James Morrell, a managing director and client adviser at the family firm Rothschild, is very clear about the challenges the industry faces. ‘In the short term, Brexit is an obvious source of near-term uncertainty and complexity for our clients.’ And in the long term? ‘Adapting to each generation’s requirements. There is no such thing as a typical client, but there are some commonalities,’ he adds. ‘They are often first or second-generation wealthy, entrepreneurs, and looking to us to preserve and grow the real value of their wealth.’ Morrell knows all too well nothing can be taken for granted. ‘Working for a US broker dealer during the 2008 crisis was character-building,’ he tells Spear’s.