The latest global quarterly confidence survey by the Society of Trust and Estate Practitioners (STEP) shows a welcome steadier tone in both the immediate and long-term outlooks for the industry after a sharp dip last quarter.
The STEP Near Term Confidence Index, which looks at the outlook over the next three months, has increased one point to +10, after a significant fall in the last quarter. Confidence had remained steady for five consecutive quarters until the drop.
STEP’s Longer Term Confidence Index, which looks at the outlook over the next 12 months, is also back on the increase moving up four points to +26.
The quarterly survey looks at members’ views across a wide range of jurisdictions, and trust and estate businesses. The Confidence Indices are constructed by taking the balance of survey respondents replying that they expect business to ‘improve’ or ‘significantly improve’ relative to those expecting business to ‘decline’ or ‘decline significantly’.
STEP Chief Executive David Harvey said: ‘It is encouraging to see last quarter’s confidence dip has not been extended, although recovery is not yet significant. By regularly engaging with our members, we are able to understand their concerns and help them face both current and future challenges in the fragile global economy.’