STEP survey shows private client success during pandemic
The Society of Trust and Estate Practitioners (STEP) surveyed 1,700 practitioners worldwide to see how they were coping with the coronavirus pandemic.
Key points from the global survey revealed:
- Just under 50% of practitioners saw no significant change in the levels of business. 21% saw an increase in activities
- The wills and probate business increased 24%.
The differences that have fluctuated across the globe, have depended on the effects of the coronavirus pandemic in each country.
A statement on the STEP website reads:
“In general, respondents showed a considerable uncertainty about the future, although most felt that business levels would be stable or improved over the coming year. STEP intends to repeat the survey in January 2021 to establish what has changed, noting the sentiment is overwhelmingly positive at the moment despite all of the challenges.”
In Australasia, the Caribbean and mainland Europe respondents reported no change in business levels. In comparison, practitioners in Asia were divided with some reporting increased business levels, but reduced activity.
The impact on each country’s economy, and employment rate was also touched upon in the survey.
181 respondents revealed that redundancies or planned redundancies had been made in their firm. However, these jobs were lost in other areas and not from private client, trusts and estates teams. Restructuring could be on the cards for some firms although this is thought to be considered in 2021.
Training had also notably been impacted, with 40% of those surveyed revealing they’d cut back to essential items only. Once again this varied across the globe.
Isolation and loneliness have been key factors during the pandemic, as different countries have adopted a variety of measures of curb the spread.
With this in mind, it’s understandable why many practitioners are looking forward to the return of face-to-face events. However, virtual networking is still popular, and STEP members are keen for this online platform to continue.