Shaping our organisation’s future
STEP Annual Review 2023-24
Message from our Worldwide Chair
It has been my privilege to serve as Chair of STEP this year, and I am excited to continue leading our organisation with the same dedication, passion and vision.
Having joined STEP in 2008, my commitment to advancing our profession and serving our members has only grown stronger. Over the years, my journey from Council member in 2020 to Board member in 2023, and now as Chair, has been defined by a deep involvement in initiatives that ensure STEP remains at the forefront of our profession.
This past year has been remarkable for our organisation. A key highlight has been the establishment of the global Next Generation Working Group, which I championed to ensure diverse voices from across the globe are represented in shaping the future of STEP.
This year has also seen more incredible work right across our community to engage and inform stakeholders both within and beyond our community on the crucial issues impacting our industry and our society more broadly. In particular, I have been proud to champion STEP’s Global Representative Power to members and governments globally.
We have also been focused on enhancing our offering to deliver enriching professional development opportunities for our members.
I am proud of our strides in governance and inclusivity. From chairing Board and Council meetings to overseeing robust audit practices, my focus has been on transparency and accountability. In parallel, my role on the EDI Committee reflects my dedication to promoting diversity within STEP. As a neurodiverse and disabled individual, I bring a unique perspective to our mission, fostering a culture of inclusion that strengthens our organisation.
Looking forward, we aim to deepen member engagement, drive innovation and champion diversity. By listening to your needs and harnessing technology, we can navigate the challenges ahead while embracing the opportunities of a rapidly changing world.
Together, we can make STEP stronger, more inclusive and more impactful. Thank you for your trust and support as we continue to shape the future of our organisation.
Kelly Greig TEP
Message from our Worldwide Chair
It has been my privilege to serve as Chair of STEP this year, and I am excited to continue leading our organisation with the same dedication, passion and vision.
Having joined STEP in 2008, my commitment to advancing our profession and serving our members has only grown stronger. Over the years, my journey from Council member in 2020 to Board member in 2023, and now as Chair, has been defined by a deep involvement in initiatives that ensure STEP remains at the forefront of our profession.
This past year has been remarkable for our organisation. A key highlight has been the establishment of the global Next Generation Working Group, which I championed to ensure diverse voices from across the globe are represented in shaping the future of STEP.
This year has also seen more incredible work right across our community to engage and inform stakeholders both within and beyond our community on the crucial issues impacting our industry and our society more broadly. In particular, I have been proud to champion STEP’s Global Representative Power to members and governments globally.
We have also been focused on enhancing our offering to deliver enriching professional development opportunities for our members.
I am proud of our strides in governance and inclusivity. From chairing Board and Council meetings to overseeing robust audit practices, my focus has been on transparency and accountability. In parallel, my role on the EDI Committee reflects my dedication to promoting diversity within STEP. As a neurodiverse and disabled individual, I bring a unique perspective to our mission, fostering a culture of inclusion that strengthens our organisation.
Looking forward, we aim to deepen member engagement, drive innovation and champion diversity. By listening to your needs and harnessing technology, we can navigate the challenges ahead while embracing the opportunities of a rapidly changing world.
Together, we can make STEP stronger, more inclusive and more impactful. Thank you for your trust and support as we continue to shape the future of our organisation.
Kelly Greig TEP
Our strategy
How would you sum up the last year?
Last year, I hoped that 2024 would see us drawing on a broad range of cultures and experiences to shape what we do and am thrilled with the progress reflected in the make-up of our volunteer committees. This has translated into progress against all of our strategic priorities.
I am particularly pleased to see us progressing civil-law education through the tie up with the International University of Monaco, and a tailored Mandarin language programme in China.
Migrating the STEP Journal to a digital format has addressed member needs, enhancing accessibility and personalisation, aligning with our goal to make STEP as inclusive as possible. We’ve also taken major steps toward our ‘moon-shot’ goal for the Global Representative Power.
What were the biggest challenges?
Almost half the world’s population has gone to the polls in 2024. The votes have come amid growing economic and geopolitical strife, with the Ukraine war, conflicts in the Middle East and rising trade tensions. In some countries, there are concerns about the resilience of democracy itself as political discourse has polarised or been warped by disinformation.
