Thursday, 20 October, 2016

Martin Crawford Talks to Hubbis About the Future of Wealth Structuring

Martin Crawford, CEO at Vistra, recently spoke to Hubbis about the future of wealth structuring, and the need for it even in the wake of automatic exchange of information (AEOI) and the Common Reporting Standard (CRS).

“Some banks are divesting their trust operations, partly because of economics, and partly because clients are demanding true independence of the people managing their money” said Martin.

Martin also spoke of his expectations surrounding the changing dynamics of service providers, in terms of the larger and more global players becoming better equipped to handle clients’ needs. He also predicts that these changes will mean that private banks will need to decide on the extent of the proposition they are looking to offer.

As a result, the next few years will experience more of a shake-out of bank-owned fiduciary trust companies in favour of independent firms, and a shake-up in which jurisdictions are taken more seriously going forward.

Read the full article here.