FocUS: In Conversation with Elizabeth Epifanio

Welcome to FocUS, our interview series centred on the US market.

In this latest feature, Philip Pirecki, our Americas Lead, speaks with Elizabeth Epifanio, Director in the Fiduciary Specialist Team of RBC International Trusts in Jersey.

Read on to discover:

• How the wealth management and estate planning needs of US high-net-worth families are evolving.
• The complexities of managing wealth across multiple jurisdictions.
• Why younger wealth creators, alternative investments and globalisation are reshaping US private wealth.
• How Jersey trusts can support jurisdictional diversification, asset protection and wealth structuring.
• What Jersey-based finance professionals should consider when building relationships and developing business opportunities in the US.
• Elizabeth’s interests and perspectives beyond the world of finance in our ‘And Finally’ section.

Who are you and in which areas do you specialise?

I’m a Director in the Fiduciary Specialist Team of RBC International Trusts in Jersey.  I manage a portfolio of relationships for international high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families, with particular experience and focus in meeting the wealth management and estate planning needs of clients from the US, often with cross border considerations and principals based in multiple jurisdictions. I also have a dual role in the Fiduciary Specialist Team, with an equal balance between client facing and business development responsibilities.

Where are most of your US clients based? Is your firm’s US business concentrated on the East Coast or is the footprint broader than that?

Along with our RBC clients, we also have a large client base through City National Bank, which is part of RBC (headquartered in Los Angeles), with a significant number of clients across the US and North America. However, the largest concentration of RBC International Trusts clients within the US are based in New York City. City National Bank also has a significant banking presence in California.

What are the primary forces shaping private wealth today from Jersey’s perspective, for example cross-border mobility, generational transitions, wealth tax proposals, digital assets, geopolitical risk?

Wealth planning conversations are evolving and several considerations are shaping how private wealth clients approach their structuring decisions today.

This broader focus is a meaningful driver of interest in well-regulated international financial centres (IFCs). Jersey is an attractive place for private wealth as a well-regulated jurisdiction and international financial centre.

Over the past decade, how has the profile of the US and US-connected UHNW client changed and where do you expect it to go next?

There has also been a gradual shift in focus in terms of:

• Alternative assets (private equity, digital assets, emerging sectors) versus traditional asset holdings
• Environmental, social and governance (ESG) and impact considerations are becoming a more common investment factor
• Digital and AI expectations are increasing at pace
• Historically, US families have been very US focussed. This concept has been replaced by a much more diverse and globalised framework.

What are the most pressing challenges for US advisors, family offices and the families they serve, and how does your firm help solve them?

Global reporting in multiple jurisdictions and keeping clients globally compliant is a real challenge for advisors. We work closely with our internal partners, regulatory reporting teams and our trusted advisors to ensure timely and accurate reporting. RBC International Trusts has strong expertise in the US, as well as a significant domestic presence with RBC and CNB. This enables us to collaborate cross-border for our client families. Our US clients can also access the RBC Jersey custody platform, ensuring jurisdictional diversification of assets can be achieved.

Walk us through a client scenario or two where Jersey’s structuring toolkit (trusts, foundations, private trust companies (PTCs), family investment companies) solves a problem that would be harder to solve elsewhere.

The majority of recent new business cases from the US have been triggered by uncertainty in the US geopolitical landscape.

We’ve been able to achieve this with Jersey trust structures, enabling the US Investment manager to continue to manage the assets through the trust, instead of personally for the client, allowing the existing relationship to be maintained. Trust assets can also be custodied via the RBC Jersey custody platform, achieving the jurisdiction diversification and asset protection objectives.

How does a Jersey practitioner typically work alongside a US client’s existing advisors like tax counsel, RIAs, family office teams?

It’s important that all the relevant parties work together collaboratively, each party has a different role and service offering, and together they can provide a multi-faceted service to achieve a client’s global needs.

What would you recommend to US-based advisors or families considering Jersey for their wealth planning needs?

It’s important that they get to know Jersey as a jurisdiction and any service provider(s) that they are considering working with. It is important to ask questions and to meet with prospective service providers to openly discuss the client’s requirements and objectives.

Transparency is key. Trust structures and trust relationships are built on an understanding of the client, their background, their objectives etc, so open and honest conversations are imperative to ensure the correct structuring is achieved.

For Jersey-based service providers looking to develop business opportunities in the States; what have you learned?

We have learned that it is important to be present. We travel to the US regularly and meet with existing and potential clients and their advisors, discussing trends and ongoing needs, whilst continuing to educate new contacts on the offering of Jersey as a jurisdiction and RBC International Trusts as a service provider.

What’s the last book or podcast you enjoyed?

I love to indulge in a good crime novel, however more relevantly, I am currently reading ‘How AI Will Change Your Life’ by Patrick Dixon, it is a ‘futurist’s guide to a super-smart world’ and is a very interesting read.

Your working life is a busy one. How do you unwind and recharge?

I love to travel. There is nothing better than exploring a new town, city or country, so I do enjoy getting away for a weekend. I come from a large family, so spending time with my family is important to me. I love a big, chaotic family dinner with 15 people around the table.

Aside from Jersey’s award-winning international finance centre, in a few words, what else does the Island have to offer?

Jersey is a unique place, it has a lovely culture, food scene, landscapes, marine life, outdoor watersports, to name a few attributes. The Island has achieved a great balance between being a leading IFC and offering fantastic lifestyle opportunities.

If you’re interested in taking part in our FocUS interview series, please contact us, whether you’re based in Jersey or the US.