Middle East Wealth Management Forum 2020 - Highlights - Deepak Malhotra

Deepak Malhotra of Mayfair Private

Jan 31, 2020

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1. What are the opportunities and challenges for this industry in the year ahead?

Video transcript

1. What are the opportunities and challenges for this industry in the year ahead?

So in terms of opportunities, the world is moving towards a much more transparent regime, a transparent environment where information is disclosed, information is available on clients, beneficial ownership and registers around that are becoming more and more relevant in different jurisdictions. So the theme, I would say, to in 2020 is transparency. And that's manifesting itself both in onshore and offshore jurisdictions. In terms of an opportunity, it's an opportunity for advisors to ensure that clients are compliant, clients are doing what they need to do in the right jurisdiction. And I think the opportunity is for families now, and their advisors, to ensure that they get the proper advice in the right jurisdiction and do things in an appropriate way. I think the days of taking shortcuts, the days of not doing a proper job, the days of not having substance in whatever they do are numbered. Now, that's an opportunity as well as a challenge because I think the opportunity's more for advisors, and I think the challenge is more for the families. The challenge for the families is they are faced with a morass and a huge influx of regulations, CRS, economic substance, and other related matters. So I think there's a big burden on families to ensure compliance, and that is the challenge for them.



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