News

The Benefits of our International Networks

Stuart Foster

I recently spent the weekend in Kenmare on the West Coast of Ireland for the annual TAG meeting of the British Islands members; this year was complemented by four visiting members from North America. During the return journey (which included four airports, several delays, lost golf clubs and a race in a taxi to make the final flight home), the question arose as to why it was worth making such efforts to attend these events.

As well as providing opportunities to visit beautiful places such as Kenmare, there are many reasons why Peregrine's membership of international networks such as TAG and IR Global are important to our business and to our clients. These benefits are perhaps best explained by using real life examples of when the relationships developed with our partners in the networks have worked to the advantage of our clients.

Peregrine currently has at least three Trust clients previously managed by other service providers that for various reasons were not meeting the expectations of those with interests in the trusts. All those trusts had tax or legal advisors that were fellow members of our networks. The advisors to those trusts had known Peregrine for many years having met with me (or my co-directors Basil and Nick) at some of the conferences or from working with us on other assignments.

As a result, the advisors were able to recommend Peregrine to their clients as an alternative provider with confidence that their clients would receive a much-improved service. All those clients are now much more satisfied with the service they receive and their advisors are able to work much more effectively with Peregrine compared to the previous Trustees, resulting in a better result for the clients.

As well as helping clients of the other network members, we are also able to use both networks to help our clients take advice from trusted firms in different countries from around the world. We recently spoke with a beneficiary of a trust who was considering relocating to Florida. Before committing to the move, she wanted to assess what her tax position would be. Through our network of contacts, we were able to put her in touch with a tax attorney in Florida I had met at a previous conference who was able to meet with her days later to answer her questions and provide the advice she needed. When she completes the move to Florida, she intends to use the same legal firm we recommended for not only tax advice, but also real estate and immigration work.

These are only two examples but it is an almost weekly occurrence that I provide or receive advice from a network contact. Sometimes it is just an informal phone call to ask or answer a question that has been posed by a client, whereas on other occasions significant assignments are passed between members. In all matters, it is the “client” that receives the benefit of the time we spend travelling around the world to meet with our network contacts so that we are able to provide a global advisory service from our base in the Isle of Man.

In order to keep improving this benefit for our clients, I will be visiting Berlin in September for the annual IR Global conference where I look forward to catching up with some old friends and making some new contacts that might help our clients in the future.

Peregrine Corporate Services Limited is licensed by the Isle of Man Financial Services Authority.