This environment brings uncertainty for nations, for sectors, for clients and for many of us individually. Yet, such change also offers opportunity. STEP members have demonstrated remarkable resilience, adaptability and energy in responding to these challenges, exemplifying the strength of our community and the value members deliver to clients and in the work our volunteers do for STEP itself.
What is one standout achievement this year?
For me the standout achievement was the positive feedback from our latest member survey. It affirmed the improvements we made in response to 2023 feedback, with all key indicators showing growth. High scores suggest we are meeting member expectations, though we remain committed to continuous improvement and adapting to meet evolving needs.
What is your vision for the coming year?
The Board have reinforced our focus on education, thought leadership, providing value for money and empowering all STEP people in support of delivering our goals. During 2025, this emphasis will see us significantly progress a Competency Framework that will sit at the heart of our standards and professional development work; advancing our digital transformation. We will also progress our thought leadership work (especially in Responsible Stewardship of Wealth and Mental Capacity) to further the knowledge of the sector and to help us engage all our stakeholders. And we will look to leverage the newly formed ‘Next Gen’ committees – our leaders of the future coming together to learn, network and to shape the future of STEP.
The year ahead promises to be transformative and engaging for everyone involved with STEP.
Mark Walley, Chief Executive
Our strategy
How would you sum up the last year?
Last year, I hoped that 2024 would see us drawing on a broad range of cultures and experiences to shape what we do and am thrilled with the progress reflected in the make-up of our volunteer committees. This has translated into progress against all of our strategic priorities.
I am particularly pleased to see us progressing civil-law education through the tie up with the International University of Monaco, and a tailored Mandarin language programme in China.
Migrating the STEP Journal to a digital format has addressed member needs, enhancing accessibility and personalisation, aligning with our goal to make STEP as inclusive as possible. We’ve also taken major steps toward our ‘moon-shot’ goal for the Global Representative Power.
What were the biggest challenges?
Almost half the world’s population has gone to the polls in 2024. The votes have come amid growing economic and geopolitical strife, with the Ukraine war, conflicts in the Middle East and rising trade tensions. In some countries, there are concerns about the resilience of democracy itself as political discourse has polarised or been warped by disinformation.
This environment brings uncertainty for nations, for sectors, for clients and for many of us individually. Yet, such change also offers opportunity. STEP members have demonstrated remarkable resilience, adaptability and energy in responding to these challenges, exemplifying the strength of our community and the value members deliver to clients and in the work our volunteers do for STEP itself.
What is one standout achievement this year?
For me the standout achievement was the positive feedback from our latest member survey. It affirmed the improvements we made in response to 2023 feedback, with all key indicators showing growth. High scores suggest we are meeting member expectations, though we remain committed to continuous improvement and adapting to meet evolving needs.
What is your vision for the coming year?
The Board have reinforced our focus on education, thought leadership, providing value for money and empowering all STEP people in support of delivering our goals. During 2025, this emphasis will see us significantly progress a Competency Framework that will sit at the heart of our standards and professional development work; advancing our digital transformation. We will also progress our thought leadership work (especially in Responsible Stewardship of Wealth and Mental Capacity) to further the knowledge of the sector and to help us engage all our stakeholders. And we will look to leverage the newly formed ‘Next Gen’ committees – our leaders of the future coming together to learn, network and to shape the future of STEP.
The year ahead promises to be transformative and engaging for everyone involved with STEP.
Mark Walley, Chief Executive
Excellence in education
University of Law accredits STEP Postgraduate Diploma
Our Professional Postgraduate Diploma in Private Wealth Advice has been accredited with the University of Law. This means anybody who completes the Diploma is halfway towards a full academic Master of Laws degree. To gain a Masters, students need to complete:
- a two-week induction covering the key principles of the English legal system;
- one taught module (30 credits);
- a research methods module; and
- a dissertation on a topic linked to their LLM programme.
International University of Monaco: civil-law focus
Our ongoing accreditation arrangement with the International University of Monaco has been a success, with over 50% of graduates successfully applying for Full membership of STEP.
