UK-WIDE: An Introduction to Accountants & Tax Advisers

Navigating Wealth in an Age of Complexity: Private Clients and the Shifting Global Landscape

For high net worth individuals and families, wealth has always brought both opportunity and responsibility. In today’s world, it also brings unprecedented complexity. Economic volatility, shifting political priorities, global mobility and evolving expectations around transparency are redefining what it means to preserve and pass on wealth. In this new environment, advisers are helping clients to build not just efficient structures, but resilient ones that are able to adapt to whatever comes next.

Economic and political headwinds

After years of instability, the global economic landscape remains unsettled. The International Monetary Fund forecasts global growth of just 2.9% in 2025 (below the historical average) as major economies adjust to a “higher for longer” interest rate environment. In the UK, fiscal policy remains under pressure, with tax thresholds frozen and government spending constrained. Business confidence is mixed: according to the British Chamber of Commerce, 63% of SMEs cited tax policy as their main business challenge.

“For many of our clients, stability itself has become the most valuable commodity”, says Neil Lancaster, a BKL partner who advises private clients and entrepreneurs. “They’re looking for ways to plan in a world where the rules seem to change every year. That means focusing less on short-term moves and more on resilience: how their structures, businesses and families can weather uncertainty”.

For entrepreneurs, these conditions have had a tangible impact. The cost of borrowing has risen sharply, altering deal structures and dampening appetite for expansion. Asset values, especially in property and private markets, have become more volatile. Yet for some, disruption has created opportunity. Susie Mullin, a BKL partner who specialises in M&A for entrepreneurs, observes: “There’s still huge appetite for deals, but it’s a more thoughtful market now. Clients are taking time to understand how their decisions today will shape the legacy they leave tomorrow. The smartest ones are building flexibility into every agreement”.

A more transparent world

Perhaps the most defining trend of the past decade has been the move towards greater transparency. Wealth that once flowed quietly across borders is now subject to unprecedented scrutiny. Over 120 jurisdictions now participate in the Common Reporting Standard of the Organisation for Economic Co-operation and Development (OECD), exchanging financial data automatically between tax authorities. As Craig Nicholson, the partner who leads BKL’s tax team, explains: “Transparency and tax go hand in hand now. Clients expect clarity, they want to know that what they’re doing is compliant, but also efficient and defensible. The challenge is balancing increasingly detailed rules across multiple jurisdictions without losing sight of the bigger picture”.

This transparency agenda extends beyond tax. Beneficial ownership registers, anti-money laundering regulations and economic substance requirements mean the administrative burden of maintaining international structures has increased substantially. What was once a purely technical issue has become a reputational one. Clients are asking not only whether their structures are compliant, but whether they remain justifiable and sustainable.

The shift towards transparency has also encouraged better governance. Clients increasingly value clear documentation, consistent communication and proactive review. While the administrative load has grown, so too has the opportunity to create structures that reflect modern values of accountability and stewardship.

Generational transitions and shifting values

The next three decades are expected to see more than GBP5.5 trillion of wealth transferred between generations in the UK: the largest intergenerational shift in history. This is transforming how families think about legacy, succession and responsibility. Sehjal Gupta, a BKL partner who advises families and individuals going through divorce and transition, notes: “Moments of change, whether generational or personal, can be emotionally charged. We often see that the financial side is the easy part; it’s the relationships, expectations and communication that require the greatest care. The most successful families are the ones who talk early and often”.

UK inheritance tax receipts reached GBP7.6 billion in the 2023/24 tax year, reflecting both rising asset values and HMRC’s increasingly assertive approach. Families are recognising that effective wealth transfer is about more than minimising tax: it’s about preparing the next generation to be effective stewards in a world that may look very different from today. As Neil Lancaster adds: “Good succession planning is as much about education and dialogue as it is about documentation. Governance structures should be living frameworks that evolve as families grow and priorities change”.

Cross-border complexity and global mobility

The UK remains a global hub for investment, education and culture, attracting entrepreneurs and families from around the world. Yet international mobility has become more complicated. Tax residency rules, immigration pathways and succession regimes vary widely between jurisdictions. This creates a complex web of considerations for families whose lives and assets span borders.

The replacement of the UK’s non-domicile regime from April 2025 represents one of the most significant changes in international tax policy for decades. Many internationally mobile families have had to reassess where they base themselves and their structures. For some, this means diversification, establishing new entities or relocating elements of their operations to different jurisdictions. For others, it reinforces the importance of maintaining a clear, consistent strategy that balances personal, commercial and family priorities.

“The international element is almost a given now”, says Sehjal Gupta. “Even wealthy families who see themselves as UK-based often have business interests, property or relatives overseas. That interconnectedness is a strength, but it also adds layers of complexity that require joined-up thinking across tax, legal and advisory teams”.

Building resilience, not just efficiency

As regulatory expectations rise, advisers are encouraging clients to move away from aggressive tax planning towards what might be called defensive optimisation, ensuring that arrangements are robust, well-documented and capable of withstanding scrutiny.

“There’s a growing recognition that tax is just one variable in a much larger equation”, says Susie Mullin. “A structure that saves tax but creates family tension, administrative burden or sleepless nights is no longer seen as a win. The goal is balance: sustainable structures that support life, not complicate it”.

Proper governance and purpose are now essential. Whether it’s trustees exercising independent discretion, maintaining detailed records of decision-making or demonstrating commercial aims, the administrative reality of maintaining compliant structures has intensified. As Neil Lancaster notes: “We tell BKL’s clients that regular review is vital. The idea that you can ‘set and forget’ a structure is outdated. Laws change, families evolve and what worked five years ago might not serve them today”.

The human side of wealth

While technical sophistication continues to grow, the human dimension remains at the heart of wealth planning. Economic and political uncertainty can have a profound emotional impact, influencing decisions about family, philanthropy and legacy. Trusted relationships have become more important than ever: advisers who listen as much as they analyse, and who help clients to navigate not just regulation but life. As Neil Lancaster reflects: “Behind every structure, there’s a story. Our job is to understand that story, to see the people behind the numbers and help them make decisions that reflect their values, not just their balance sheets. That’s what builds trust that lasts”.

According to the AlTi Tiedemann Global and Campden Wealth Family Office Operational Excellence Report 2025, 62% of family offices cite succession and governance as a key focus, ahead of investment performance. The message is clear: the emotional, relational and structural sides of wealth are inseparable.

Looking ahead

The pace of change shows no sign of slowing in the years ahead. Political transitions in the UK, the USA and beyond will continue to shape tax and regulatory policy. The digitalisation of wealth management, from online disclosure systems to emerging asset classes, will raise new questions of governance and security. Meanwhile, societal expectations around transparency, sustainability and fairness will continue to evolve.

“For clients, adaptability has become essential”, says Emma Brown, partner and transaction tax specialist at BKL. “The rules may change, but the principles of good planning don’t: clarity, foresight and trust remain the foundation”.

In an era where change is constant, resilience – personal, structural and emotional – has become the new definition of wealth. Trusted advisory relationships will remain the anchors that help families make sense of complexity and ensure that wealth, in all its forms, continues to serve them and their communities for generations to come.