Annual review 2025
Message from our Worldwide Chair
It has been an immense honour to serve as global Chair of STEP over the past two years. As I reach the end of my term, I am deeply grateful for the trust placed in me and proud of what we have achieved together. Our community continues to grow in strength, purpose and influence. I am delighted to be handing over a thriving and future-focused organisation.
This year’s member survey once again demonstrated the extraordinary dedication and professionalism of our global membership. We saw consistently high scores across every aspect of our mission.
Members reaffirmed the value they place on STEP – not only as a source of technical excellence, but as a trusted community committed to raising standards and shaping the future of our field. This confidence is both humbling and motivating. I want to thank every member who contributed their views.
We have also seen powerful momentum in our thought leadership and policy engagement. There has been growing recognition from stakeholders across the world for our work in leading informed debate and providing clarity on complex issues. This is testament to the enormous efforts of the dedicated members and staff who continue to drive forward our agenda.
Our research this year into attitudes to wealth, tax and social responsibility revealed shifting client expectations. It highlighted the importance of avoiding assumptions, truly listening, and exploring each client’s values and objectives. In response, we launched our Responsible Stewardship Toolkit. This pioneering resource offers practical guidance for advisors navigating these evolving conversations and is a fantastic example of industry collaboration.
Equity, diversity and inclusion has remained a central focus throughout my tenure. We have continued to embed EDI principles across every level of STEP, fostering a community where all feel welcome, supported and able to thrive.
I am particularly proud of the progress of our Global Next Gen Working Group. It has been instrumental in championing the needs and voices of the next generation of practitioners and driving the development of next-gen initiatives across our branches. This work is helping ensure STEP remains dynamic, relevant and forward-looking.
The coming year will be a period of important transition for the organisation. Alongside the change of Chair, we will also be preparing for the departure of our CEO, Mark Walley, who will retire in 2026. Mark has led STEP with great purpose and professionalism over the past seven years, and we are immensely grateful for the lasting contribution he has made to our global community. His will not be an easy role to fill, but we are committed to finding a successor who can build on his achievements and lead STEP confidently into its next phase of development.
Despite these changes, as I hand over to my successor, the wonderful Paolo Panico, I do so with great optimism. I look forward to supporting Paolo and the Board as we move into this next chapter – continuing to strengthen our organisation, advance our mission and deliver even greater value for our members worldwide.
Thank you for your commitment, your engagement and your trust. Together we have achieved much – and together we will continue to build a stronger, more inclusive and more impactful STEP for the future.
Kelly Greig TEP
Navigating change
STEP CEO Mark Walley is retiring in March 2026. He shares his challenges and highlights from his time at STEP.
By the time I finish, I will have been at STEP as CEO for more than seven years. During that time, we have been navigating a landscape that has never really settled. Even before COVID arrived, there was already a growing sense of instability. Shifting markets, political volatility, rising costs and global uncertainty.
Then the pandemic hit and everything stretched. The pace of change accelerated. Along with every other organisation we had to reorganise, rethink, and make decisions at a speed nobody had imagined. Just as people began to find their footing again, the next wave rolled in.
Layered on top of this backdrop sits the wider world: geopolitical tension, wars, election cycles, climate anxiety and policy uncertainty. A never-ending stream of factors that we can’t control but must continually adapt to. It’s been years of review, pivot, stabilise, repeat.
My highlights from the past year
However, STEP people are incredibly adaptable. We have found a way through all of this and come out stronger. There has been lots to celebrate this year: we launched our ground-breaking Responsible Stewardship Toolkit. We implemented our new Membership Policy and rules. We achieved legislation changes in multiple jurisdictions linked to our thought leadership work. We progressed our Competency Framework, which will shape learning and knowledge requirements over the coming years. And we continued our work to ensure STEP is an inclusive and welcoming professional community: one that people want to join and remain actively involved with throughout their careers.
What I’m most proud of
There are, of course, lots of things I could point to. Successful projects, targets met, legislation changes achieved, growth of membership, a huge uplift in our profile – and I’m proud of all of them. But when I really think about it, the answer sits on our awards trophy shelf. Not any one trophy in particular, and not even the trophies themselves, but what they represent.
From day one at STEP, my focus has been on creating the kind of environment where people – all our people, whether members, volunteers or staff – can thrive. Where people can be their best and give their best. And when I look at that growing collection of awards – for projects, campaigns, events, our work in EDI and more – I see your achievements.
So, let me say thank you. I’m incredibly proud of what you have achieved. That’s what gives me real satisfaction.
Leading such a dedicated, adaptable and forward-thinking organisation has truly been a privilege. As we continue to progress important initiatives, I will remain actively engaged in leading STEP over the coming months to ensure we maintain momentum and effect a smooth transition to my successor.
