Summer Signals: Six questions with Fairway’s team on the trends shaping client conversations

Welcome to Summer Signals, our Q&A series exploring the trends and client conversations shaping the months ahead.
Across the series, we’ll be asking people from across Fairway the same six questions to uncover what they’re seeing in the market, where clients are facing challenges, and what advisers should be thinking about.
In this edition, Emma Craggs, Private Client Associate Director, shares her insights on the growing focus on governance and succession planning among wealthy families, the factors driving this trend and why taking a long-term view is essential when designing structures that can support future generations.

What’s one thing you’re seeing more of from clients or advisers at the moment?
One trend I’m seeing far more frequently is clients taking a closer look at governance and succession planning within their structures. Rather than focusing solely on tax efficiency, families are increasingly concerned about preserving wealth across generations, managing their individual family dynamics, and ensuring there is a clear framework for decision-making when key individuals are no longer with us.

What’s driving that trend?
Many families have accumulated significant wealth and are now thinking carefully about how it will be passed on to the next generation. At the same time, increased regulatory transparency across jurisdictions has reinforced the importance of strong governance, clear documentation and structures that can withstand scrutiny while still maintaining appropriate levels of confidentiality. Economic uncertainty is also encouraging families to review whether their existing arrangements remain fit for purpose. 

What challenges does it create for clients?
The biggest challenge is often balancing control with succession. The Settlors, Founders and Beneficial Owners tend to want to remain involved in decisions, but they also need to prepare the next generation to take on responsibility in the future. Every family is different, and there is no single approach that works for all. What matters most is ensuring objectives are clearly defined and understood, helping to reduce uncertainty and minimise the potential for disagreements later on.

How should clients or advisers be thinking about it?
I would encourage clients and advisers to think beyond the immediate issue they are trying to solve. A trust or other fiduciary structure should support a family's objectives not just today, but ten, twenty, or even fifty years from now. That means considering governance, succession, family engagement, reporting, and asset protection as part of a broader long-term strategy, rather than viewing the structure as a solution to a single challenge.

What’s one mistake or misconception you often see in this area?
A common misconception is that setting up a trust or structure is the end of the process. Structures need to evolve alongside the family, their assets, and the regulatory environment. Regular reviews, open communication, and proactive planning are essential to ensure the structure continues to meet its intended objectives and clients are not caught out with changes that occur thereafter.

How can Fairway help?
From my perspective, Fairway's role is to act as a trusted partner to both clients and their advisers. We bring independence, technical expertise, and many years of combined practical experience to help families navigate complex situations. Importantly, we take the time to understand the client's broader objectives and family circumstances, allowing us to provide tailored solutions and long-term relationships – some over mine now span over almost 25 years. Whether supporting succession planning, administering complex structures or helping families establish effective governance frameworks, our focus is on providing continuity, guidance and trusted support for the long term.