Seizing opportunities amid uncertainty: insights from the Jersey Finance Private Wealth Conference

Geopolitics and the new world order

Keynote speaker Tim Marshall set the tone with a captivating presentation on the “multipolar world” we now live in, emphasizing the role of geography in shaping global politics. He also touched on the modern “space race” and left the audience with a powerful reflection, quoting, “there is nothing new under the sun,” suggesting that history often repeats itself, but with greater understanding each time. During an interactive Q&A, Marshall shared his prediction that Argentina could emerge as a major player in the next 20 years, sparking conversations about future growth regions.

Strategic wealth management in a volatile world: key panel insights

The panel discussions centred around how private investors and families can successfully navigate a world marked by geopolitical volatility.

• Strategic investing in turbulent times: The panellists emphasised the importance of thinking strategically about investing amidst geopolitical risk. Collaboration among advisers is critical to understanding and navigating economic cycles, which, as mentioned, can last up to 30 years.

• Global families and wealth management: As clients become increasingly multi-jurisdictional, wealth advisers must adapt to the complexities of managing assets and family affairs across borders. The rise in global mobility has resulted in families maintaining multiple residences, businesses, and investments in different jurisdictions, each with its own legal, regulatory, and tax implications. This shift demands greater flexibility in wealth structuring, as traditional approaches often fall short in accommodating the modern, borderless lifestyle of high-net-worth individuals.

  Advisers must craft bespoke solutions that not only address the diverse requirements of these global families but also account for evolving regulations and geopolitical uncertainties. This includes managing cross-border tax compliance, mitigating risks associated with different legal systems, and ensuring a seamless transfer of wealth across generations. Additionally, there is an increasing focus on the professionalisation of wealth management, as family offices look for more sophisticated governance models, operational efficiency, and a broader suite of services to support their global aspirations.

  With a growing demand for holistic, internationally adaptable strategies, wealth advisers must collaborate more closely with global legal, tax, and financial experts to ensure that structures are robust, future-proof, and responsive to the dynamic needs of modern global families.

• Philanthropy at the forefront: Philanthropy is increasingly important to high-net-worth families, particularly in regions like the GCC, where philanthropic donations are estimated at $210 billion annually. This shift represents a significant change from tax being the primary driver of wealth management conversations in the past.
• Embracing change and technology: Technology was a major theme, with AI and fintech emerging as transformative forces within the wealth sector. While there is still misinformation surrounding AI, it was acknowledged that AI is here to stay and offers significant efficiencies. However, governance and regulation will be essential in mitigating its risks. Although there was some debate that AI could erode jobs, most panellists agreed it is more about reshaping how we work and integrating AI tools into our day-to-day processes, not replacing human talent.

Looking ahead: opportunities for family offices

The conference concluded with a dynamic Q&A session discussing how jurisdictions can attract family offices—entities set up by high-net-worth families to manage their wealth. A key theme was the “ease of doing business,” encompassing streamlined regulatory frameworks, tax incentives, and administrative efficiency. Family offices seek jurisdictions that offer straightforward processes, allowing them to focus on strategic planning rather than compliance burdens.

The panelists also emphasised the importance of stability and predictability in governance, with family offices favouring locations known for political and economic security. Furthermore, jurisdictions must embrace innovation and provide access to advanced fintech and bespoke services that cater to the unique needs of family offices, including impact investing and philanthropy advisory.

Overall, the Jersey Finance Private Wealth Conference offered valuable insights into the challenges and opportunities presented by today’s global landscape. From navigating geopolitical risks to embracing the AI revolution, the event highlighted the importance of strategic thinking and adaptation for the future of wealth management.

At Belasko, our private wealth services are designed to protect, grow, and transition wealth while navigating complex legal and regulatory environments. We offer tailored solutions across four key pillars: philanthropy, next generation, entrepreneurship, and sustainable investing. If you’re interested in exploring our private wealth services in Jersey, please reach out to James Michel ([email protected]).