Trustees truly add value when they keep a sharp focus on the practical implications of their responsibilities, according to the Wealth Advisory team at Barclays.
At a recent round-table discussion held in London and chaired by Barclays Wealth Advisory’s Rick Denton, the audience of private client advisors, intermediaries, lawyers and accountants debated the challenges and importance of various practical matters when considering the role of a trustee.
“Advisers are required to focus on legislation and the legal technicalities of what may or may not be possible” said Mr Denton.
“However, the real success of the structure will depend on a deep understanding by the trustee and the working of thoughtful operating practices as well as proactive communication between the parties.
“For example, if a private trust company solution is adopted and this is approached from a purely technical viewpoint problems can occur such as trying to obtain the signatures of four separate family members simply to pay a small fee for property maintenance expense.”
Aimed at providing insight into the life of a 21st Century trustee, the audience heard from a panel of leading trustees and Barclays Wealth Advisory experts, including, Mike Farley, Tony Pitcher and Lucia Perchard.
The seminar explored a number of important practical issues and was designed to provide insight to professional advisers who face the challenging task of trying to balance competing requirements and capturing these in their advice and in any related documentation.
Lucia Perchard, from the Wealth Advisory team at Barclays in Jersey said: “Trustees often face the difficult task of balancing the different interests of various family members. With good communication between the trustee and the family early on these challenges can often be dealt with very constructively, avoiding what might otherwise seem like an inevitable deadlock.”
Feedback from guests was particularly supportive of the independent approach Barclays had developed to managing trustee investments. Mike Farley, who leads the team of trustee investment consultants at Barclays Wealth Advisory, said: “Our proven independence around manager selection is a key differentiator to that of other institutional trustees.”
Attendees commented on the obvious enthusiasm and passion of the Barclays Wealth Advisory team towards their clients.
Category: Finance & Business