The course is for practitioners involved in the protection, management and succession of large international estates. Work is in progress to enable the course to be delivered outside Monaco.
US: ‘TEP’ registered as Certification Mark
STEP has successfully registered the ‘TEP’ as a Certification Mark in the US. This underscores the prestige and professional recognition associated with the TEP designation. Members in the US can now use the ® symbol when presenting their credentials. Displaying ‘TEP®’ beside your name not only reinforces members’ expertise in trust and estate planning but also highlights the designation's value and credibility to clients, colleagues and the broader industry.
STEP qualifications in China
In 2024, we continued to build STEP’s presence in China. STEP qualifications can now be studied in Mandarin and feature relevant local content and case studies. We launched the globally recognised Certificate in International Trust Management, to support professionals looking to specialise in Trusts and Estates. We also tailored the Diploma in International Trust Management to meet local needs.
Celebrating excellence in 2024
In July 2024, we celebrated our Excellence Award winners, who were the highest achievers globally across all of STEP’s qualifications and the Essay Route. Congratulations to our winners from Bermuda, Canada, the Cayman Islands, England, Gibraltar, Jersey, Malta, Northern Ireland, Scotland, Singapore, Switzerland and Wales.
Watch our video of Jennifer Wood TEP of STEP Toronto, who was the highest-scoring International Diploma graduate across all four papers and all jurisdictions.
Academic Standards
We have developed and documented our Academic Standards Policy to ensure that STEP qualifications and professional standards are of the highest standard and consistent globally.
Professional Standards
Allegations that a STEP member has fallen below our high professional standards are taken seriously. This year, we received 36 complaints and two members were excluded from membership.
Contentious Estates
With increasing numbers of wills being contested, our Contentious Estates CPD learning course is proving a popular addition to our courses. More than 90 students have enrolled since it launched last October.
In-person workshops in Jersey
We ran in-person teaching workshops in Jersey, which has proved very successful. We have received over 45 enrolments.
Supporting Continuous Professional Development
In response to member feedback following the 2023 CPD audit, we updated the Continuous Professional Development (CPD) Hub to include guidance and other briefings to better support our members with their professional development. The CPD Advisory Panel also hosted a webinar ‘Understanding STEP’s CPD Policy and resources available to you’. Over 700 members registered and over 300 members joined live on the day.
313 Members were audited globally drawn across all membership categories, of whom 253 passed. The most popular activities centred on anti-money laundering compliance, the UK’s Trust Registration Service and beneficial ownership registers.
Raising our profile
The percentage of members who say that STEP membership is recognised and sought after by clients has risen from 40% to 51%. We have also seen an increase from 71% to 79% in our rating for ‘inspiring confidence in families’.
We have seen significant increases in our latest member survey in both awareness of our work on thought leadership topics and perception of STEP as a leading authority in Digital Assets; Mental Capacity, Modern Families; the Responsible Stewardship of Wealth and Trusts.
In particular, our focus areas for 2023-24, Digital Assets and Mental Capacity have seen dramatic increases.
Significant progress in raising STEP's profile in the media
We had 95 pieces of media coverage this year – a 332% increase on last year. We secured coverage of our:
- Global Representative Power (GRP), including an article in The Edge, Malaysia;
- Loss of Mental Capacity: a Global Perspective research report; and
- Buyer Beware wills report.
Popular topics that journalists asked for STEP's expert view on included probate delays in England and Wales and disputed wills.
Our spokespeople included Farah Deba, Chair of STEP Malaysia; Emily Deane TEP, STEP Technical Counsel and Head of Government Affairs; Sarah Manuel, STEP Head of Professional Standards; Jo Summers TEP, a Partner at Jurit; Seema Solanki TEP, Chair of STEP Cambridge and Mark Walley, STEP’s CEO.
Increasing our profile on social media
We increased our LinkedIn followers by 21% to 24,000 people this year, and continue to engage our audiences on Facebook and Twitter/X. In October, we increased engagement with our priority thought leadership topics to 5%. We also launched our Instagram channel this year, helping us to reach both professional and public audiences.
