2018-2019

ANNUAL REVIEW

Welcome to the 2018/19 Annual Review.

The year 2018/19 has seen some changes at STEP. Not only has it been my first year as worldwide Chair, but we were also joined by a new CEO in January – Mark Walley. Together we’ve been working with our colleagues on the worldwide Board and Council, and the staff at the worldwide headquarters in London and elsewhere around the STEP world, to move the society forward.

It’s certainly been a busy year. I’ve travelled extensively around the STEP world in my role as Chair, visiting branches and regions and attending the wonderful events and conferences that are such an important part of our member offering. I’ve witnessed first-hand the amazing work that our branches and regions are doing in keeping members informed of what’s happening on a local, national and international level, and in connecting members across different disciplines and geographies.

This work is made possible by the hundreds of volunteers who serve on our branch, region and central committees: they are vital to our success and I’d like to take this opportunity to thank them for their support and hard work. I’d also encourage more members to get involved – I can personally attest to the fact that there is huge value, both personally and professionally, in getting involved at every level of the organisation.

Over the past year, good progress has been made in a number of areas. A core area of focus has been on strengthening our professional standards. One part of this was to make changes to our membership and disciplinary rules to enable a fairer and more robust structure to the consideration of membership approvals and of formal complaints.

This work is one aspect of a wider ‘Member Journey’ project, in which we are looking at how and where we can make improvements to ensure a clear and logical progression through membership where, at every stage of their journey, members are aware of what membership of STEP means: from the benefits it brings, to the high professional standards that they are expected to uphold. This is an extensive project

WELCOME FROM THE CHAIR

2

I’ve witnessed first-hand the amazing work that our branches and regions are doing

Welcome from the Chair .............................. 2

Q&A with Chief Executive Mark Walley ......... 4

What our members say ................................ 6

The year in numbers .................................... 8

Our finances ...............................................11

CONTENTS

3

that crosses every area of STEP, but one we consider essential and which will continue into next year.

Governance has also been a key focus this past year. Having grown so rapidly, it is essential we take stock and ensure our governance structures across the globe, processes and procedures are fit for purpose and will enable us to continue to grow. This has led to work to look at our branch and region structure and rules, our electoral processes and committee succession planning.

So much of this work takes place in the background, but is incredibly important. There are also some other, much more visible, developments that have taken place this year – from the launch of new courses on family business and governance and automatic exchange of information, to the new and improved STEP Directory. And we’ve got lots more to come in 2020 including the development of new branches!

It’s been a great year, which was topped off by some amazing results from our Member Satisfaction Survey that tell me that we must be doing something right! I will leave you to discover these in the pages that follow.

These are exciting times for STEP and I hope, like me, you are looking forward to everything the next year will bring.

Simon Morgan TEP Worldwide STEP Chair

This summary of STEP’s work covers the period 1 November 2018 to 31 October 2019. Financial information covers the period 1 April 2018 to 31 March 2019.

For a PDF version of this Review, and to see our annual accounts, please visit www.step.org/annual-review

You started with STEP in January. How would you summarise your time here, so far?

My first ten months have been all about listening, learning and collecting data to understand how the organisation functions and where the best practice is. This has involved attending conferences and meeting members, branch volunteers and staff across the STEP world, which has been incredibly worthwhile and has provided a real insight into the huge array of activities taking place, and in particular the value of the member volunteer contribution to the organisation. Alongside all this, I have been working with our team to make sure we are delivering on our strategic objectives, and ensuring everything we do supports our vision and mission.

What has impressed you most?

There are a lot of things that have impressed me so far. I picked up a great legacy of work started from my predecessor, George Hodgson, and we have been building on that.

Things that stand out particularly include the Private Client Awards – what a fabulous event to celebrate the best of the industry, globally, bringing everyone together for a superb evening of networking and celebration.

The incredibly high standard of the events I have attended all over the world also stands out: our conferences are such an incredible outward display of what STEP does, reinforcing our brand across the world and connecting and educating members.

