1. Trusts, Estates &
Wealth Planning
in association with STEP
Chairman
STEP
myoung@ttuk.com
www.ttuk.com
The Society of Trust and Estate Practitioners (STEP) is the world- In this climate STEP’s role as guardian of the highest standards of
professional practice, is a vital and valuable resource for practitioners
estates, executorship and related issues. STEP aims to promote the and their clients alike.”
highest professional standards through education and training lead-
In England and Wales the legislative framework enabling alterna-
planning across future generations to governments, professionals, tive business structures [ABSs] came into being with the passing of
16,000 members, with almost 6,000 members in the UK.
STEP also actively promotes continuing professional development among
framework for ABSs.
STEP members’ attitudes to alternative business structures [ABSs] are
both clients and the wider community. determined by whether they see them as a threat or an opportunity.
There was a slim majority for those who thought ABSs will create
its members about the future of their business. This was initially under- more awareness and hence more custom for private client practitioners
taken as a response to the global economic crisis. across the price spectrum. Nevertheless, it was strongly felt that ABSs
will revolutionise the way services are delivered and that a collision of
differing cultures and regulatory regimes will provide challenges.
The landscape for STEP members in the United Kingdom is very dynamic.
New regulations, new competition, new business practices are all combin- competing on price and those offering bespoke services and that clients
will be more ready than they have been historically to move from one
future of the Trust and Estate industry in the UK entitled ‘Trusted Advisor: service provider to another. They also thought that fewer TEPs would
The Future’. What emerges most clearly is the fact that members in the UK offer will drafting services as a loss-leader. They predicted the demand
for the multi-disciplinary approach will result in the increased use of
There were three main conclusions of the STEP report: Finally, members agreed that the industry was moving towards the
‘One Trusted Advisor’ model where the advisor knows their client,
However, on a positive note, STEP members consider themselves to be bet- and knows a network of specialists that they can manage to handle all
ter placed than non-members to deal with increased regulation. A majority areas of estate administration.
of respondents thought that the prospective regulation of non-lawyer
Safeguarding legal framework
increased regulation on costs will make it disproportionately harder for Laws in the industry are constantly being amended and STEP takes a
leading role as an advocate for its members by having a dialogue with
and the public around the world.
STEP has consistently campaigned for fair, transparent and consis-
through the internet is also having an impact on clients’ needs in the trust to enter into long-term commitments.
and estates market. This information is leading to clients making more STEP thus highlighted the damaging impact of proposed changes to
- -
vices. The increasing availability of information through the internet will
also result in downward pressure on pricing. changes in legislation.
- STEP worked closely with the EU in ensuring that proposed changes
man of STEP, said: “I think it is vital that practitioners ensure that the -
advice they offer clients is of the highest order and that the service from visers to implement. STEP has also been working closely and positively
practitioners represents good value for money. Anyone offering a service