management services for sophisticated clients and their families, with the island offering a great deal to North, Central and South American clients.??

It was good to hear that Guernsey is considered a highly efficient, robust and responsive international finance centre when compared to other competitors in the region. We are also more cost effective with a rule of law that better suits civil law jurisdictions.?

Looking forward, Guernsey Finance’s very first London-based Sustainable Finance Seminar will be taking place on 20 November, exploring emerging sustainable finance trends where Guernsey has expertise, including sustainable investment, biodiversity, disaster response and humanitarian aid.???

Guernsey is well-equipped to embrace the nuances and challenges of this new generation of wealth holders, including but not limited to their evolving attitudes to sustainable assets.?

As 2024 draws steadily to a close, we remain confident that Guernsey’s nimbleness as a financial services jurisdiction will prove vital as so many external changes to the private wealth sector occur globally.??

With best wishes, Rupert.