Strategy and Product Development(SPD), Global Wealth Solutions (GWS)

The primary purpose of the role is to develop structured solutions that can provide compliant long-term wealth structuring for clients of the bank.Compliant structured solutions means a form of asset holding structure into which clients may be able to inject assets and afterwards enjoy some sort of home tax advantage or deferral or some sort of succession planning for future generations, or preferably both. Asset holding structures could include trusts, foundations, corporations, partnerships, life insurance policies and investment vehicles such as Private Unit Trusts or Private Family Mutual Funds.
The other core purpose of the role of SPD employees is the development of strategies to deal with particular issues usually of a tax nature that may affect our structures or our clients.
A further element of the role is to act as a technical resource for Wealth Planners and others on trust and tax and international succession issues, researching solutions for individual cases to provide initial suggestions and to highlight problem areas - this is not to be seen as giving any tax or legal advice.

RESPONSIBILITIES:
Identification of Solutions:

• Ideas for new solutions will come from:
• Requests presented to the Head of SPD as Form 1’s in conjunction with the GWS product development policy
• Head of SPD will decide which SPD personnel will develop which solutions
• Form 1’s will usually come from Wealth Planner (WP) Heads, but may also come from FSU heads.
• However, it is important for SPD personnel to keep up to date with research and knowledge of tax issues as well as other initiatives that affect GWS structures or Private Banking clients and to discuss new developments with WP’s and WP heads.

Development of solutions:

• Following GWS Product Development policy
• Form 2 process involves the initial research and may include acquisition of tax and legal advice
• The analysis and distillation of such advice
• Production of solution summary sheets demonstrating the distillation of such advice for Wealth Planners, RM’s and Clients
• Production of sales marketing procedures
• Production of operational processes for administration within GWS or elsewhere
• Development of agreements with Third parties
• Seeking approval of solutions including all documentation, agreements, procedures and processes with Group Tax, Group Legal and Group Compliance

Professional Awareness:

• Essential to maintain and update knowledge of structured Wealth Planning solutions being used or developed in the market. Primarily in the fields of trusts, corporate structures and life insurance. Must develop and maintain good contacts in legal and tax fields
• Expert understanding of cross border tax and estate planning solutions

QUALIFICATIONS AND EXPERIENCE:

• The role requires a Legal, Accountancy or Tax professional post-graduate qualification
• Membership of the Society of Trust and Estate Practitioners (or working towards such membership) May be required to obtain insurance and financial planning accreditation
• Analysis of complex fiduciary legal and tax issues
• Project management
• Ability to make presentations and conduct training is essential