“What clients really want today, can’t be achieved using the paper trust”
“The trust sector has not advanced in over 20 years.
Smart Structuring will catapult it into the 21st century.”
Martin Litwak, CEO Smart Trust
HERE'S WHAT WE KNOW;
Global wealth is expected to reach USD 341 trillion by 2022
and almost 9 mm millionaires have been added since 2007.
And, the majority of those HNW
individuals will require fiduciary
instruments for estate planning
and wealth structuring/
As a result, the wealth management sector is turning to technology to disrupt, manage and advance how trust professionals work with HNW and UHNW clients.
Understanding the future means looking at the “here and now”.
For HNW and UHNW individuals,
the serious issues around trusts include;
Lack of control
Sloppy record keeping and alack of a central file for all client records in perpetuity
Transparency around trusts and other wealth structuring products and services
Difficulty in prosecuting fraudulent activity when it does occur
Settlor reliance on trustee good will - takes legal perspective away.
The marketplace is changing.
Clients are increasingly technologically savvy and hyper-focused on security.
They want transparency in client reporting and are willing to invest in the technology overlap that provides it.