Today marks the release of Offshore Perceptions, a brand new research report from the Society of Trust and Estate Practitioners (STEP), produced in association with First Names Group.
The offshore world plays an important role in the international financial system, with many offshore jurisdictions ranking among the top international financial centres in the world. Based on a survey of more than 1,000 STEP members across the globe, this report builds a picture of the challenges currently facing offshore practitioners and businesses and identifies where there may be opportunities for growth.
Key findings include:
- Despite some challenges, positivity about future prospects persists, particularly in regard to Asia
- The pace of market consolidation is considered likely to accelerate over the next five years
- New regulations and tax reporting requirements are having a significant impact on both offshore practitioners and the clients they serve
- Public opinion has grown in importance and clients’ priorities are changing in favour of protecting reputation
STEP is the worldwide professional association for practitioners who advise families across generations, promoting best practice, professional integrity and education to its members. First Names Group has a close partnership with the society; our head office in Jersey has been accredited as a STEP Employer Partner and many of our ‘First Names’ are active members, with some also holding positions in the jurisdictional committees and on the global STEP Council.
We were therefore delighted to be able to work with STEP on delivering this latest piece of industry research, which brings to light a number of key issues facing our industry today. Building upon the research findings, in the coming weeks we’ll be publishing a series of insight pieces addressing some of the hot topics. Stay tuned!