The next generation – challenging the status quo in favour of sustainability

Kelly Watson
As a trustee I consider our role as being focused on helping to steward families through the challenges of life whilst assisting to protect them and their wealth. In my experience, a key part of being able to achieve this is communication, particularly listening, not something that always come naturally but which is so important. Whether it be the settlor who has a story to tell about how they made their wealth, or the beneficiary with ideas as to how to grow the trust assets with the newest biggest investment opportunity, a trustee should always be ready to listen. The needs, requirements and ideals of one beneficiary to the next are often very different, even more so across the generations.
As the world focuses more on preserving our environment and protecting the planet, trustees need to be aware that it is those generations who will feel the impact of any failures in this regard, that are focusing on the subject more and more and recognising that they have a responsibility to fight climate change and its related consequences. Where once beneficiaries might have been content to agree a target return on investments driven solely by the needs of their own lifestyle, now this is increasingly subject to ensuring that no harm is done in the process.

Next-Gen, short for next-generation, was an adjective that originally came into being to describe a product that had been developed using the latest technology and was likely to replace an existing product. In the wealth arena, it seems that it is commonly being used to describe the transfer of wealth from one generation to the next and the significant differences we as service providers are seeing between those generations.

Trustees do not have the prerogative of being able to discard the old generation in favour of the next-gen. As trustee we need to listen to this shift of focus whilst also keeping an eye on / ear out to those generations who haven’t been swept up in the same shift.

Some of the older generation still retain the view that a “traditional family” is formed of a man and a woman who are married and have naturally born children. Now “blended” families are on the rise, with same sex parents, unmarried couples, and / or nonbiological children forming a part of the mix. Legislation is evolving (in some jurisdictions at least) to keep up to date with these altered views but it is also important that trustees keep up to date and ensure that the documentation governing our families’ structures does so too.

It is no surprise that with such a significant change in what is seen as representing the “norm” that views on wealth, its management and the sharing of such wealth by the next-gen differ from those of the past. Such differences can risk leading to conflict between the generations which needs to be managed by the trustees in so far as it relates to trust assets. Where the “next-gen” might assume and expect sustainable investing to reasonably form a part of a portfolio, the “old-guard” often have to be persuaded that this is the correct approach, particularly when, in their opinion, it is only relatively recently (within the last decade or so) that the application of ESG and sustainability to investments has begun to affect returns positively rather than negatively.

As a trustee, we often have to balance the desire to actively include ESG and sustainability to meet the demands of the next-gen, against making sure that this doesn’t lead to the disinterest and refusal of the older generations to engage, whilst also being aware of the fact that as the law currently stands, impact investing should only form a limited part of a trust investment portfolio unless otherwise set out in the trust deed. Genuine arguments that have been used to persuade the older generation include:

  • “Sustainable investing can help future proof returns with regard to tipping points within the market, for example, with regard to climate change” – better to be invested in renewable energy sooner rather than later when the world is moving away from fossil fuels;

  • “Impact investing can be highly complementary to philanthropy giving a direct result in the areas in which families wish to target – e.g. clients buy significant land as a means to saving a patch of the world a piece at a time;

  • “Sustainable companies are being seen to do better long term investments than those that are not, meaning that returns are likely to be better if investments consider ESG matters” – this is something that is not always obvious and sometimes as a trustee it is for us to take the lead and stress test the portfolios against ESG criteria; or,

  • “Impact investing allows the funds to be used again and again with the returns that are generated from such investing thereby allowing ongoing impact in the chosen area to benefit, whereas philanthropy tends to be a donation which even if invested by the recipient, any return and future investment is beyond the control of the donor”.

Notwithstanding the fact that all of these points are valid, we have found that they often need to be gently positioned in the face of negative assumptions and misinterpretation of the impact of ESG and sustainability to those who have operated in a world where they are “new”. This is where the communication skills of trustees are key. The move of the next-gen towards ESG and sustainability is widely known and accepted, understanding the reservations of the older generations and navigating the route towards the requirements of the next-gen is where a trustee can show their worth by listening to each generation and balancing the interests as needed.

The next-gen are the future but as trustee, we should fail to listen to the past at our peril – both the past and present are important as we weave our way forwards.

ACCURO FINALIST AT THE STEP PRIVATE CLIENT AWARDS 2022

We are delighted to announce that Accuro has been shortlisted at the STEP Private Client Awards 2022 in the “Trust Company of the Year (midsize firm)” category.

