When it comes to structuring wealth, selecting the right partner is one of the most important decisions you will make. Whether your objectives are personal, financial, or both, wealth structuring is not just about putting assets in the appropriate place, it’s about safeguarding your wealth and creating a lasting legacy.
The starting point on any wealth journey is not what structure you want, or what jurisdiction you wish your assets to be held in, but rather what matters most to you. For example:
- What do you want to achieve with your wealth?
- Do you have short-term as well as long-term goals?
- Are there people you wish to provide for?
- What values are most important to you?
- How much involvement do you – or your beneficiaries – want to have in managing your wealth?
- What are your biggest concerns for your wealth?
The answers to these questions – and more – will vary for each individual or family and will change over time. It is important to find service providers who will not only ask you the right questions but will also listen to the answers and take these under consideration.
The type of service provider you will need may change over time depending on factors such as the assets you own and your personal and business circumstances. You may require the involvement of professionals including lawyers, investment managers, bankers, custodians, or specialist asset class advisors at different stages. Some providers will play temporary roles, while others – like a trustee – will be long-term partners.
Rather than being appointed to achieve a short-term specific objective, a trustee must objectively consider the best interests of all current and future beneficiaries. This duty ensures that all decisions and actions taken, support your long-term objectives. A relationship with a trustee is designed to endure the highs and lows of life and wealth, and you may need to call on them to do all they can to protect you, your family/beneficiaries, and your assets when challenges arise. They will also facilitate connections with other service providers along the way, guiding you to the best possible services. This is why choosing the right trustee is so important.
In my view, there are four fundamental criteria which anyone seeking a service provider should consider: integrity, experience, values, and reputation.
Integrity
Integrity is fundamental to the role of a trustee because they are entrusted with safeguarding wealth and assets on behalf of others, often across generations. In a position that demands confidentiality, discretion, and long-term commitment, integrity ensures that the trustee can be relied upon to act ethically, transparently, and in full alignment with their responsibilities, even when faced with difficult decisions or competing interests.
Experience
Experience speaks to a trustee’s ability to navigate complexity, such as multi-jurisdictional matters. It’s equally important to understand how much a trustee can deliver in-house, or whether they rely heavily on outsourcing. While networks of specialist intermediaries are essential, you should proceed with caution where a trustee utilises third parties to plug gaps in their own capabilities.
Values
While values may, on the surface, seem insignificant in professional relationships, they are hugely important to consider, especially as this relationship will be expected to endure across multiple generations. When we look for a long-term partner or friend in our personal lives, we will often align ourselves with people who share our outlook. It is important to remember that, when choosing a trustee, you are choosing professionals who will ultimately play a significant role in shaping your legacy, by ensuring your wealth is protected for generations to come. Shared values and understanding are, therefore, imperative.
Reputation
Finally, the reputation of any service provider is a useful indicator as to whether they “walk-the-walk” or simply “talk-the-talk”. While reputable industry awards and individual listings certainly have value, you should also consider peer recommendations and client testimonials.
Conclusion
When choosing a trustee, one of the biggest opportunities is also, in my view, one of the biggest challenges: choice.
With a plethora of providers each pushing their strengths and unique selling points, it can be overwhelming, and too much choice can, potentially, paralyse decision-making. However, amidst the abundance of choices lies an opportunity to find the perfect fit.
The expression “you can tell a lot about a person by the company they keep” extends to apply to trustees and their network. When you choose a trustee, the quality and reputation of their associated partners can significantly impact the level of service and expertise you receive.
At Saffery Trust, we pride ourselves on being the right partner. We understand that wealth means more than money, it means responsibility, legacy, and peace of mind. Contact us to find out more.
