HNWIs will need more legal-based advice as professional ethics increasingly integrates with the business model of many financial services industries.
Berkeley Law, a UK law firm operating for HNWIs, saw a 20% increase in business last year, reaching a turnover of £3.1 million. Nick Rucker, partner at Berkeley Law, told PBI that the increase was due to a recent UK trend of HNWIs seeking legal advice away from the traditional private bank.
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"I see legal-based advice becoming more and more key for people. Legal planning for individuals in structuring, tax, etc. is very complicated process."
Rucker said compliance, especially in the globalised financial world, is no longer optional.
"The availability of information means that governments, tax authorities etc, are very well equipped in their search for revenue. To protect yourself you must be well advised, structured and compliant," the former investment banker said.
One of the key elements of a good advisory model requires a more experienced set of advisors, especially when dealing with international clients. This is something Rucker believes is lacking within many private banks and wealth managers in the UK.
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