• World of Private Clients

    Understanding the issues facing private clients including tax transparency, relocation and family businesses.

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World of Private Clients

11 May 2022

For wealthy individuals, the need for specialist tax advice has never been greater. All around the world, legislation is becoming more complex, tax authorities are hardening their attitudes to tax structuring and the move towards tax transparency and common reporting standards means there is an increased risk of investigation and scrutiny.

The World of Private Clients is an innovative, international research programme designed to provide a forensic understanding of the issues facing high net worth individuals, including global relocation trends, international tax differences and succession planning for family businesses.

To better understand how wealthy individuals and their advisers are facing up to these challenges our research involved quantitative and qualitative analysis in more than 25 jurisdictions. Hear from leading advisers, lawyers, and our global experts on the shifts they have seen in the last year and what trends they expect in the future.


Tax transparency and common reporting standards

The report reveals that there is a clear understanding and acceptance among private clients and their advisors that transparency requirements are not only here to stay but set to strengthen, broaden and deepen.

However, there is a downside to transparency with a loss of privacy the main price. 32% of the survey respondents are very concerned about these potential privacy and safety issues with another 38% being moderately concerned.

Focused on the latest trends and risks around transparency and worldwide reporting, our speakers give an update on current OECD activity, including Common Reporting Standard data put into practice and what this means for wealthy individuals. We also cover Economic Substance rules, the fast-paced change of the use of cryptocurrency, Beneficial Ownership, and the positives and negatives of transparency – what are the risk factors?

Tax regulation is particularly complex and further complexity may arise as wealth owners grapple with national tax policy reforms that are likely to be introduced post-pandemic. There is an overwhelming appetite for ensuring compliance to stave off unwelcome tax disputes later down the line.

Global mobility and relocation

People relocate for many different reasons and tax benefits are only part of the picture. The report reveals the factors both pushing people to relocate and pulling people to move their operations overseas. The pandemic has meant that people’s attitudes to global mobility have changed, but are those trends here to stay?  International taxation differences will remain a key consideration for international relocation but as one legal adviser explains, “stability trumps low rates.” People are looking for more than just a favourable tax regime now and are considering their lifestyle first.

Following 2020, a year when relocation was not an option for most of us, how did attitudes towards relocation and the pros and cons of certain jurisdictions change? We were delighted to be joined here by Alex Hood from Fragomen who shared his knowledge on immigration trends.

Family office and wealth management

Attitudes to legacy, succession planning, and where to invest wealth change from one generation to the next. In speaking to a wide range of advisers to wealthy individuals, we found that Environmental, Social and Governance (ESG) issues have never been as prominent as they are today.

To maintain the success and sustainability of the family business, advisors and family offices should focus on three areas; Communication, collaboration and preparing the next generation. Effective succession planning benefits all parties and is well worth the effort and the challenges of tackling sensitive issues.

We were privileged to be joined by Alex Scott of Schroders Global Family Office Services who shared his insights and vast expertise from the Family Office world and our international colleagues took a deeper dive into some of the key things families need to make succession work smoothly, including communication, collaboration and preparing the next generation. 


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Adviser of the future

The technology revolution has been microwaved”, Wealth management professional

Wealthy individuals are placing new expectations on the advisors. They expect to respond quickly and effectively to the challenges of new trends and, particularly, new technology.

Our ‘Adviser of the future’ programme means we are always considering how we can continue to provide the right advice at the right time. What does the client of the future want, need and expect? This means understanding what skills our advisers must develop and maintain. It also means placing technology at the heart of delivering the personal service our clients expect.

We can continue to help private clients tackle the challenges they face around transparency and privacy, relocation and family offices and succession planning.

Today’s private client adviser needs to help their clients, High Net Worth Families, face a range of challenges. The BDO global private client services team were joined by David Briggs, MD of The Inside Out Partnership, and Zac Lucas, Partner at Spencer West LLP, for a panel discussion bringing their insights to how these challenges are playing out in real time.

Our global expertise

Our Global Private Client team provide a complete range of tax services to individuals, including:

  • Advice for tax efficient relocation to other countries
  • Tax advice on investing money effectively around the globe and international wealth management
  • Trust and estate planning and gift tax planning
  • Family office structuring and governance
  • Tax advice on investing in real estate in other jurisdictions
  • Tax dispute resolution

To find out more about Private Client Services at BDO, view our introductory video here.​