Top Recommended Tax & Trust Lawyers
The head of the private client department at Taylor Wessing, Nick Warr notes a ‘global fear’ among his clients, resulting from geopolitical and economic events. As a result, many are bent more on wealth preservation than generation. ‘They can’t really see where the opportunity is now, without taking excessive risk,’ he says. ‘To make real money involves ratcheting up the risk scale.
‘My advice is to look long-term and protect your wealth for future generations,’ he adds. Reflecting the firm’s client base, his practice is predominantly international, with many clients involved in the financial industries and hailing from the US, Middle East, Far East and Europe.
While data-sharing is a reality of today’s world, he is unequivocal about the security risk involved when information is passed on and control is lost. ‘Data is quite often misused, particularly in certain jurisdictions,’ he explains.
When it comes to tax rates, Warr is realistic. ‘On a global basis, especially in more mature markets, we have an ageing population and economies which are not growing at the rate they were,’ he says. ‘Inevitably, in order to support the infrastructure in first-world countries, there’ll bea rising fiscal burden. Most rational people recognise that.’