Private wealth expert and “rising leader” Devvrat Periwal recently spoke to Craig Sisterson about joining the ALN partnership and living the firm’s values.
“The COVID-19 pandemic was a big catalyst for the private client industry, substantially increasing demand for wealth and succession solutions and bringing conversations with clients to the forefront vital,” says Devvrat Periwal, who recently joined the partnership of ALN UAE | Anjarwalla, Collins & Heidermota.
“Our private client advisory practice within ALN effectively encompasses advising clients on the restructuring of their wealth, setting up trust structures, wills, and general succession internationally,” explained Periwal. “It is a cross-border practice, which I run based out of Dubai primarily, but working with our teams across the region and the ALN alliance in Africa.”
The “massive influx” in demand has been driven, Periwal believes, by clients having a growing sight of mortality and witnessing the impact a lack of succession planning had on friends and family, as well as an increase in high net worth and ultra-high net worth individuals during the pandemic due to tech and other opportunities created during the pandemic.
“Africa has always been the final frontier, the last continent left where there are still a lot of options for growth. Many private equity and venture capital investors are now shifting their focus towards Africa and its massive young population.”
After beginning his career at one of India’s leading law firms, Periwal moved to Dubai in 2014. He has been recognised as a Rising Leader by the Private Client Global Elite Directory.
Leading his ALN UAE team during a global push towards more transparency, Periwal crafts tailored solutions for high net worth and ultra-high net worth clients. “There is a lot of demand for bespoke solutions, which are provided by our private client team, as opposed to the traditional method of just picking an off-the-shelf product and putting it into place.”
The first firm with African roots licensed in Dubai, ALN UAE leverages its location and ALN’s alliance of preeminent firms in 14 countries to offer great service across borders and “provide a bridge” between Africa and the Middle East, Asia and the world. “It is important to appreciate that many of the multinationals that operate in Africa have their East- and North African offices headquartered out of Dubai, given its proximity,” highlighted Periwal.
Having joined the partnership of ALN UAE, Periwal said one of his main focuses is to increase ALN’s cross-border offering by building a seamless private wealth practice across Africa, helping clients with matters such as fiduciary services and trusteeships, and collaborating with ALN’s experienced tax team to benefit clients.
“The way we like to operate is not to have a single cookie-cutter solution for clients, but to look at each client’s circumstances and assets and then come up with solutions.”
Periwal is also looking to increase the knowledge base across borders and mentor the next generation of lawyers, including through the ALN Trainee Programme, which offers broad experience. “Transparency, integrity, and striving for excellence are key,” added Periwal.
“Working with integrity and transparency, and with the right team and people, helps you grow your relationship with clients and become their trusted advisors,” he said. “You need to have passion for the field you are working in, but in any industry, if you work with integrity and transparency and strive for excellence, there’s no reason you can’t succeed.”
This article was first published on Africa Legal.