Wealthy families agree with proposed Standards

Friday 20th November 2009

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A clear majority of private wealth holders support a set of Standards proposed by the newly-formed Institute for Wealth Management Standards in September. 

An overwhelming 63% said they agreed with the proposed Standards, which aim to foster responsible wealth management and to protect private wealth holders worldwide in the wake of the economic turbulence of the past 18 months.

"Worldwide people are seeing the need for principles-based Standards," said Charles Lowenhaupt, one of the founders of the IWMS. "There is growing recognition that the problem is trust and the solution is process. The Standards are a tangible, easily understandable, and user-friendly tool for process. That so many are engaged and want to play a role in building and commenting on the Standards reflects what I am seeing and hearing."

However, not everyone is in agreement with the Standards as they stand. Twenty nine percent of people who have read them expressed a desire to amend and refine the Standards. Just nine percent of people did not agree with them at all.

The Standards, which are available to read on www.wealthstandards.org, are designed to achieve the following:

• Help restore trust and confidence between wealth holders and advisors
• Provide the basis for prudent practices and procedures that can be independently assessed across multiple jurisdictions and countries
• Guide consistent decision-making and communication across all levels, including staff, money managers, and other service providers
• Benchmark current status, prioritise work, and measure progress
• Uncover procedural and behavioural risks of decision-makers or malfeasance
• Allow wealth holders freedom from the burdens of wealth