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Asian Wealth Solutions Forum 2019 - Exclusive Insights - John Shoemaker

John Shoemaker of Butler Snow

Nov 13, 2019

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1. What new structures are in favour, and how are clients simplifying their existing structures?

Video transcript

1. What new structures are in favour, and how are clients simplifying their existing structures?

Clients are becoming more aware of fiduciary structures; that could be trusts, it could be foundations, in the European space. So they're becoming more aware of those and they have more legitimacy in the age of transparency. Because FATCA and CRS have acknowledged these as legitimate entities, there is a lot of client interest in the separation of legal ownership and beneficial ownership. Having said that, we also see a trend towards simplification. In the past we saw multiple layers of uses of trusts and companies offshore. Multiple jurisdictions. With transparency comes regulatory complication; we can no longer just look at banking secrecy and hide things, and so clients may challenge why they are so diversified. Instead of being in seven or eight different jurisdictions, maybe we consolidate that down to two or three so that we have an efficiency of travel, an efficiency of access to excellent advisors, and at the end of the day, it's always about return. Keep fees low and try to show a good return that's not complicated by multiple levels of basis points being taken off or additional legal adviser fees that aren't necessary.

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