What is your role within your firm?

I am the managing director of the Accuro Group’s Swiss office.

How did it feel to win a STEP Private Client Award for Trust Company of the Year (midsize firm) last year?

It was a joyful and rewarding occasion. As the award ceremony was held virtually for the first time, we organised an internal event around it, with one of us sharing his computer screen to everyone who had tuned in. This meant that, unlike a ‘normal’ year where only a few would be able to attend the ceremony live, most of us heard the award announcement at the same time. It was a wonderful moment of togetherness and joy

Why is winning a STEP PCA important to your firm?

STEP is the ultimate accolade in our industry. Winning an award is recognition from our peers that all our efforts and hard work have not gone unnoticed.

We have been on quite a journey since 2017, when we completed the first part of our management buyout. We are now fully independent, and have the luxury of being able to take the long-term view, both for our clients and ourselves, without having to compromise on our independence of mind and action.

What are the main challenges facing your organisation at the moment?

Apart from the pandemic and the challenge of remote working, we are determined to be a force for good socially and environmentally, whilst doing well as a business. The private wealth sector may at times be painted with a tarnished brush, and our aim is to raise awareness and to facilitate responsible wealth and legacy, including addressing inequality and care of our planet.

How will you deal with these challenges?

We are addressing this challenge inwardly and outwardly, circumstances allowing. Inwardly, by making a strong commitment to all our colleagues in terms of corporate governance, profit share, mental health, diversity and inclusion in the work place. Outwardly, by initiating discussions with some of the families we take care of, in the area of Environmental, Social, and Corporate Governance (ESG) and socially-responsible wealth.

What do you like best about your job?

The ability to meet people of different horizons on different paths in life, and to participate, as much as we can, to their long-term well-being as well as to that of their loved ones.

… and what do you feel is most worthwhile?

We are working in an industry which combines family/personal dynamics with wealth accumulation, wealth preservation and eventually wealth succession. This is quite a challenging mix. Yet, if you get it right in your own role (and for us at Accuro it means being a good trustee) it can be very rewarding.

What would you say to a young person thinking of a career in this industry?

I re-discovered how fun, rewarding and interesting my job is a few years ago, when I gave a lecture for STEP on how to be a good trustee. The role is extremely demanding and requires the ability to navigate complex legal and regulatory rules with an ability to forge long-term meaningful relationships.

I’d advise a young person to look for a company with a solid infrastructure and a strong, cohesive team, both internally and externally, as the ability to cooperate within and outside the industry should not be underestimated if you are to look after your clients.

It is a career where no two days are alike and which can be unpredictable. However, and at the risk of repeating myself, it can be very rewarding and a lot of fun.

Where do you see future growth, both in terms of sectors and jurisdictions?

Growth will come from entrepreneurs operating ‘COVID-winner’ enterprises, especially from the Middle East, Asia, South America and Africa. In fact anywhere where political uncertainty will lead families to want to protect their wealth.

On the jurisdictions front, there is, and will continue to be, a flight to quality and transparency. As offshore centres get more pressurised, onshore and mid-shore will become even more popular.

Which social media channels do you use and why?

We principally use LinkedIn and Instagram to reach out to our network of intermediaries, to share our vision with the outside world.

Published on Monday, 15 March 2021 in STEP

We are delighted to share that Accuro was announced winner at the Wealthbriefing Swiss Awards 2021 in the “Independent Trust or Fiduciary Company” category.

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 2020’.

The judges said: “Accuro recognized the pandemic as an opportunity to invest time and efforts in educating the next generation and in highlighting the topic of mental health, which is particularly important in these times of increased stress and anxiety, resulting in improved client satisfaction and an overall positive impact in the trust industry.”

Natacha Onawelho-Loren, Managing Director of Accuro commented:

“This is a tremendous achievement for the Swiss team in a year which has seen fundamental changes in the way we work with and deliver our services to clients. I am delighted that our efforts to care for our staff while ensuring seamless client service delivery has been recognised.”

What does your firm or employer do, and what is your role there?

Accuro operates a multi-jurisdictional Trust and Private Office business, to care for and protect families and their wealth for the long term. I am one of the founding partners, a board member, and Managing Director of the Jersey office, where I’m involved in our business growth strategy.

What is the most important thing STEP does, in your opinion?

STEP’s role in constantly developing industry standards through information sharing, representation and education.

You are one of the judges at this year’s STEP Private Client Awards in December. What led you to get involved?

I was delighted to have been selected as a judge, after Accuro was either nominated for, or won, Trust Company of the year (Midsize) for each of the last three years.

What do you think makes a good Private Client Awards submission?

I would say an entry that directly answers the question with substantiated facts, and in particular reflects how the business brings innovation to our industry.

What do you most like about your job?

While the private client industry is perpetually evolving, in many respects, the issues surrounding the succession of wealth across families remain the same. I find it highly motivating to help clients’ families to navigate global complexities, and work with our team to build a business to meet these challenges.

What would you say to a young person thinking of a career in this industry?

The fiduciary industry is multi-faceted and offers many options. By choosing an area you most enjoy, you will inevitably excel, and derive job satisfaction. Find the right firm – I’d recommend one that places an emphasis on continued education (and ideally is a STEP Employer Partner), recognises the importance of work-life balance, and has a culture of doing things right first time.

Which sectors are likely to see the strongest future growth, do you think?

The private client industry continues to see rapid transformation. Many trust and fiduciary providers have moved away from this sector, owing to perceived higher risk/lower reward. However, the accumulation and transferral of wealth across generations is only going to increase, resulting in a limited pool of top quality service providers to meet demand.

What about jurisdictions?

Private clients are paying much more attention to associating themselves with jurisdictions that have a stringent regulatory framework, a strong wealth management infrastructure and a talent pool that has mastered the issues required to deliver market leading financial services.

What trends do you see in the global private wealth sector at the moment?

International planning has to be bespoke to reflect the cross-jurisdictional nature of families and their assets. However many providers do not wish to accept this, and offer a standardised approach to their administration of structures. Inevitably, this leads to dissatisfied clients; hence the trend towards independent boutique trust companies, single and multi-family offices.

What do you feel are the main challenges facing your organisation at the moment, and how will you deal with them?

Increasing global complexities arising from tax legislation, regulations and transparency initiatives are not necessarily new, but as they evolve, businesses need to constantly adapt to meet these challenges. In addition, the younger generation demands greater social and environmental consciousness from the manufacturers of the goods they consume. As they come into wealth, they will ask the same from their wealth advisors, hence the importance of being able to accompany them when they seek to deploy their wealth in a more sustainable and responsible manner.

We will also have to attract the next generation of talent to work in the industry. This generation seeks a working environment where their values are aligned with those of their employers, and where they can grow as individuals and as professionals.

Which social media channels do you use and why?

LinkedIn for business, Twitter for news and Facebook to connect with family and friends.

Paul Douglas is one of the founders of Accuro, and is the Managing Director of Accuro in Jersey. He has a STEP Advanced Certificate in Family Enterprise Advising.

6 April 2020, Paul Douglas, www.step.org