Private Wealth Management
Effective Private Wealth Management Evolves With Your Requirements
Is private wealth management required by you? Everyone needs a financial plan regardless of there life stage, because a good financial plan should be fluid and constantly evolving just as your life is.
Private Wealth Management (PWM) is the term generally used to describe highly customized and sophisticated investment management and financial planning services delivered to high net worth investors.
Wealth management is also concerned with the preservation of family wealth, the transmission of wealth from generation to generation and meeting the income demands of the living in an increasingly complex financial world.
The CFA Institute curriculum on “Private Wealth Management” indicates that there are two primary factors that distinguish the issues facing individual investors from those of institutions.
* Firstly, time horizons are different. Individuals face a finite life as compared to the potentially infinite life of institutions. This fact requires strategies for transferring assets at the end of an individual’s life.
These transfers are subject to laws and regulations that vary from locality to locality and therefore the strategies available to address this situation vary.
* A second factor contributing different portfolio management strategies for individuals and institutions, is the fact that individuals, are more likely to face a variety of taxes on investment returns that vary from locality to locality.
Portfolio management techniques that provide individuals with after tax returns that meet their objectives are necessarily going to be specific to these tax structures.
The concept of protecting and securing assets by placing them within a trust structure dates back to the 11th century. Those who offer private wealth management services often find that the utilisation of an an offshore asset protection trust is fundamental to protecting their client’s confidentiality and asset security.
The use of offshore trusts and companies offers a wide range of benefits to a private individual looking to structure his or her assets. Alone or in tandem, they can provide effective mechanisms to pursue some or all of the following objectives:
* Protection against domestic policital and economic upheaval
* Tax efficiency
* Efficient asset management via consolidation
* Protection against prodigality
* Confidentiality of ownership
* Protection against forced heirship laws
* Transmission of assets on death
An offshore asset protection trust structure can be useful to an individual wishing to remove assets away from the reach of unfair litigation. As a trust removes a layer of transparency it can be harder for someone to decide whether or not an individual is a financially interesting target to sue!
Those who have substantial business and personal assets often find that an offshore trust structure is essential to their personal wealth management needs and also for the protection and security of their business.
An offshore trust helps with ongoing tax planning and estate tax planning.
Offshore trusts and taxation are specialist areas of expertise and careful selection of a trust company, trustees and offshore jurisdiction are essential for the individual to ensure their actions are legal, tax efficient and appropriate for their requirements.
Mauritius is a jurisdiction increasingly chosen for both personal and business asset protection purposes. Trust law in Mauritius is well established. Trusts, trustees and all parties relevant to the establishment and management of a Mauritius trust are closely regulated. So the Settlor (the person placing their assets in trust) has greater confidence in the jurisdiction.
Anyone considering establishing an offshore trust would be wise to seek professional advice and assistance.
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