Sarajane Kempster, Head of Fiduciary Clients and Fiduciary Specialist Team Lead at RBC Wealth Management and Chair of the roundtable, opened proceedings by asking the participants how dynamics have changed for global families and if the pandemic has altered the way practitioners advise their clients.

‘Everyone has suddenly become very aware of their own mortality,’ said Clare Stirzaker, Partner at Boodle Hatfield. ‘There’s been a shift from clients looking at jurisdictional movement and investment to conversations that are concentrated on estate planning and future‑proofing. Recent geopolitical events have certainly focused clients on how well their wealth is protected and structured. There’s also a growing debate around wealth preservation: to what extent should family wealth continue to be accumulated and preserved and to what extent can families use that wealth to give back to society and address the wealth inequality question.’

Dhana Sabanathan TEP, Partner at Winckworth Sherwood, agreed: ‘Life has changed for many people in terms of their workforce, work‑life balance, time spent in different jurisdictions, the need to support healthcare systems and so on. There has been a shift towards conversations about equality.’

Changing perceptions

The equality conversation is one that is part of a changing attitude to being a wealth owner, as well as the shifts in the global geopolitical landscape. Sabanathan commented that practitioners are having to help clients ‘reprogramme’ their attitudes to their wealth. ‘Having this wealth has become very political and some of the conversations about morality overshadow the huge responsibility of these family businesses and their huge potential to do good,’ she explained. ‘Practitioners have to counter the negative perceptions and help to set standards and simplify clients’ understanding of their structures.’