60-second interview with Henry Brandts-Giesen TEP

What does your firm do, and what is your role? 

I am a partner at Dentons, the world’s largest global law firm. I am a lawyer in the Family Office and High Net Worth group. I specialise in the organisation and regulation of private wealth. I am jurisdictionally neutral and operate globally to develop global strategies and provide/ procure global solutions for global clients from within and beyond the Dentons platform.

What is the most important thing STEP does? 

STEP sets the standard for advising families across generations. It inspires confidence in families planning their assets across generations by setting and upholding high professional standards, informing public policy, promoting education, and connecting practitioners globally to share knowledge and best practice. 

You are one of the judges at this year’s Private Client Awards in September. What led you to get involved? 

I have been a member of STEP since 2008 and reckon I have read every STEP Journal and Trust Quarterly Review from cover to cover ever since then. I have also been to and spoken at numerous conferences around the world. The quality of publications and events is first class and mostly down to volunteers. We are all busy in practice but every time I have volunteered for a STEP related event I have always gained new knowledge and connections. 

What do you think makes a good Private Client Awards submission? 

Be very deliberate and careful to answer the questions as they are asked and not be tempted to re-frame them to suit your preferred narrative. Focus on matters that have happened in the prior year, not the years before that because the committee will notice when matters are recycled from previous submissions. Try to stand out from the crowd by demonstrating something unique in your expertise, experience, mindset or methodology. 

What do you most like about your job? 

I enjoy the challenge of mastering an intellectual discipline and its practical application to human dynamics. Done well this can make a meaningful difference to the wellbeing of families and a positive social impact to the communities in which they live, work, invest, and otherwise engage. I also enjoy collaborating with other experts on client matters and thought leadership. I am a lifelong learner and read and write constantly to stay on top of my brief. 

What would you say to a young person thinking of a career in this industry? 

There is an allure and prestige about the corporate and commercial world which often attracts talent. The private wealth sector is far more opaque and less well known but, in my opinion, more interesting and intellectually challenging. I have practised in several countries, am qualified in four jurisdictions, and advise some of the most impactful families in the world. I also think it is very important to have good mentors. I was absolutely blessed and privileged in that regard and I hope some of them will be reading this and know who they are. 

Which sectors are likely to see the strongest future growth? 

I think we are seeing a gradual professionalisation and evolution of the way private wealth is organised and governed. This will increase demand for top quality advisory, fiduciary, and family office services. Regrettably, I also think that disputes will continue to proliferate and require the services of genuine experts in private wealth disputes resolution (which I think is a quite distinct intellectual and practical discipline to general civil and commercial disputes resolution). 

What trends do you see in the global private wealth sector at the moment? 

The gradual professionalisation and evolution of the way private wealth is organized and governed and the proliferation of disputes related to private wealth arising from sub-optimal front end planning. In parallel, regulators, tax authorities, and governments will continue to scrutinise private wealth to prevent illicit activity, enforce social contracts, and plug fiscal deficits. 

What do you feel are the main challenges facing your organisation/ practitioners, and how will you deal with them? 

It can be difficult for clients to see the benefits of well-organised family capital. They are often business people or investors attuned to internal rates of return and transactional in the way they deal with professionals. Often they will willingly spend significant sums on risks to their wealth from taxes and commercial dealings. But in my view the biggest risk to private wealth is the people around the dinner table. Taxes are a percentage of income but a family dispute or divorce can destroy capital. So we need to educate families and their gatekeepers, many of whom also come from the commercial world, about the benefits of engaging in the process.

Entries for this year's STEP Private Client Awards are open until 12 April.

Find out more about how to enter: https://pca.step.org/2024/entry-kit