Executive Summary
The Turnstone Isle of Man office can provide a variety of trust, company and foundation services that can be used as part of an estate, succession or taxation planning structure.
Our philosophy is that we want to see our clients as successful families that are able to hold and grow their wealth from generation to generation. The successful transfer of assets to the following generations are dependent on specific actions and plans that needs to be implements as early as possible in the life of the wealth generator.
We will work with your existing professional advisors to construct a cost effective and professionally managed trust, company or foundation structure. We can act as the trustee of a family or other specialist trust, or directors of a managed company, all of which can be established in the Isle of Man, or in many other jurisdictions around the world.
If you are a corporate client looking for specialist offshore services or to establish a close ended fund in a jurisdiction with a huge amount of integrity and substance then we can also assist in those areas.
We can provide or procure almost any specialist support services that an arrangement might demand, from investment advisory services to real estate management specialists, in many disciplines and in a number of countries around the world.
Being part of an experienced independent group enables us to take a highly flexible approach to helping clients as we are not bound by the corporate doctrine and limitations of many bigger institutions.
In keeping with that approach, our clients have direct access to their account professionals, trust officers etcetera, to improve accountability, build strong customer relationships and to eliminate the possibility that projects are left hanging between individuals or departments, again a common failing of the larger institutions.
On a no-cost basis we are available to discuss opportunities to work with prospective clients, and we welcome the ordinary and the extraordinary, as ways for us to show our competencies and help clients ‘become a legacy’.
Company Profile
Turnstone (Isle of Man) Limited is an Isle of Man licensed provider of trust and company administration and company management services. Since opening in 2005, as it has grown in experience, Turnstone Isle Of Man has continued to broaden its range and diversify its activities in geographic terms as well as in its product range.
With a client base predominantly in Africa and Europe, we believe we have a different approach to many of our competitors, believing that if we make client satisfaction and considered professionalism our main goals, we are sure of a successful future in an industry full of hackneyed and unimaginative offerings.
Turnstone (Isle of Man) Limited is licensed by the Isle of Man Financial Services Authority.
Career
The Isle of Man team has steadily expanded its staff complement to meet the needs of a growing business and it now includes personnel skilled in a broad range of disciplines with combined industry experience of more than 100 years, including substantial expertise in the areas of trust administration, company secretarial work, treasury dealing, financial accounting and others.
However in today’s world, on its own this expertise is only a part of the story and it is the combination thereof and the team’s dedication to giving outstanding service and working in partnership with clients that will result in meeting objectives and achieving mutual success.
We pride ourselves on our ability to engage in a thoughtful, intelligent and flexible approach and to bring our professional expertise to bear in a constructive and problem solving manner.
If you think you have the experience, background and dedication to provide a client-centred service where every day is a little different and where extraordinary results are normal, then you should contact us at contactus@turnstone-iom.com to discuss current employment opportunities.
Services
The Isle of Man is a model of stability and integrity that is the envy of other countries. With over a thousand years of continuous parliamentary governance and a steady and shrewd approach to managing change and moving with the times, the Isle of Man maintains a stronger position than ever in the world of international finance and banking.
Though its history is as extensive as it is fascinating, steeped in myth, folklore and triumph against adversity, in recent times the Island’s democratically elected government has been remarkably adept at navigating the modern challenges of hosting a world class, reputable international financial centre, encouraging a socially responsible population and at the same time the growth of talent and business that Turnstone and a lot of other Island businesses find mutually beneficial.
To have done that while simultaneously putting in place one of the most respected financial supervision regulatory regimes of all time, maintaining its AAA rating and gaining endorsement from the IMF has been a real achievement. These are some of the reasons why Turnstone is committed to maintaining its presence in what it sees as one of the world’s premier offshore centres both now and for the future.
It is therefore no surprise that the triskellion is the Island’s symbol, and its motto, Jeceris Quocunque Stabit, which translates as ‘Whichever way you throw me, I will stand’!
Family Advisory Services
FAMILY BUSINESSES
Creating a successful family business that generates substantial family wealth across generations is a rare and special event. According to the Family Firm Institute less than one-third of family businesses are able to survive as they cross generations, of those, less than 10% survive into the third generation. However should they succeed the Credit Suisse Bank’s global index shows that family firms have outperformed the MSCI World Index by 4.8% since January 2007.
BUSINESS FAMILIES
Families who own a business have an identity separate from the businesses it owns. The family needs to define their identity by formulating their vision, values and goals separate from the vision, values and goals of the business. The Turnstone family advisory division uses the Vision Leadership Model© to guide the family in defining their purpose-driven vision. A comprehensive family plan is drafted taking into consideration the current as well as potential future investments including the family business.
Our team of experts work in conjunction with the family’s attorneys, financial advisors and accountants, to design and implement comprehensive private wealth structures using multi-disciplinary processes that draws on the skill, experience and knowledge of all the advisors concerned.
