Global Standards for Wealth Management

The Institute's draft principles and standards are posted on the organization's Web site and the group is asking for public comment until December 15. (See the Standards and comment here.) The group will apply the comments to the Standards, and submit them to the ISO (International Organization for Standardization) in Geneva, Switzerland. Final approval can take years but the Standards can be used all along.

Lowenhaupt, chairman and CEO of Lowenhaupt Global Advisors, a St. Louis-based, 100-year-old global family office, developed the principles with Trone, founder of fi360 and president of the Foundation for Fiduciary Studies, is CEO of Strategic Ethos. The Standards evolved from 15 "Principles of Private Wealth Management that they developed last January. They are working with Pettifor, CEO of Campden Media of London, on training and "opportunities to develop the Standards."

The group wants to "build the principles into standards" which will not be proprietary, but will "improve life for families worldwide," Lowenhaupt told Wealth Manager in an interview in late September.

There are challenges to developing the global standards, says Trone. One of those was defining the standards so that they work well within "legal and cultural" differences, and making sure that they will apply as intended in different parts of the globe, and to make sure they don't interfere with Sharia, the religious law in Islam, or the Napoleonic Code.

Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.

Reprints Discuss this story
This is where the comments go.