The percentage of members who say that STEP membership is recognised and sought after by clients has risen from 40% to 51%. We have also seen an increase from 71% to 79% in our rating for ‘inspiring confidence in families’.
We have seen significant increases in our latest member survey in both awareness of our work on thought leadership topics and perception of STEP as a leading authority in Digital Assets; Mental Capacity, Modern Families; the Responsible Stewardship of Wealth and Trusts.
In particular, our focus areas for 2023-24, Digital Assets and Mental Capacity have seen dramatic increases.
Significant progress in raising STEP's profile in the media
We had 95 pieces of media coverage this year – a 332% increase on last year. We secured coverage of our:
- Global Representative Power (GRP), including an article in The Edge, Malaysia;
- Loss of Mental Capacity: a Global Perspective research report; and
- Buyer Beware wills report.
Popular topics that journalists asked for STEP's expert view on included probate delays in England and Wales and disputed wills.
Our spokespeople included Farah Deba, Chair of STEP Malaysia; Emily Deane TEP, STEP Technical Counsel and Head of Government Affairs; Sarah Manuel, STEP Head of Professional Standards; Jo Summers TEP, a Partner at Jurit; Seema Solanki TEP, Chair of STEP Cambridge and Mark Walley, STEP’s CEO.
Increasing our profile on social media
We increased our LinkedIn followers by 21% to 24,000 people this year, and continue to engage our audiences on Facebook and Twitter/X. In October, we increased engagement with our priority thought leadership topics to 5%. We also launched our Instagram channel this year, helping us to reach both professional and public audiences.
Global reach of STEP's thought leadership activity
Tackling economic crime
As part of STEP’s policy engagement work with governments and international bodies, we published our Tackling Economic Crime report to inform discussion on this crucial topic, particularly where it relates to trusts and similar arrangements. It provides expert analysis on the application and effectiveness of existing measures, and practical recommendations on how to address the gaps.
STEP has used the report’s findings to engage with a range of global stakeholders including the European Commission, the World Bank and various governments. The report has also been a key feature of STEP conferences throughout 2024, including Mauritius and Dubai.
Global Representative Power
This year we have presented STEP's Global Representative Power at leading conferences across the world. This includes Alzheimer's Disease International (ADI) conferences in Poland and China, as well as the International Guardianship Network Congress in Argentina. STEP representatives attended conferences relating to mental capacity in Brussels, Spain and the UK.
Mental Capacity report
We had 1,285 downloads of our Loss of Mental Capacity: A Global Perspective report, in which the professionals we surveyed had either seen instances of actual or suspected financial abuse. This led to our decision this year to prioritise raising awareness of the red flags of financial abuses by planning a campaign to raise awareness of them.
Digital assets support for members
We produced a new supplement this year to support members with their professional knowledge and development around digital assets, following our research highlighting the need for more support in this area. Decoding Digital Assets: An Overview for Practitioners has seen more than 1,700 downloads.
Policy engagement
We submitted 19 consultations on various topics including digital assets, will writing and anti-money laundering/counter-terrorist finance initiatives.
STEP's expertise continues to be sought on a range of issues from national and supranational authorities. Much of our international policy work included continued engagement with the Financial Action Task Force (FATF) by responding to related consultations, including those focused on FATF Recommendation 25, which outlines a risk-based approach to beneficial ownership and transparency of legal arrangements. We highlighted STEP’s view on the need to balance transparency initiatives with privacy protections while supporting compliance across the sector.
Significant policy work has also gone towards probate and wills consultations in England and Wales, including appearing before the UK House of Commons Justice Select Committee’s inquiry into the probate service.
Global reach of STEP's thought leadership activity
Tackling economic crime
As part of STEP’s policy engagement work with governments and international bodies, we published our Tackling Economic Crime report to inform discussion on this crucial topic, particularly where it relates to trusts and similar arrangements. It provides expert analysis on the application and effectiveness of existing measures, and practical recommendations on how to address the gaps.
