The Society of Trust and Estate Practitioners (STEP) today released the results of a global survey of its members which reveals families are worried about the security of their personal data.
In a survey of 526 advisors around the world, STEP found that less than half (45%) of respondents expressed agreement with the prediction that "Client confidentiality will be respected in the future".
In a survey of 526 advisors around the world, STEP found that less than half (45%) of respondents expressed agreement with the prediction that "Client confidentiality will be respected in the future".
STEP Director of Policy Keith Johnston said “There are real concerns among clients that the G20 attack on secrecy, designed to flush out a minority engaged in evasion, is threatening those who are totally tax compliant. Clients want their personal information to be better protected from corrupt institutions and careless governments. They want compliant confidentiality.”
“The G20 must answer questions about how personal information is safeguarded when it’s exchanged across borders, especially to countries with suspect and leaky institutions.”
The report, Offshore Evolution: The STEP Membership Perspective, highlights two main results. First, clients are concerned that, now secrecy is dead, legitimate confidentiality may not be respected in the future.
The second notable result is that there is a consensus that private banks, particularly those in Switzerland, will have to work harder if they are to convince advisors that their services are client–focused. Most professional advisors say they will prefer to work with independently owned rather than bank owned trust businesses.
STEP advisors, mainly lawyers, accountants and bankers, help families in their long-term personal financial planning. This survey was conducted in October 2009. The breakdown of respondents is 10% Asia, 10% Canada and USA, 9% Caribbean, 23% Channel Islands, 20% Continental Europe, 17% England & Wales, 6% Scotland, Ireland, Isle of Man, 5% other.
STEPOffshoreSurvey09.pdf
“The G20 must answer questions about how personal information is safeguarded when it’s exchanged across borders, especially to countries with suspect and leaky institutions.”
The report, Offshore Evolution: The STEP Membership Perspective, highlights two main results. First, clients are concerned that, now secrecy is dead, legitimate confidentiality may not be respected in the future.
The second notable result is that there is a consensus that private banks, particularly those in Switzerland, will have to work harder if they are to convince advisors that their services are client–focused. Most professional advisors say they will prefer to work with independently owned rather than bank owned trust businesses.
STEP advisors, mainly lawyers, accountants and bankers, help families in their long-term personal financial planning. This survey was conducted in October 2009. The breakdown of respondents is 10% Asia, 10% Canada and USA, 9% Caribbean, 23% Channel Islands, 20% Continental Europe, 17% England & Wales, 6% Scotland, Ireland, Isle of Man, 5% other.
STEPOffshoreSurvey09.pdf
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