When considering the definition of wealth, the traditional focus has primarily been on financial assets and investment strategies. However, recognition of different, yet equally important, definitions of wealth have seen trustees and wealth managers adopt a more holistic approach for their clients and their staff.
Perceptions of ‘wealth’ will vary from person to person, contingent upon individual experiences, cultural background, and personal values. At Saffery Trust, we embrace this diversity by tailoring our services and fostering an internal culture that acknowledges and appreciates the complex nature of wealth. This approach allows us to cater to a broad spectrum of wealth definitions, including:
Time wealth
Time is, arguably, the most valuable currency that anyone has. You cannot grow more time, loan it, or lend it to others and there is no definitive answer on how best to spend it.
Something that most people will align on is a desire to spend their time wisely and enjoyably. For some clients, this may mean enjoying the spoils of financial wealth – for example adventures on a yacht or admiring an art collection – without administrative burdens depleting their time. Our role in these circumstances is to utilise our time undertaking the associated administration activities, to free our clients time up to focus on areas of interest.
For others, such as entrepreneurial digital asset clients, there may be a strong desire to be actively involved in investment strategies.
It is our role as trustees to enable our clients to spend their time how they choose and allowing them to be as hands-on or off as they desire, while adhering to our fiduciary responsibilities.
Cultural wealth
There is no single box in which high-net-worth individuals or families all sit. From Middle Eastern and African, to European or American, our global client base covers a diverse spectrum, as does our workforce.
It is essential to understand and appreciate cultural wealth and the prominent role it plays in our client’s preferences and objectives. Realising the value of culture, and respecting the nuances this can create, enables us to deliver a first-class client service.
Educational wealth
Education has always been, and will remain, a powerful tool for advancement and enabling people to broaden their horizon, fulfil their potential and make informed decisions.
Trustees can support the growth of educational wealth at various stages. For example, by preserving generational wealth and placing restrictions on its use to secure parents’ plans for their children.
We can also play a direct role in seeing our clients build knowledge in specialist areas, by translating technical advice into digestible, understandable formats. It is essential to us that our clients understand the rationale for any decision we make, and we support the education of the next generation of beneficiaries in understanding their wealth structures.
Health and wellbeing
Health is the foundation upon which all other forms of wealth are built.
We are here for our clients for the long-term and have relationships that have spanned across generations. Where some may find it morbid, we believe having open and honest conversations about the “what ifs” of our client’s health is an essential part of effective succession planning, helping them to prepare for worst-case scenarios.
We also prioritise the health and wellbeing of our staff at every level, realising that a people-first approach creates an environment where our team members can best serve our clients. Alongside understanding the importance of health and succession planning for our clients, we also reflect this in our internal culture and values. We support our people in their own health and wellbeing journeys, creating an environment that enables, and motivates, them to do their best work for their clients.
Conclusion
By embracing various dimensions of wealth, trustees support their clients in leading meaningful, balanced, and prosperous lives which enrich not only their financial portfolio, but also their legacy.
Contact us to find out how we can support whatever wealth means to you.