Mark Walley, CEO
Excelling in education
2,379
Students enrolled on a STEP qualification with CLTI
12k
Page views of our CPD online resources
856
New TEPs
STEP CPD Learning Course: Digital Assets
In October, we launched a new CPD Learning Course in response to requests from members to help them increase their knowledge of digital assets. The course had more than 90 bookings in its first month.
Authored by leading digital assets expert, Jack Burroughs TEP, the course enables advisors to confidently navigate digital assets in estate planning and administration with the knowledge and skills essential for today’s digital world.
'This has to be one of the most interesting CPD courses that I’ve completed in recent times. Proud to have completed this and excited at the insights it’s given'
Laura Fuhr, Head of Trust & Company Management, Aquarius Gibraltar
STEP Excellence Awards
The STEP Excellence Awards celebrate exceptional achievement, recognising the highest achievers across all STEP qualifications globally.
The Awards align with STEP’s core focus on promoting high standards and professional excellence. They recognise the top-scoring student at distinction level (70 per cent or above) per STEP exam or assignment, Essay Route, and the highest-scoring STEP Diploma graduates.
In June, we celebrated the results of 47 top-scoring practitioners from: Australia, Bermuda, Canada, Cyprus, Dubai, Guernsey, Hong Kong, Italy, Jersey, Switzerland, the UK and the US.
Watch our video to hear from Adonis Zachariou who won the award for STEP Advanced Certificate in Trusts: Law and Practice.
Strengthening continuous professional development
We had over 12,000 page views of our web resources relating to continuing professional development (CPD). In response to member feedback, we introduced a new CPD Record Form to make it simpler and quicker for members to record their CPD, which has had 2,648 views. In September, we also introduced an new Ethics Hub, which had nearly 300 views.
A total of 469 members were audited globally as part of the CPD Audit, from across all membership categories, of whom 374 passed. The most popular themes were anti-money laundering, tax and trusts.
Upholding professional standards
STEP’s professional standards exist to ensure our codes of conduct and values are upheld. Our Disciplinary Process plays a key role in maintaining trust in STEP and the wider profession.
Between January and October, we received 50 complaints, a 60 per cent increase from 2024. The year-on-year increase is not in itself a negative trend – it indicates growing public awareness of STEP and of the standards we expect of our members.
Raising our profile
41%
Year on year increase in media coverage
28%
Increase over three years in client recognition of STEP membership
83%
Increase over three years in recognition of STEP as a leading authority in digital assets
Over the past three years we have seen a significant increase in recognition and awareness across all of our thought leadership topic areas. In particular we have seen an 83% increase in recognition of STEP as a leading authority in Digital Assets; a 35% increase in Mental Capacity and 22% increase in Responsible Stewardship of Wealth. We had a:
- 41% increase in media coverage with 162 mentions; and
- We have seen a 28% increase since 2023 in the number of members who say that STEP membership is recognised and sought after by clients.
Campaigns
Spot the signs
We launched Our Spot the signs campaign, which raises awareness of the signs of financial abuse, in January.
- Digital ads reached over 400k people
- More than 20k people visited the campaign website
- 18 global organisations and influencers shared the campaign across platforms.
- Webinars attracted 1,200+ attendees across 87 countries.
- Secured 25 pieces of media coverage across Canada, Singapore and the UK
It’s Time to Talk
Our It’s Time to Talk campaign helped family business owners start conversations with their loved ones about their wishes for their business. The campaign’s website had over 650 views and it was covered by The Times (UK) and several trade press titles.
Research and resources
Attitudes to Wealth
In April, we published our latest thought leadership research report: Attitudes to Wealth
The report explores evolving perspectives on wealth, taxation and social responsibility. It captured the insights of more than 900 practitioners across 86 countries. It was our highest ever response to a Thought Leadership report, which has been downloaded nearly 2,000 (1,668) times.
The report has formed the basis of numerous webinars and conference sessions, with consistently strong engagement and feedback.
Responsible Stewardship Toolkit
In July, we launched the STEP Responsible Stewardship Toolkit, which has seen very strong engagement with more than 15k pageviews.
It is a practical, collaborative resource designed to help wealth and succession planning professionals embed values-based, long-term thinking into their work with families.
The Toolkit responds directly to the findings of our Attitudes to Wealth research, which revealed: growing expectations from clients for advisors to engage with purpose, responsibility and sustainability, and a desire from practitioners for practical tools, resources and education to meet those needs.
The Toolkit development was led by Gina Pereira TEP, with the input of more than 50 contributors from around the world. It is an evolving resource with further sections planned and lots of opportunity to get involved.
Policy and advocacy
Legislative reform in Bermuda
STEP has been working with stakeholders to help draft trust legislation in key jurisdictions to give trustees greater confidence in aligning investment decisions with the values and intentions of settlors and beneficiaries. We were thrilled to see legislative reform adopted in Bermuda in October 2025 with the Trustee Amendment Act 2025.