The STEP Private Client Awards are widely acknowledged as the most prestigious Awards in the industry and are rigorously judged by a worldwide panel of international experts. Being a finalist for the 6th year running is an honor and a recognition of the high quality service delivery to our clients along with the continuous commitment of our colleagues.

The winners will be announced at the Awards Ceremony on 14 September 2022 at the London Hilton on Park Lane. 

Accuro rewarded “Highly commended” independent trust or fiduciary company at the tenth Wealthbriefing European awards 2022

Award for Accuro

We are delighted to announce Accuro’s recognition as ‘Highly Commended Independent Trust or Fiduciary Company’ at the tenth Annual WealthBriefing European Awards.

Showcasing ‘best of breed’ providers in the global private banking, wealth management and trusted advisor communities, the awards were designed to recognise companies, teams and individuals which the prestigious panel of judges deemed to have ‘demonstrated innovation and excellence during 2022’.

The panel stated: “Accuro were awarded Highly Commended in this category for their refreshing, value‐based approach to business that embraces their day‐to‐day business and strives to create purposeful climate for employment and positive contribution to society.”

Paul Douglas, Managing Director of Accuro Trust in Jersey, commented: “We are delighted and honoured that the Judges have recognised Accuro as being a purpose led trust business. We strive to be a positive force for families, society and our environment. We thank the panel for this independent authentication which is uplifting for our team who, despite the challenges presented by the pandemic, have worked incredible hard in this pursuit of this mission.”

Award for Accuro

Accuro winner of the Wealthbriefing Swiss Awards 2022

Team of 7 people

We are thrilled to announce that Accuro was revealed winner at the Ninth Annual Wealthbriefing Swiss Awards 2022 in the “Independent Trust or Fiduciary Company” category for the third time since 2019.

Showcasing ‘best of breed’ in Switzerland, the awards have been designed to recognise outstanding organisations grouped by specialism and geography which the prestigious panel of independent judges deemed to have ‘demonstrated innovation and excellence during the last year’.

The judges said: “We are impressed with the high standing of new business acquired in the course of 2021 and the staff initiatives highlighted in the profile which ultimately was the reason for this years’ winning submission.”

Natacha Onawelho-Loren, Managing Director of Accuro Switzerland commented: “We are absolutely delighted at winning this year’s award. This is a tremendous recognition of the team’s hard work in delivering a high quality client service while internally implementing our doing well while doing good.”

A team
Award for Accuro

Accuro London expanding its offering to regulated Trust and Fiduciary services

Team of 5 people

Accuro is continuing to grow and define itself as an innovator in the private trust sector by expanding its London offering to regulated trust  and fiduciary services and bringing on board a Chief People Officer for the Group.

Mustafa Hussain has been appointed as Managing Director of the Accuro London office, having joined Accuro in January 2019 from Taylor Wessing LLP, where he was a partner specialising in private wealth. Mustafa will also continue to bring his strategic insights and legal expertise to corporate governance, and will continue to co-chair the Accuro Group Board.

The appointment of Rebecca Hone, as a Chief People Office, underlines the growth agenda and the importance of people. Rebecca Hone has joined Accuro, in London, from Bupa where she delivered HR and people strategy within the insurance business, and led on a number of change and transformation projects. She brings extensive HR and management consultancy experience in financial services. Rebecca will also be joining the holding board to bring an additional perspective to strategic prioritisation, execution and decision-making for the group.

CEO and Co-Founder, Xavier Isaac commented, “Our people are our greatest asset, so the time is right to invest in a Chief People Officer to further integrate our people strategy with the business strategy. Rebecca brings a strong track record of strategy development and execution. Investing in Accuro’s London offering is a natural evolution of our organic growth strategy, and enables us to better serve our clients in this key location. I am delighted to confirm that this will be delivered under Mustafa’s leadership. This is a very exciting time for Accuro.”

Rebecca Hone

Rebecca Hone

Mustafa Hussain

Mustafa Hussain

Accuro welcomes two new Client Services Directors to its Jersey office

A coast

Kelly Watson – Client Services Director

Having qualified as a Barrister (non-practising) and Solicitor of England and Wales Kelly Watson spent five years in private practice in both England and Jersey before moving into the offshore finance industry in 2009.  Kelly completed an advanced training scheme with an international bank-owned trust company, going on to work at an independent trust company prior to joining Accuro in 2021.  Her legal background enables her to specialise in the administration of contentious, complex and / or distressed offshore structures, in particular those involved in litigation or under criminal or tax investigation.  Kelly holds a Bachelor of Laws honours degree and the STEP diploma in International Offshore Administration. In her spare time she is a keen cyclist and opera singer.  

