60-second interview with Luigi Belluzzo

Luigi Belluzzo, 12/8/2019

Luigi Belluzzo TEP is a tax advisor at Belluzzo International Partners, Milan.

What does your firm or organisation do?

Belluzzo International Partners provides tax and wealth planning for companies, families and ultra high-net-worth (HNW) individuals, with a particular focus on cross-border issues.

What has STEP done for you, individually, or as a business?

Since my first year of membership, the networking and knowledge-sharing possible through STEP have been central to my own professional growth. This has also been true at the firm, where seven of our team are STEP members. I am the current chair of STEP Italy, and we have 150 active members throughout the country; a number that’s growing steadily.

You will be speaking at the STEP Benelux conference in October. What will you be speaking on and what are the main issues?

I’m discussing the main issues for family business succession, comparing various rules in relation to EU guidelines and best practices.

What do you most like about your job?

The intellectual side of working on bespoke solutions, alongside clients’ needs and opportunities.

.. and what do you feel is most worthwhile?

I would say, advising business families, both on the corporate and the private side.

What would you say to a young person thinking of a career in this industry?

My advice is to be curious, and comply with regulations.

Which sectors are likely to see the strongest future growth, do you think?

I predict that banks and financial intermediaries are now targeting family offices and HNW families, but the tax and legal side is likely to stay with specialist advisors.

What about jurisdictions?

I would say there are no perfect jurisdictions. You need to listen to your clients’ needs and evaluate which would suit them. Italy is becoming very attractive for private clients, alongside the UK and other EU member states.

What trends do you see in the global private wealth sector at the moment?

I envisage strong growth. We will see a polarisation of ultra HNW individuals and families looking for global strategies, with HNW individuals staying with one jurisdiction. In any case the need of competence and compliance is very high and there is therefore room for quality advisors.

What do you feel are the main challenges facing your organisation at the moment, and how will you deal with them?

We are focused on managing our firm’s growth and boosting our ‘international partners’ model and our position in the market. We believe there is room for a boutique firm looking after cross-border issues, with particular focus on certain jurisdictions (e.g. Italy or the UK). We are looking to recruit top practitioners who share our vision.

Which social media channels do you use and why?

We use LinkedIn, which is essential for communications among peers. I don’t find Twitter so useful. In addition, while video meetings with clients are possible, we find that most prefer to meet in person.

  • Luigi will be speaking at the STEP Benelux conference in October.

Luigi Belluzzo TEP is a tax advisor at Belluzzo International Partners, Milan. He provides tax and legal wealth planning for companies, families and UNWI, with a particular focus on cross border issues. Luigi has published books and articles in Italian and international publications and serves on the International Technical Committee at Bocconi University Milan.