STEP today released the results of a global survey of its members which, amongst twenty predictions, reveals international clients are worried about the security of their personal data. The survey also reveals members views on trustee independence, tax advice and the future of international estate planning.
In a statistically significant survey of 526 advisors around the world, STEP was concerned that only 45% of respondents expressed agreement with the prediction that "Client confidentiality will be respected in the future".
For free access to the STEP Offshore Survey click here
STEP Director of Policy Keith Johnston said "This report reveals concerns amongst clients that the 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."
"Governments must answer questions about how personal information is safeguarded when it's exchanged across borders, especially to countries with suspect and leaky institutions."
The new report, Offshore Evolution: The STEP Membership Perspective, offers up two main conclusions and views on twenty other themes. The first conclusion is that clients' concerns that, now that secrecy is dead, legitimate confidentiality may not be respected in the future.
The second conclusion suggests private banks, and particularly those in Switzerland, will have to work harder to convince advisors that their services are client-focused. Not only is there widespread disagreement with the prediction that Swiss private banking will thrive in the future, there is also a complete rejection of the prediction that professional advisors will prefer bank owned trust business to independently owned trust business.
The STEP advisors who replied are mainly lawyers, accountants and bankers who help families in their long-term personal financial planning. This survey was conducted in October 2009 and the geographic breakdown of respondents was 10% Asia, 10% Canada and USA, 9% Caribbean, 23% Channel Islands, 20% Continental Europe, 17% England & Wales, 6% Scotland, Ireland, Isle of Man, and 5% other.
This quantitative survey builds on the work of the fifty-page parent report: Offshore Evolution: Transparency and Solutions in Cross Border Wealth Structuring
To access an executive summary of the parent report, click here
In a statistically significant survey of 526 advisors around the world, STEP was concerned that only 45% of respondents expressed agreement with the prediction that "Client confidentiality will be respected in the future".
For free access to the STEP Offshore Survey click here
STEP Director of Policy Keith Johnston said "This report reveals concerns amongst clients that the 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."
"Governments must answer questions about how personal information is safeguarded when it's exchanged across borders, especially to countries with suspect and leaky institutions."
The new report, Offshore Evolution: The STEP Membership Perspective, offers up two main conclusions and views on twenty other themes. The first conclusion is that clients' concerns that, now that secrecy is dead, legitimate confidentiality may not be respected in the future.
The second conclusion suggests private banks, and particularly those in Switzerland, will have to work harder to convince advisors that their services are client-focused. Not only is there widespread disagreement with the prediction that Swiss private banking will thrive in the future, there is also a complete rejection of the prediction that professional advisors will prefer bank owned trust business to independently owned trust business.
The STEP advisors who replied are mainly lawyers, accountants and bankers who help families in their long-term personal financial planning. This survey was conducted in October 2009 and the geographic breakdown of respondents was 10% Asia, 10% Canada and USA, 9% Caribbean, 23% Channel Islands, 20% Continental Europe, 17% England & Wales, 6% Scotland, Ireland, Isle of Man, and 5% other.
This quantitative survey builds on the work of the fifty-page parent report: Offshore Evolution: Transparency and Solutions in Cross Border Wealth Structuring
To access an executive summary of the parent report, click here
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