Helen Hendy – Client Services Director

With a career spanning over 30 years in the Jersey private client industry, Helen Hendy brings additional strength and depth to the Accuro team, specialising in structuring for UHNW UK Resident and Non-UK domiciled families, PTCs, family governance and Family Investment Companies, and managing a wide range of asset classes for multi-jurisdictional, international client families. During her career, Helen has worked to executive board level with three previous fiduciary services providers including independent, bank-owned and PE backed businesses. Working closely in partnership with clients and intermediaries to achieve the desired structuring, generational wealth planning and philanthropic objectives, Helen is highly respected by the finance community for the strong and lasting relationships she builds with all parties. Helen is an Associate member of ICSA – the Chartered Governance Institute and holds the IOD Diploma in Company Direction.

Helen commented: “I truly believe I have found a business aligned with my own values, placing the client family and their objectives back at the top of the agenda and delivering a first class, personal service. Accuro recognises the importance of people and culture in driving success, both for our client families and our team. Together we are passionate in our commitment to be a top tier fiduciary services provider and trusted advisers to our clients whilst being mindful of our corporate mission to be a force for good in society.”

Paul Douglas, Managing Director of Accuro in Jersey, commented: “We are delighted to welcome Helen and Kelly to the Accuro team. They are both industry professionals of the highest calibre and they bring extensive experience in managing diverse and complex assets, working closely with client families and their advisors. We are pleased that our independent business model and distinct working environment is what has attracted them to Accuro and we look forward to this helping them to deliver client service excellence.”

Accuro’s forward-thinking business practices recognised by STEP Award

Award for Accuro

Accuro is proud to announce its fourth win of the prestigious Trust Company of the Year (midsize firm) category at the STEP Private Client Awards 2021/22. Accuro has been shortlisted for the award every year since its inception in 2017, taking home the prize four out of the last five years.

Hosted by STEP, the global professional association that promotes excellence for private client professionals, this year’s virtual award ceremony took place on the 23rd September 2021.

STEP subjects all nominees to a rigorous judging process that considers their performance, values and contributions. Its awards are highly-coveted and are the top private client industry accolade.

Accuro stands out in this industry as an independent, fully management-and-staff-owned business, leading the way as a positive force for families, society and the environment, committed to developing long-term relationships and long-term change.

Since its management buy-out in 2017, Accuro has demonstrated its willingness to challenge the status quo and set a new standard in the industry. Attracting clients from across the globe and leading professionals to join its ranks, the business has grown organically into one which now operates from offices in Jersey, Geneva, Mauritius, and London. In 2021 Accuro has welcomed more new employees than ever before.

With a strong tradition of thought-leadership in the industry, a diverse client base, and a company structure that values and recognises the contributions of all staff members as integral to its overall success, Accuro truly lives up to its name: a trust company that cares.

The judges were impressed by Accuro’s focus on ‘values and client service’. In particular, they praised the support it provides its employees, its ownership model, its healthy annual growth figures and its commitment to its values. This includes legally binding changes to its articles of association committing to having a positive impact on society and the environment.

Accuro’s CEO, Xavier Isaac, commented: « The words of the Presiding judges are particularly pleasing because they recognise the relentless efforts of our staff in their pursuit of excellence in client services, while praising at the same time Accuro for applying more sustainable and forward-thinking business practices.”

Award for Accuro

Accuro proud member of the UN Global Compact

United Nations Global Compact logo

We are delighted to announce that Accuro Fiduciary has joined the United Nations Global Compact and the UN Global Compact Network UK – a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices.

With this announcement, Accuro is aligning its operations and strategies with universal principles on human rights, labour, environment and anti-corruption, and taking actions that advance societal goals embodied in the Sustainable Development Goals (SDGs).

Steve Kenzie, Executive Director, UN Global Compact Network UK said “We support business taking actions to advance the Sustainable Development Goals. We are delighted and encouraged by Accuro’s endorsement of our initiative.”

Xavier Isaac, CEO of Accuro commented: “As a company fully owned by its management and staff, we like to use our independence and freedom of action to promote the responsible stewardship of our business based on UN SDGs and sound universally accepted principles. We believe it is also in the best interest of our clients for us to do so.”

Launched in 2000, the UN Global Compact is the largest corporate sustainability initiative in the world, with more than 12,000 companies and 3,500 non-business signatories based in over 160 countries, and 69 Local Networks.

We encourage you to visit the UN Global Compact Network UK website to learn more about their work-streams.

United Nations Global Compact logo