By: Cora Binchy
We caught up with Cora Binchy, Partner in our Family Office division in Jersey
Our client base is hugely varied. Historically our client base was South African and UK centric due to the heritage of the Stonehage and Fleming businesses, but through acquisitions and years of significant organic growth, our reach has become more global. We now work with over 250 substantial families across the EMEA region who have generated their wealth through various sectors including consumer, financial services, real estate, construction, technology and media.
I have always been attracted to the technical aspects of my work. I like working methodically and finding solutions to complex situations. My role, though, is multifaceted: on the one hand, I am very involved in the technical side, putting structures together, often incorporating entities from several international financial centres. On the other, I spend a lot of time with clients. I work a lot with people in our other offices so it is important that I am organised and have a great team around me.
The role of the professional trustee has evolved. As a trustee, your duty is to your beneficiaries and you are responsible for putting in place all the safeguards necessary to serve their needs. In many ways, the role has become more demanding since I started my career. Today trustees need more than ever, to comply with regulations in multiple jurisdictions, they are also more accountable and the outcomes measurable.
At Stonehage Fleming, our independence differentiates us. Importantly, it allows us to align our interests with those of the families we serve. It has affected the way we have grown the group through adding new services in response to client needs. For instance, as more of our clients became interested in acquiring art and moving art between countries, it became evident we needed expertise in art so we established our Art Management department. The same is true of many of our service offerings.
Transparency is one of the most important trends affecting the industry. There is a growing expectation globally for transparency. As an industry, we are operating under increasing scrutiny. It is a challenging environment but meticulous attention to detail has always been at the heart of any trustee relationship.
Find out more about Stonehage Fleming's Family Office