The reforms provide trustees with greater clarity and protection, enable families to see their values reflected in trust management and legacy planning, and support wider societal benefit by directing capital towards sustainability and positive impact.
We are keen to work with members and industry in other jurisdictions to enable similar permissive legislation.
Policy engagement highlights
- We responded to 18 consultations relating to inheritance tax; tax compliance and policy; mental capacity; professional standards; digital assets; anti-money laundering and trusts.
- In April, we published our global policy position on wealth taxation. It acknowledges the growing international interest in wealth taxes but stresses the significant legal, administrative and economic challenges involved in implementing them.
- Working with the UK Financial Intelligence Unit (UK FIU), we delivered a webinar tailored to STEP members on best-practice for producing high-quality Suspicious Activity Reports (SARs). This was part of STEP’s Public Policy Committee’s ongoing efforts to follow up on actions identified in STEP’s Tackling Economic Crime Paper.
- We collaborated with the Hague Conference on Private International Law (HCCH) on a review of how ‘analogous institutions’ to trusts – such as foundations and endowments – are interpreted under the 1985 Hague Trust Convention. A survey of STEP members across six jurisdictions highlighted growing domestic recognition of trusts and comparable structures, including in Latin America, and increasing acceptance of applying the Convention to them. The findings have informed an HCCH report recommending further work to clarify divergences between civil and common-law interpretations and broaden the Convention’s use.
Increasing value to members
2,515
New members joined STEP over last year
94%
Renewal rate of STEP membership
309k
Visits to STEP Journal, TQR and industry news
Working with employers to support members
This year saw significant progress across our Employer Partnership Programme, with the launch of updated standards, enhanced regional engagement, and the integration of AI to improve partner experience.
The new standards provide clearer benchmarks for learning and development, aligning with industry expectations and strengthening the value of STEP recognition. Early feedback has been positive, with partners appreciating the improved clarity, relevance and simplification of renewing their accreditation.
Connecting members
More than 5,000 people from over 90 countries attended nearly 20 STEP conferences across the globe.
2025 also saw our fifth Global Congress take place in Rome, Italy. It gathered more than 300 thought leaders, industry experts, policymakers and innovators from over 50 countries to engage in a dynamic dialogue about the critical issues shaping our industry.
Scroll through for some of our key events this year:
STEP Cayman Conference 2025
23-24 January 2025
Grand Cayman, Cayman Islands
STEP Global Congress 2025
25-26 Feburary 2025
Rome, Italy
STEP Malta Conference 2025
29-29 April 2025
Malta
STEP Alpine Conference 2025
7 - 8 May 2025
Interlaken, Switzerland
STEP Caribbean Conference 2025
14-16 May 2025
St Kitts & Nevis
STEP Annual Tax Conference 2025
20 June 2025
London, UK
STEP Private Client Awards 2025
18 September 2025
London, UK
STEP Bermuda Conference 2025
16-17 October 2025
Bermuda
STEP Europe Conference 2025
23-24 October 2025
Limassol, Cyprus
STEP Asia Conference 2025
6-7 November 2025
Hong Kong
Empowering our people
22,615
Members across 111 branches and chapters across the world
99%
Of members say that STEP's communications (publications, web, social media) are inclusive
73%
Of members would expect to feel welcome on a STEP committee
Equity, diversity and inclusion (EDI)
Embracing EDI
EDI Resource Hub
In June, we launched our new EDI Resource Hub, designed to support branches in promoting equity, diversity and inclusion in all areas of their work – with a particular focus on events and member engagement. The hub brings together practical guidance, tools, and information to help ensure everyone feels welcome, included and able to participate fully.
Engaging the next generation
STEP’s Global Next Gen Working Group, a sub-group of the EDI Committee of the Board, has continued in its efforts to bridge the gap between established STEP members and students or prospective members. Its goal is to create an inclusive and supportive environment that promotes learning, networking and the professional development of the next generation of STEP practitioners. The past year has seen a number of branches launch local Next Gen initiatives, running a range of events and activities for practitioners. Details on the Working Group, as well as a branch toolkit for establishing local Next Gen committees, are on the EDI Resources Hub.
Giving something back
STEP’s Head Office team supports the Drive Forward Foundation, which helps care-experienced young people into work. We have raised over £700 for their vital activities, with one of our team cycling the London to Brighton ride.
Four colleagues ran nine mock interviews with young people applying for trainee roles with the Civil Service. Six young people we supported have now been offered roles. Drive Forward told us that this outcome is a 'direct reflection of the care, expertise, and generosity you each brought to the process.'
We are proud that Alzheimer’s Disease International (ADI) is the charity partner for the STEP Private Client Awards. Over the course of our partnership we have raised GBP128,000 for their vital work, and have provided STEP member expertise in webinars reaching the charity’s global beneficiaries.
Managing our finances
Financial year 1 April 2024 to 31 March 2025
Income
Expense
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