Dealing with different jurisdictions will also become more important, and therefore we, as an industry, having the right connections with ‘key and trusted’ people in those jurisdictions will become even more valuable and paramount to the successful support we offer to our clients.
These are relationships we need to have in place right now and continue to develop.
As advisers, we need to ensure that we have access to such ‘key and trusted' professionals offering a wide base of skills in all jurisdictions our clients are based or have assets.
By using their guidance we will hopefully have a full understanding of the new Brexit regulations when they are implemented.
Failure to do so could lead to costly mistakes, litigation and reputational issues.
Patience is more than a virtue during this transitional period while we learn how everything fits when considering new ways of structuring client’s assets and portfolios.
Legal issues
Litigation is also an important point to note. It could be very easy to become embroiled in legal issues when dealing with these changes and scenarios.
Therefore we need to ensure we have something in place to deal with these eventualities. Once again key relationships are vital to ensure we know where and who to go to for answers.
In-House support
As advisers we need to keep abreast of a myriad of changes and make time to understand them, be aware of the pitfalls and plan to anticipate as many of them as possible.
Although I have the feeling we won’t capture them all there is a chance to learn, share knowledge and help one another.
It will be a very steep learning curve and we need to make sure that we have the right people in house to help us work through this. It’s an on-going project for us all.
Cyber Security
Now that working from home has become the ‘new normal’ for the foreseeable future, cyber security is increasingly more important and relevant.
If we isolate ourselves from cyber developments in Europe and globally, which could happen should we no longer share critical information via security channels, we need to be aware of the pitfalls and attacks our systems could sustain.
This could have huge ramifications for us in terms of reputational damage and any subsequent fallout could lead to significant litigation.
So, while this is not something that directly affects client assets it’s one of the most important areas where we need to take advice and look at what is happening in both the UK, Europe and globally.
Structures
