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For protector or enforcement services, which
do clients prefer to utilise?
It was noted that while UHNW clients often currently
use family members for privacy concerns and for
the sake of simplicity, they expect this to change as
independent advisors assume more of these roles,
partly because tax and other regulatory concerns
now increasingly deter people from using related or
subordinate parties in such or similar roles.
CRS is creating concerns, issues for Protector/
Enforcer services, given they are reportable persons
and thus confidential information may flow to the
wrong jurisdictions.
Weak governance can often result in Protectors/
Enforcers not being clear on the family dynamics
and succession plans. "Lawyers providing such
services must better understand the nuances of
the family offices in order to render effective
advice which meets the clients' needs," said one
leading practitioner.
52%
19%
16%
13%
Lawfirms
Independent advisors
Close friends
Familymembers
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