STEP Insights: Trusts and Estates Industry is Surviving the Pandemic

In a recent survey conducted by STEP, a global professional association for those advising families on assets across generations, businesses in the industry and those specifically specializing in the area of wills, probate, tax and estate planning remained at the same levels or, in some cases, have increased.

STEP reported the below figures:

• Private client and trust or estate business grew 8% (average) since a similar survey conducted in October 2020.
• 40% of respondents reported a business growth due to the pandemic
• 50% of respondents reported no business changes
• 12% of respondents reported decreasing business activity
• 5-7% of companies had made some redundancies, cut salaries or closed services.
• 60% had furloughed some staff

There has also been a shift in attitudes towards training since STEP's October survey, with more employers moving to pre-COVID levels of training expenditure. Although 27 per cent of employers now say they are funding only essential training, six months previously that number was as high as 37 per cent.

Source: Step.org