The Year In Review: Key Takeaways
The Year In Review: Key Takeaways Since our inception in March 2019, the Global Elite has been warmly received by the community. We have been fortunate…
By Amy Glover / September 04, 2019
The Year In Review: Key Takeaways
Since our inception in March 2019, the Global Elite has been warmly received by the community. We have been fortunate enough to host intimate discussions across the USA, Switzerland, London, Channel Islands and Bermuda, manage a Leadership Day with prestigious speakers (including Lord Neuberger and Lord Mance) and entertain members at Royal Ascot and Lord's Ashes. Below you will find an overview of the events that have taken place since March 2019. We have been busy!
Discussion Dinners
Newport Beach, USA: On the West Coast, members debated strategies in overcoming increased compliance and competition, the impact of Generation Y and the skill-set required in maneuvering technology. In particular, as Artificial Intelligence will soon take over in more transactional fields of law (and to some extent matrimonial law with the introduction of online divorce), building long-standing client relationships with the matriarchs, patriarchs and next generation is key. As the confidante and lynchpin in their lives, yours is the voice of longevity, sense and practicality in an increasingly throw away world.
Private Client Global Elite members mark their first discussion in Newport Beach, USA
London, UK: In the UK, many members agreed that privacy issues are more likely than Brexit to draw clients away from the UK. In particular, the inability to hear trust and estate proceedings in private, an area offshore is likely to dominate and overtake in, in years to come. Is the UK going to see an increased move to arbitration, and further laws to enable matters to be arbitrated effectively?
Geneva, Switzerland: In Switzerland, members looked at whether the community is seeing a decrease in trial by court and seeing an increased amount of trial by media, from a shift in tax handling to ranging confidentiality approaches and the current impact of social media. Two questions that attendees pondered were: 1. As the majority of wealth becomes owned by a smaller percentage of the population, do we need to consider who and what we are representing and supporting as their lawyers? Is "trial by media" necessary, as wealthy individuals are seen by some as "playing by different rules?" 2. Consider what the UK and USA gains from "trial by media", information flow and "transparency," in monetary terms.
New York, USA: On the East Coast, members considered what one worldwide system of taxation would look like and what would be the contingent building blocks necessary to create such a globally coordinated tax system. Additionally, attendees discussed that the best advice to clients, in an increased regulatory environment, is to see what governments are trying to do in the long term. The nation states, for instance, are keen to preserve their existence. Combine this with the objectives of agencies and you are in a good place to predict the likely direction. Thinking about the macro-trends is what truly makes you senior advisors.
Jersey In the Channel Islands, members discussed generational change and conflicts of interest, which cannot be avoided – even if the family is currently harmonious. Planning ahead is vital and the need to consistently review such plans are crucial – after all, short term gain won't help the long term "pain" of conflict. Due to the increase in globalisation and the shift in ethical dynamics for the Next Generation, conflicts will continue to escalate, but increased privacy surrounding such conflicts are an option (particularly in Guernsey). Choose to be a private client advisor who does not "cling on", but understands that whilst advising the whole family is an option, separate lawyers may be needed for changing generations who have different goals.
Guernsey Members deliberated the "evolution of wealth," including how clients make their money and the consequent impact on advice. Included in the discussion was the impact of time, PR and social media, globalisation and planning ahead and predicting issues that may arise for clients.
Leadership Day, London, UK
On May 7th 2019, a selection of the Private Client Global Elite arrived at Home House, Marylebone, London to participate in the first Leadership Day.
The day combined a mixture of keynotes from leaders within the government and the highest judicial office and practical leadership tips from prominent academics, consultants, Managing Partners and Single Family Offices. Click on the links below to read more.
Click below to read more:
Transformational judicial leadership within the Supreme Court
Senior, emerging and breakthrough management: Thoughts from the frontline
Leading teams: A test you did not study for
Socials 2019
Bermuda and Royal Ascot
In June, Global Elite members gathered at Coral Beach Club to network and enjoy the fabulous views overlooking the beach.
Back in the UK, the Global Elite hosted a day at the races, with members donning their finest attire for Royal Ascot.
Lord's Ashes
In August, members were invited to join in the fun at The Ashes: Lord's, with the festivities beginning bright and early.
Other articles that may be of interest include: