Ahead of the 2016 International Trusts & Private Client Forum in Jersey, we caught up with Michael Byrne of Wealth-X to discuss mentors, career lessons and his upcoming keynote discussion.
- You will be speaking at International Trusts & Private Client Forum: Jersey in April. What will be your chosen topic and what are the main issues in this area?
I shall open with a discussion on the World’s Ultra Wealthy. I will take a look back at 2015 and talk about what 2016 holds in store as the rich are getting richer and there are more of them. What implications does this have for the providers that service them?
- What jurisdictions/regions are currently important to your work and why?
There has been a concentration of Wealth in NYC, London and Tokyo which now account for 1 in 10 of all homes of the global UHNW population, yet perhaps based on political strain; we have seen a fall in overall numbers in the UK. We are still not experiencing the growth expected in China yet despite this, overall numbers of UHNWI have grown in Asia Pac. Established markets remain a focus of the financial services as many organisations choose to entrench operations and pull out of riskier less understood markets whilst luxury brands exploit the riches on offer in emerging markets. I am extremely excited about Iran and what this brings to the rest of the world. It’s like discovering Atlantis, but as with Atlantis – not without its risks.
- What attracted you to working within this market?
I have worked within Wealth for most of my career but things really took a shift when I moved into the intelligence of Wealth creation. I love to combine my experience in risk with intelligence on those that have generated such incredible wealth. There is often a fine trodden line. It also allows me to engage with the most professional of service providers. They always need to be on top of their game to maintain the often fleeting whims of the Ultra Wealthy and the ever shifting markets in which they operate.
- What is the biggest lesson you’ve learnt during your career?
To adapt. Tomorrow is another day and if you are not listening to the requirements of your clients you will very quickly be left behind.
- Who has been your greatest mentor and why?
I can’t actually pick one person. I like to think I have taken a lot from a lot of different people. People I have worked for and with, leaders, sportsmen, and my family. Everyone at every level has something to offer it’s about understanding how to harness it – well almost everyone.
- What do you do in your spare time?
I love all sport and wish I could still play all the time. I love to travel and I have a particular addiction for luxury hotels -in fact luxury in the service sector as a whole. In complete contrast I love to finish the day with my family switch on the TV and order a takeaway. My waistline is ever testament to that passion.