STEP has used the report’s findings to engage with a range of global stakeholders including the European Commission, the World Bank and various governments. The report has also been a key feature of STEP conferences throughout 2024, including Mauritius and Dubai.
Global Representative Power
This year we have presented STEP's Global Representative Power at leading conferences across the world. This includes Alzheimer's Disease International (ADI) conferences in Poland and China, as well as the International Guardianship Network Congress in Argentina. STEP representatives attended conferences relating to mental capacity in Brussels, Spain and the UK.
Mental capacity report
We had 1,285 downloads of our Loss of Mental Capacity: A Global Perspective report, in which the professionals we surveyed had either seen instances of actual or suspected financial abuse. This led to our decision this year to prioritise raising awareness of the red flags of financial abuses by planning a campaign to raise awareness of them.
Digital assets support for members
We produced a new supplement this year to support members with their professional knowledge and development around digital assets, following our research highlighting the need for more support in this area. Decoding Digital Assets: An Overview for Practitioners has seen more than 1,700 downloads.
Policy engagement
We submitted 19 consultations on various topics including digital assets, will writing and anti-money laundering/counter-terrorist finance initiatives.
STEP's expertise continues to be sought on a range of issues from national and supranational authorities. Much of our international policy work included continued engagement with the Financial Action Task Force (FATF) by responding to related consultations, including those focused on FATF Recommendation 25, which outlines a risk-based approach to beneficial ownership and transparency of legal arrangements. We highlighted STEP’s view on the need to balance transparency initiatives with privacy protections while supporting compliance across the sector.
Significant policy work has also gone towards probate and wills consultations in England and Wales, including appearing before the UK House of Commons Justice Select Committee’s inquiry into the probate service.
Increasing value to members
Value of membership
Nine out of ten (91%) respondents to our membership survey rated their STEP membership as ‘Good’ or ‘Excellent’ value – up from 83% last year.
All ten measures used to track the perceived importance of STEP have increased, the greatest change being ratings for ‘progressing my career’, which were up by 15% year-on-year.
Membership growth
STEP’s membership grew by 2% over the year, from 21,638 to 22,064. This is a result of our ongoing Connect. Learn. Achieve. member recruitment campaign, which we are delighted to have won two membership industry awards for in 2024.
We also saw continued growth across our seven global Special Interest Groups (SIGs), with overall SIG membership increasing by 3% to 20,536. All of the SIGs increased their membership, with Digital Assets and International Client both seeing the highest growth at 5%, demonstrating a growing interest in these topic areas.
STEP Journal digital transformation
We were delighted to launch our brand-new STEP Journal digital platform in 2024, bringing a sustainable, sophisticated and immersive reading experience that changes how members engage with our publications.
We have had 60,758 visits to the new site since it launched in June, and a total of 141,551 views to STEP Journal pages this year.
We migrated over 4,000 articles from our highly valued back-issue archive of the STEP Journal and Trust Quarterly Review.
The move to digital allowed us to introduce tools that enable members to:
- Curate a tailored feed, based on topic and region preferences that updates with new articles.
- Save articles to read later.
- Log articles and learning as part of the requirement for continuing professional development (CPD).
- Access a menu of accessibility options, such as ADHD- and dyslexia-friendly fonts and functions, as well as language options to ensure global accessibility.
Value of membership
Nine out of ten (91%) respondents to our membership survey rated their STEP membership as ‘Good’ or ‘Excellent’ value – up from 83% last year.
All ten measures used to track the perceived importance of STEP have increased, the greatest change being ratings for ‘progressing my career’, which were up by 15% year-on-year.
Membership growth
STEP’s membership grew by 2% over the year, from 21,638 to 22,064. This is a result of our ongoing Connect. Learn. Achieve. member recruitment campaign, which we are delighted to have won two membership industry awards for in 2024.
We also saw continued growth across our seven global Special Interest Groups (SIGs), with overall SIG membership increasing by 3% to 20,536. All of the SIGs increased their membership, with Digital Assets and International Client both seeing the highest growth at 5%, demonstrating a growing interest in these topic areas.
