Meet Ogier's Monaco-based Private Client Director Andrew Faulkes

The second smallest country in the world has long been an attractive relocation choice for high net worth individuals, with its unique tax laws, Mediterranean climate and cuisine, excellent connectivity and iconic annual events such as the Grand Prix.

Ogier's Monaco-based private client director Andrew Faulkes has also called the principality home for many years. In that time, he has become well known as a strategic adviser to ultra high net worth (UHNW) individuals, family offices and their advisers in the region.

In his role at Ogier, he serves as an interface between clients, family offices and intermediaries in Monaco and beyond. He helps both existing clients in the region and those relocating to Monaco to structure their wealth via the firm's established office jurisdictions around the world.

Read more about Andrew's appointment.

In this article, find out how Andrew helps to develop client relationships as part of Ogier's Private Wealth team.

What do you specialise in?

At Ogier, I draw on my long career spanning international private client tax and estate planning, wealth planning, corporate and fiduciary and family office to provide UHNW and family office clients with expert advice and guidance on their wealth structuring and strategic planning.

This often includes succession planning, as well as the setting up and management of family office infrastructure and the accompanying governance protocols.

What is your role within the extended Ogier team?

I'm a private client director based in Monaco, where I have lived and worked for the past nine years. Ogier does not have an office in Monaco but the firm does have many important client and intermediary relationships there. This includes Monaco banks and law firms. My role is therefore to act as a channel for the firm's UHNW relationships and prospects, both within and beyond Monaco.

That often involves helping to draw out their needs and match them with the incredible range of legal, private wealth structuring and funds solutions and expertise that Ogier can provide from its many jurisdictions.

Why is Ogier a firm of choice in the region?

Ogier has been very welcoming and helpful in the endeavours mentioned above, readily making me feel part of the team. I have been impressed not only with the solutions and talent that the firm has available but also by the strong network that exists both across the offices and within each office. This is rare and a true differentiator for the firm.

The strong backing of these global Ogier resources gives me the unparalleled ability to have rich conversations and propose solutions to a wide range of client legal and wealth planning requirements.

What are the current trends in relocation and family office structures?

The expression "global village" has been in use at least since I was a schoolboy, but now more than ever it reflects the reality of the speed and availability of communication and travel. High net worth families from all regions of the world (subject to particular restrictions) can and do readily relocate themselves and their family administration arrangements, depending on factors such as personal circumstances and national or geopolitical changes. For example, the recent changes to the UK's 200-year-old non-dom tax regime in particular have caused many individuals to reconsider their wealth structuring.

What are the main challenges that high net worth and family office advisers are currently facing?

One of the big hurdles for the private client industry has always been that clients' needs evolve much more quickly than relevant laws and customs. In my experience, this is accelerating. Clients are agile, innovative and willing – indeed eager – to relocate to and / or invest in all parts of the world. These investments can also involve new and emerging asset classes.

Advising on arrangements to hold assets in an efficient manner for tax and succession purposes, and on family administration and governance purposes that suit all relevant jurisdictions without undue restrictions or costly over-engineering is thus certainly challenging. But it is also what makes the job stimulating.

What advantages does Monaco offer those relocating to the region?

I must confess to a little bias as I have lived there extremely contentedly for many years. But objectively speaking, aside from the lack of personal income and capital gains taxes, the principality has many virtues to attract wealthy expats. These include the stability of the governing regime, the high level of personal safety, good schools, the Mediterranean climate and cuisine, excellent connectivity both within Europe and globally, a cosmopolitan international community with many active entrepreneurs and lively social, sporting and cultural scenes. Annual events that draw in residents and tourists alike, such as the Masters Tennis, the Grand Prix and Yacht Show, also help the second smallest country on the planet to stand out.

How Ogier can help

Ogier can advise on and implement wealth structuring for private clients and family offices already established in many global locations. The firm also advises on relocation to a number of jurisdictions that are emerging as important for ultra high net worth and high net worth families, such as the Cayman Islands, the Channel Islands, Dubai, Ireland and Monaco. Discover Ogier's Relocation Services at this link.

To find out more about how Ogier can help clients already based in or considering relocating to Monaco, and the services offered from the region, contact Andrew or your usual Ogier contact.

About Ogier

Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.

Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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