The hard work going on behind the scenes to revise our Disciplinary Rules and Member Admission Rules to ensure these are fairer and more robust has also been impressive and is incredibly important. By defining and upholding high professional standards we give confidence to our stakeholders – whether policymakers or the public who use the services of members – which will, in turn, drive demand for members’ services.

The awards we have won – this year we picked up two industry awards – Best Overall PR Silver Award at the Citywealth Brand Management and Reputation Awards and the Family Firm Institute’s 2019 ‘International Award’ recognising ‘outstanding achievement in furthering the understanding of family business issues which occur between two

STEP’S CHIEF EXECUTIVE MARK WALLEY

REFLECTS ON HIS FIRST TEN MONTHS

AND LOOKS FORWARD TO 2020

Q&A with Chief Executive Mark Walley

4

or more countries’. These both recognise the work of members and staff in partnership and it’s great to get outside affirmation of what is being done well.

And the results of our latest Satisfaction Survey show that our members continue to value their membership highly. Of course, there are things we can do better, but it is good to know we are on the right path.

What do you think are the biggest challenges facing STEP and its members?

I think a key challenge for STEP is raising our profile. To do this we have to show thought leadership: to demonstrate our capability and credibility and give people a reason to engage with us. We have built a strong reputation within the industry, but we still have work to do to become the ‘go to’ organisation on many subjects that could be ‘ours’ when it comes to the media and public.

Thought leadership that engages our stakeholders and builds our reputation will, in turn, lead to us being sought out for our input, and will drive more demand, with clients believing in what we

do and wanting the expertise that members bring. This would mean more work for existing professionals and more people wanting to join our profession, take our qualifications and attend our events. This starts to create sustainability: the more members we have and the more people engaging with the products and services we develop, the more resource we have to enable us to grow.

Are there any exciting new developments in the pipeline?

We’ve got a lot of big things coming in 2020. An exciting development is the new, more flexible STEP Diploma. Effectively, we are harmonising all our existing qualifications into a single diploma system that incorporates local, international and STEP-recognised content. This will provide greater flexibility to tailor the diploma to meet practitioners’ and employers’ specific needs.

You will also notice some changes to our communications channels. In early 2020, we will launch our new and improved website. We’ve worked hard to reorganise

and redesign the site so it is easy to use to help you navigate the wealth of resources available. At the same time we are revamping our flagship publication, the STEP Journal. From 2020 there will be six issues a year, supported by digital content for topics that are more time- and region-specific. This enables us to operate in a more financially and environmentally sustainable way, which is a hugely positive move.

And last but by no means least, you will start to see some of the results of our Member Journey project, with smoother processes for joining, renewing and upgrading and clear and consistent messaging regarding members’ commitment to professional standards.

A busy year ahead!

5

the highest rating ever received

WHAT OUR MEMBERS SAYTHE RESULTS ARE IN FROM OUR MEMBER SATISFACTION SURVEY 2019,

WHICH RECEIVED MORE THAN 2,000 RESPONSES.

6

agree that STEP membership demonstrates their commitment

to high professional standards

97

agree that STEP membership is considered important

within the industry

94

agree that being a STEP member has

benefitted their career

89

would recommend STEP to a colleague

rate STEP as ‘Excellent’ or ‘Good’ at educating

professionals

rate STEP as ‘Excellent’ or ‘Good’ at promoting high

professional standards

95 95

7

The most popular responses to the question:

‘ Where do you think the focus of STEP’s work should be?’