STEP Journal digital transformation
We were delighted to launch our brand-new STEP Journal digital platform in 2024, bringing a sustainable, sophisticated and immersive reading experience that changes how members engage with our publications.
We have had 60,758 visits to the new site since it launched in June, and a total of 141,551 views to STEP Journal pages this year.
We migrated over 4,000 articles from our highly valued back-issue archive of the STEP Journal and Trust Quarterly Review.
The move to digital allowed us to introduce tools that enable members to:
- Curate a tailored feed, based on topic and region preferences that updates with new articles.
- Save articles to read later.
- Log articles and learning as part of the requirement for continuing professional development (CPD).
- Access a menu of accessibility options, such as ADHD- and dyslexia-friendly fonts and functions, as well as language options to ensure global accessibility.
Engaging with employers
We have revised our Employer Partnership Programme (EPP) accreditation standards to deepen our relationship with employers by encouraging greater levels of interest, commitment and engagement. This focus on engagement will ensure our Employer Partners receive the best value from the programme and enable them to contribute more to the STEP community. The new standards will be launched in early 2025.
Industry leading events
STEP Head Office arranged 26 events ranging from webinars to multi-day international conferences that attracted over 12,000 registrations, with delegate attendance from all across the globe. These events were extremely well received, with an average satisfaction rating of 95%.
The Private Client Awards received a record 377 entries, with 517 people attending from 22 different countries.
We launched our England and Wales CPD Masterclass Series, in response to member demand for greater support for branches with the planning and delivery of events. We will review the impact of this pilot to see if the learnings can be rolled out globally.
PCA Awards 2024
PCA Awards 2024
STEP Cayman conference
STEP Cayman conference
STEP Asia conference
STEP Asia conference
STEP Asia conference
STEP Asia conference
STEP Alpine conference
STEP Alpine conference
STEP Cayman conference
STEP Cayman conference
Empowering our people
Supporting the next generation
This year has seen the establishment of a global Next Gen Working Group, which is a sub-committee of STEP’s EDI Committee. It aims to bridge the gap between established STEP members and students/prospective members by fostering an environment that encourages learning, networking and the professional growth of younger members.
The Working Group will make recommendations to the EDI Committee to ensure there is an integrated, proactive approach to attracting and retaining younger members. It aims to ensure a smooth transition for Next Gen members to be actively engaged with the STEP community and support the achievement of STEP’s aims.
The global Working Group will also support the growing number of Next Gen initiatives run by STEP branches and regions to identify and share good practice.
Ensuring STEP is a great place to work
We received our highest score yet in the ‘Great Place to Work’ survey, which is an anonymous, annual survey that captures employee sentiment about working at STEP. As a result, we have again made the national Best Companies listings:
- Top 100 Best Small Company to work for: 92nd, and the
- Top 25 Not For Profit Company to work for - 19th.
Giving back
We were proud to raise a fantastic GBP53,000 for our Private Client Awards charity partner, Alzheimer’s Disease International (ADI). This is ADI’s second year of a three-year partnership with STEP, which has been highly relevant given our focus on providing leadership on loss of mental capacity and associated planning.
In addition, as part of Head Office activity to give back to our local community, we formed a partnership with local charity, the St Vincent’s Family Project. During our partnership, which ends this year, we have raised over GBP1,000 from activities including bake sales, raffles, a quiz and one of our team running a half marathon.
Our finances
The activities covered in this Annual Review cover the period 1 November 2023 to 31 October 2024. Our financial year runs from 1 April 2023 to 31 March 2024.
We were pleased to maintain a strong overall member retention rate of 94%, demonstrating the continued engagement of our members and relevance of our membership offering.
Our income increased by 11%, which was largely a result of the fact that 2023/24 was the first year that we returned to a full programme of events after the pandemic.
Our expenditure has risen by 19%, as we have continued to invest in improving member services as we work to deliver our 2023-26 Strategy. This year’s expenditure also included our Branch Chairs’ Assembly. This brought together more than 160 STEP region, branch, Special Interest Group and Board Committee chairs from across the world for the first time since 2019 to collaborate and share experiences and ideas to ensure we continue to meet members’ needs.
Built with Shorthand