The benefits of selecting a combined yacht and private wealth services provider

In the world of luxury lifestyle management, expertise and good governance are paramount. Managing the asset structure and the yacht is complex and time-consuming for superyacht owners, but partnering with a single yacht ownership and private wealth services provider such as Praxis can transform this process. Such a relationship offers numerous benefits that streamline and enhance the ownership experience - allowing the client to focus on enjoying their investment.

In this article, Bruce Maltwood, Praxis’ Director of Yacht Services, and James Wiseman, Managing Director of our Guernsey Private Wealth team, review the key advantages of an integrated approach. Together with the broader private wealth and yacht services global team, they provide bespoke yacht ownership structures to owners of vessels of all sizes, alongside yacht and crew management services, leveraging over five decades of company experience.

One of the most significant benefits of using a single provider for yacht ownership and private wealth services is streamlined day-to-day management. With all services coordinated through a single point of contact, the owner reduces the time spent dealing with multiple providers.

Cost efficiency of working with a single yacht ownership and private wealth services provider

The benefits of a combined approach start at the onboarding stage, with clients required to complete only one set of due diligence. Partnering with a single provider also offers the potential for cost efficiencies provided by bundled services. Additionally, this model can reduce administrative overheads by consolidating billing and reporting processes, lowering direct costs and saving valuable time. The financial clarity of a unified service provider can allow for better budget management and financial planning.

At Praxis, we conduct transactions and manage assets with a high level of discretion while ensuring sound governance and regulatory compliance for our clients. With unified oversight of all issues related to the yacht ownership, we can reduce the risk of non-compliance and associated penalties, including reputational damage.

Enhanced security for yacht owners and their families

This focus on protection and security is a critical concern for yacht owners not only regarding their physical assets and financial information but also in relation to privacy for themselves and their families. As a company licensed and regulated by the Guernsey Financial Services Commission, Praxis offers a robust security framework with advanced cybersecurity protocols, data access controls and secure financial transactions.

As a regulated provider, we comply with stringent financial regulations and privacy laws that mandate rigorous data protection measures, ensuring that our clients’ personal and financial information is handled securely. Furthermore, we are legally bound by confidentiality agreements that prevent unauthorised disclosure of client information, which provides an additional layer of security.

Understanding the risks & responsibilities of yacht ownership structures

Owning a superyacht presents unique risks and these can be mitigated by holding the asset in a corporate structure such as a trust or special purpose vehicle (SPV). Leveraging the benefits of limited liability ownership, asset segregation and professional management, owners can enjoy their yacht whilst managing their personal liability. In addition, there are other risks associated with yacht ownership such as privacy, particularly in relation to their family’s security, and regulatory compliance.

Simplified compliance for yacht ownership structures

Navigating the complex world of regulatory compliance can be daunting. However, a single provider enables unified oversight of all compliance issues related to both the yacht and financial assets. This integration minimises the risk of non-compliance with relevant rules and regulation, and associated penalties. The provider stays abreast of relevant regulatory changes and helps to ensure that the owner’s interests are protected, whether it's adhering to maritime laws or financial reporting requirements. This proactive approach helps mitigate risk and safeguarding the owner’s interests.

Personalised ownership and management services for yacht owners

Working with a single provider facilitates a higher level of personalised service. At Praxis, dedicated account directors provide tailored solutions that meet the owner’s specific needs, with a deep understanding of their preferences, lifestyle and financial goals.

Delivering a personalised service ensures that every aspect of yacht ownership and management is handled with the utmost care and precision, enhancing the overall experience.

Conclusion

Using a single yacht ownership and private wealth services provider offers significant advantages for yacht owners - from streamlined management and cost efficiency to enhanced security, personalised service, and simplified compliance. This integrated approach streamlines the complex tasks associated with yacht ownership and management and improves the overall experience, allowing owners to enjoy their luxury assets with peace of mind.

Follow the link to find out more about our yacht ownership services, or contact Bruce or James to discuss your requirements.

An abridged version of this article appeared in the Superyacht Owner Report Issue 222.