1. Education/CPD

3. Brand awareness and promoting STEP and members

2. Professional standards

rate the value of STEP membership as ‘Excellent’ or ‘Good’

91

rate STEP courses and qualifications as ‘Excellent’ or ‘Good’

97rate STEP conferences as ‘Excellent’ or ‘Good’

95rate STEP publications as ‘Excellent’ or ‘Good’

93rate their local branch events programme as ‘Excellent’ or ‘Good’

84

THE YEAR IN NUMBERS

8

1 NOVEMBER 2018 – 31 OCTOBER 2019

2,690

TOTAL MEMBERSHIP

TEPs

GROWING YOUR NETWORK

Academic Community membership doubled to

across

Business Families

Contentious Trusts and

Estates

Cross-Border Estates

Digital Assets

3,153 3,012 1,382

TO

SPECIAL INTEREST GROUP MEMBERSHIP GREW BY

International Client

Mental Capacity

Philanthropy Advisors

2,232 2,262 1,766

9

KEEPING YOU UP TO DATE

224k views of industry news

99k views of STEP Journal articles

53k blog views

HELPING YOU TO CONNECT

NEW DIGITAL STEP DIRECTORY launched February 2019

170k Member Searches

36k Firm Searches

PROVIDING A DIGITAL HUB

step.org page views

visits

2.9m

900k

ENABLING YOU TO

JOIN THE CONVERSATION

followers followersfollowers

STEP Asia Conference Hong Kong

STEP Canada National Conference

STEP LatAm Conference Sao Paolo

STEP Miami Summit

484attendees

785attendees

430attendees

350attendees

SOLD OUT SOLD OUTSOLD OUTSOLD OUT

NOV 2018

JUNE 2019

OCT 2019

MAY 2019

INDUSTRY-LEADING EVENTS

FOR THE PRIVATE CLIENT AWARDSRECORD

SUBMISSIONS COUNTRIES

FROM

NEW

60% INCREASE in commitment to Member Declarations at 31 October than previous year

GUIDANCE ON ADVERTISING AND MARKETING LAUNCHED

DISCIPLINARY RULES REVISED for launch 2020

NEW

STRENGTHENING STANDARDS

10

4,083 people currently studying for a STEP qualification

2 NEW ONLINE ADVANCED CERTIFICATES on family business advising and governance

2 NEW CPD LEARNING COURSESon Automatic Exchange of Information and GDPR

Informed Trustee course supported a GREATER PROPORTION OF WOMEN AND YOUNGER PEOPLE when taking on a charity trustee role

FURTHERING EDUCATION AND SKILLS

NEW

RAISING STEP’S PROFILE

WITHIN THE INDUSTRY

6 STEP Journal industry roundtables

2 industry awards received

3 pieces of research in development

1 research symposium

WITH POLICYMAKERS

12 recorded consultation responses

92 external policy stakeholder meetings

WITH THE PUBLIC

119k page views and 11k Find a TEP searches on advisingfamilies.org

43 media mentions in consumer press

WITH EMPLOYERS

7 new Employer Partners in

4 jurisdictions taking the total to

74 Employer Partner organisations in

24 countries, with over

300 partner offices accredited

84% partner renewal rate

OUR FINANCES

11

WORLDWIDE OFFICE

COURSE AND LECTURE

PROFESSIONAL FEES

WEBSITE AND IT

ADVERTISING AND MARKETING

EXAM FEES

BRANCH ADMINISTRATION

OTHER

FINANCES FROM 1 APRIL 2018 TO 31 MARCH 2019

INCOME 2018/19

£12,536,968

EXPENDITURE 2018/19

£12,176,685(up 8%)(up 7%)

SUBSCRIPTIONS

COURSE AND LECTURE

SPONSORSHIP

EXAM FEES

OTHER

STEP is the global professional association for practitioners who specialise in family inheritance and succession planning. We work to improve public understanding of the issues families face in this area and promote education and high professional standards among our members.

STEP members help families plan for their futures, from drafting a will to advising on issues concerning international families, protection of the vulnerable, family businesses and philanthropic giving. Full STEP members, known as TEPs, are internationally recognised as experts in their field, with proven qualifications and experience.

ABOUT STEP

www.step.org

A company limited by guarantee and incorporated in England and Wales under the Companies Act 1985. Registered number 2632423. Registered Office: Artillery House, 11-19 Artillery Row, London, SW1P 1RT United Kingdom

© STEP 2019

STEP Artillery House, 11-19 Artillery Row, London, SW1P 1RT, United Kingdom

Telephone: +44 (0) 203 752 3700 Email: step@step.org