Ce diaporama a bien été signalé.
Nous utilisons votre profil LinkedIn et vos données d’activité pour vous proposer des publicités personnalisées et pertinentes. Vous pouvez changer vos préférences de publicités à tout moment.

FATCA: Global Wealth Manager Responses

72 vues

Publié le

Wealth managers are under fire as US high net worth individuals are the key target of FATCA. As it has developed on its path toward global tax collection efficiency, attitudes have changed as the resolve of the US to implement the act has become abundantly clear, and intergovernmental agreements have added new thought processes to meeting compliance.Analyse the current situation regarding FATCA compliance and the role of wealth management in the changing tax environment.Interpret FATCA trends within the wealth management industry using Datamonitor's Global Wealth Manager Survey 2012.Understand the challenges facing wealth managers and how to react.Assess responses to FATCA from your industry peers using company specific case-studies.On a global scale, wealth managers are sitting on the fence when asked whether disassociating US clients is too drastic a measure. On a country scale attitudes toward US clients are very different, and some firms are seeing a niche market developing whereby US-friendly firms welcome with "open arms" those individuals rejected from US-averse firms.FATCA may have been postponed to 2014 but the challenges remain the same. A FATCA strategy must embrace flexibility. It must react to the growing intergovernmental agreement environment. Enhanced due diligence will become a fact of life and causing minimal strain on the client relationship is paramount.FATCA is the beginning of a wider and more transparent global tax environment that all firms must take anticipatory measures for now.What path is FATCA taking and where will the global tax environment be in five years' time'How is the competition reacting to FATCA'How will FATCA affect the client relationship and how should wealth managers react'Who is still accepting US clients and who isn't'What should a FATCA IT solution incorporate to reach maximum efficiency'