In joining Turnstone, you have taken the first step towards establishing ‘Trust for Generations’ and so doing ensured your family’s financial security as a legacy.
The final result of a well-structured family establishment is a clearly defined purpose which is supported by the family’s principles, values and various family governance structures, such as the family’s constitution.
A family is regarded as successful when each generation commits to the family business and aim to grow its success.
SUCCESSFUL FAMILIES WILL BECOME A LEGACY IF THEY…
1.Provide a family strategic plan:
Each family requires its own family plan which is supported by the business plan. The components of the strategic plan as defined in the Vision Leadership Model©, are:
- the vision of the family;
- mission statements incorporating the business, development of the individual family members, philanthropic investment and the brand positioning of the family;
- long, medium and short term goals;
- values of the family;
- the guiding principles applicable to the future generations and a family governance framework including a family constitution etc.
The composition of current and potential future investments, including the family business, need to be taken into account for the purpose of establishing the family plan.
2. Ensure inclusive decisions:
A long-term risk the family faces, is that a single person holds all the reigns in the family business. The risk is, in the event of the death or incapacitation of such person, the family members may not be able to take responsibility for the business. Various family members usually carry different responsibilities and roles.
The vision statement of the family will provide a constant guiding light for the family and future generations on the direction to be followed. The vision statement on its own cannot provide procedures for decision making, even though it ensures clarity in terms of purpose. Family governance structures provide the necessary framework to ensure family members participate in decisions and thereby ensure longevity.
3. Implement a family governance framework:
Governance refers to policies and procedures agreed upon by all members of the family. The family governance framework sets out the “how, what, who and when” for the family to govern itself and make decisions. Family governance may include:
- the family council;
- the family assembly;
- the description how the council and/or assembly will function;
- how many family members will constitute the council and where will they be drawn from;
- minimum age or requirements to be a council member;
- frequency of meetings; and
- whether members of the council must be bloodline, removal or replacement of family members that are not exercising their responsibilities appropriately and in the best interest of the family etc.
Governance structures endure across time and situations, whereas individuals may not.
4. Adopt and endorse a family constitution:
The family governance framework is embodied in the family constitution. The constitution is usually not overly complex but identifies, defines and regulates the family governance framework. The constitution will specify in broad terms the scope of the family’s decision making, ensuring it does not override or conflict with other important governance mechanisms the family may have in place. The alignment with trust deeds, company constitutions and foundation rules needs to be managed. Policies and committees will be established to support the family constitution and the family’s strategic plan.
5. Ensure the involvement of family members from a young age:
Family assemblies and, where practical, council meetings should include younger generations. The family can include multiple generations in committees, philanthropy or focus groups.
The active education of the whole family will significantly contribute to the success of the family’s fortunes for generations to come.
THE TURNSTONE CONTRIBUTION
At Turnstone, our Family Advisory Team is dedicated to work with business families, of any size, to envision the future and achieve the goals of the entrepreneur as well as the family. Whatever the business, from founder generation to family consortiums, we can facilitate the creation of family governance structures that achieve sustainable long term success. Turnstone, with more than 15 years of specialist experience in helping families to succeed, pride ourselves on building long-term relationships.
We are passionate about supporting you and your family business. Let us face the challenge together over the coming generations and more specifically let us prepare for the generational changes that would need to take place.
How can Turnstone help?
Family business owners need to take a holistic view of their family and especially the alignment of their family’s strategic planning with that of the business. The most successful family businesses make it a priority to understand the dynamics of family relationships and to create rules that promote family harmony and long-term success.
Private Wealth
Whether wealth has been earned or inherited, the challenges of its preservation, growth and orderly distribution have been ever present and in today’s world of increasingly complicated international investment and taxation, planning your financial affairs, securing the best advice and structuring ownership of worldwide assets have never been more important.
Turnstone aims to provide effective solutions and make them easy to understand so that clients, their businesses, families and other personal interests can all be catered for in a holistic way.
Working with a clients’ legal, taxation and other professionals we can draw on the combined expertise of the Isle of Man office as well as that of its sister offices to put in place whatever legal structure is best suited to their needs. That might typically involve creating a combination of trusts, managed companies and foundations and, where necessary, we will draw on our extensive international network of advisors to source exactly the right advice for a given situation.
Throughout, our approach will be to maintain close contact with all the key parties to ensure excellent execution of all plans, that objectives are as closely met as possible and to be ready to address changing circumstances if they arise.
Corporate Services
Fund services could be available from our Turnstone Alliance Partners for almost any sphere of investment, and since each proposal is unique, we will be pleased to have initial discussions on the possibilities on offer on a no-cost basis.
Contact us
If you require any information about the services provided by Turnstone, please contact us at contactus@turnstone-iom.com - we shall be happy to assist you.