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‘For owners of family businesses, political and economic upheavals have increased the focus on protecting wealth long-term,’ says Boodle Hatfield’s Hayden Bailey, who also heads up its private client and tax team. ‘Clients are focused on preservation of wealth, but at the same time do not want asset protection structures to create a compliance burden that stifles the ability to make commercial decisions.’
In his early forties, Bailey says he is the right age to bridge the gap between baby boomer HNWs and their millennial children. ‘If the children don’t trust my advice, things can fall apart,’ he says. ‘It is important that they are brought in early and understand the reason the structures are there.’
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