  • Soyez le premier à commenter

FATCA: Global Wealth Manager Responses

  1. 1. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email!FATCA: Global Wealth Manager ResponsesPublished on November 2012 Report SummaryWealth managers are under fire as US high net worth individuals are the key target of FATCA. As it has developed on its path towardglobal tax collection efficiency, attitudes have changed as the resolve of the US to implement the act has become abundantly clear,and intergovernmental agreements have added new thought processes to meeting compliance.Analyse the current situationregarding FATCA compliance and the role of wealth management in the changing tax environment.Interpret FATCA trends within thewealth management industry using Datamonitors Global Wealth Manager Survey 2012.Understand the challenges facing wealthmanagers and how to react.Assess responses to FATCA from your industry peers using company specific case-studies.On a globalscale, wealth managers are sitting on the fence when asked whether disassociating US clients is too drastic a measure. On a countryscale attitudes toward US clients are very different, and some firms are seeing a niche market developing whereby US-friendly firmswelcome with "open arms" those individuals rejected from US-averse firms.FATCA may have been postponed to 2014 but thechallenges remain the same. A FATCA strategy must embrace flexibility. It must react to the growing intergovernmental agreementenvironment. Enhanced due diligence will become a fact of life and causing minimal strain on the client relationship isparamount.FATCA is the beginning of a wider and more transparent global tax environment that all firms must take anticipatorymeasures for now.What path is FATCA taking and where will the global tax environment be in five years timeHow is the competitionreacting to FATCAHow will FATCA affect the client relationship and how should wealth managers reactWho is still accepting USclients and who isntWhat should a FATCA IT solution incorporate to reach maximum efficiency Table of ContentOVERVIEWCatalystSummaryMethodologyEXECUTIVE SUMMARYWealth managers are in the firing line of FATCAApproaches to FATCA vary by the size of the firm and the country in which it operatesMeeting reporting and identifying requirements is only the beginning of FATCA complianceINTRODUCTIONThe wait for final regulations will make 2013 a frantic year for achieving FATCA complianceWealth managers are directly in the firing line - Wegelin & Co provided a wake-up call for unconvinced FFIs- US tax amnesties have had an impact on US offshore business, but wealth managers must still be waryFATCA: Global Wealth Manager Responses (From Slideshare) Page 1/5
  2. 2. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email!- US individuals favor a number of international banking centers, which will be flashpoints for FATCA complianceFATCA: THE STORY SO FARWithholding may only be a "stick," but client identification and reporting are here to stayIntergovernmental agreements: jurisdictional variation complicates but does not impede compliance - 2012 has seen thedevelopment of the Model I and Model II FATCA frameworks- The UK IGA will act as a best practice case study for other Model I IGAs- The true global scope of FATCA has become abundantly clear- Rise of the mini-FATCA- The implications: FATCA strategies must not dwell on identification and lose sight of reporting demandsWEALTH MANAGERS: THE STORY SO FARDatamonitors 2012 Global Wealth Managers Survey: approaches to FATCA - FATCA compliance is a necessary evil, but size andmarket both matter- Client and workforce education is not on the immediate agenda for wealth managers- Some wealth managers will still onboard US clients, but approaches vary by countryDatamonitors Global Wealth Managers Survey: opinions on FATCAFATCA: THE CHALLENGES FOR WEALTH MANAGERSFlexibility must be at the core of a FATCA solutionOne world, multiple FATCAsCommunicating with the client, enhanced due diligence, and the role of education - Client communication will evolve in light ofFATCA demands- The approach to due diligence must not be the same for US and non-US clients- Client education will prepare clients for unexpected due diligenceTranslating a FATCA strategy from compliance to the front office - The role of an IT solution- The role of two way communicationFATCA: THE RESPONSE FROM THE INDUSTRYWelcoming US clients - Coutts- Other firms targeting US clientsEnding US client relationshipsAiding FATCA compliance - FenergoAPPENDIXDefinitions - Affluent- High net worth- Liquid assets- Mass affluentFATCA: Global Wealth Manager Responses (From Slideshare) Page 2/5
  3. 3. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email!Methodology - Global Wealth Managers Survey 2012BibliographyFurther readingAsk the analystDisclaimerTABLESTable: Key future dates in FATCA complianceTable: Intergovernmental agreements Model I vs. Model IITable: Product and entity exemptions in the proposed UK/US IGA, September 2012Table: Wealth managers specifically targeting US individuals living abroadTable: Wealth managers that have ended overseas US client relationshipsTable: Examples of other technology firms FATCA solutionsFIGURESFigure: Private banking clients and their wealth managers are at the heart of the objectives of FATCAFigure: IRS tax amnesties are becoming less lenient, and more customers are taking advantageFigure: In the short-term identification and reporting will be resource-hungry, but withholding will remain and will demand further andgreater capital inputFigure: Model I vs. Model IIFigure: As of November 2012, the US Treasury is actively engaging with 50 jurisdictions to create more IGAsFigure: Education is yet to begin in earnest and not onboarding US clients is an unpopular strategyFigure: Switzerland and Singapore are the jurisdictions most reluctant to take on US clientsFigure: US expats are one of the major HNW expat client groups among UK wealth managersFigure: Simply disassociating existing US clients is too drastic a responseFigure: Previous FATCA infrastructure will provide a base for on-demand solution flexibilityFigure: Existing communication patterns may have to change to adapt to FATCA complianceFigure: FATCA compliance can be enforced by an IT solution, but a unit-level intermediary must provide a clear communicationchannel for response verification and workforce educationCompanies mentionedBank of England, Harte-Hanks, Inc., Hutchison 3G UK Limited, Metcash Limited, Wolters Kluwer nvFATCA: Global Wealth Manager Responses (From Slideshare) Page 3/5
  4. 4. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email! Fax Order Form To place an order via fax simply print this form, fill in the information below and fax the completed form to: Europe, Middle East and Africa : + 33 4 37 37 15 56 Asia, Oceania and America : + 1 (805) 617 17 93 If you have any questions please visit http://www.reportlinker.com/notify/contact Order Information Please verify that the product information is correct and select the format(s) you require. FATCA: Global Wealth Manager Responses Product Formats Please select the product formats and the quantity you require. 1 User License--USD 5 250.00 Quantity: _____ Corporate License--USD 13 125.00 Quantity: _____ Contact Information Please enter all the information below in BLOCK CAPITALS Title: Mr Mrs Dr Miss Ms Prof First Name: _____________________________ Last Name: __________________________________ Email Address: __________________________________________________________________________ Job Title: __________________________________________________________________________ Organization: __________________________________________________________________________ Address: __________________________________________________________________________ City: __________________________________________________________________________ Postal / Zip Code: __________________________________________________________________________ Country: __________________________________________________________________________ Phone Number: __________________________________________________________________________ Fax Number: __________________________________________________________________________FATCA: Global Wealth Manager Responses (From Slideshare) Page 4/5
  5. 5. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email! Payment Information Please indicate the payment method, you would like to use by selecting the appropriate box. Payment by credit card Card Number: ______________________________________________ Expiry Date __________ / _________ CVV Number _____________________ Card Type (ex: Visa, Amex…) _________________________________ Payment by wire transfer Crédit Mutuel RIB : 10278 07314 00020257701 89 BIC : CMCIFR2A IBAN : FR76 1027 8073 1400 0202 5770 189 Payment by check UBIQUICK SAS 16 rue Grenette – 69002 LYON, FRANCE Customer signature:   Please note that by ordering from Reportlinker you are agreeing to our Terms and Conditions at http://www.reportlinker.com/index/terms Please fax this form to: Europe, Middle East and Africa : + 33 4 37 37 15 56 Asia, Oceania and America : + 1 (805) 617 17 93FATCA: Global Wealth Manager Responses (From Slideshare) Page 5/5

×