By a margin of nine to one Campden FB readers agree that a global standard would help to protect private wealth holders. The poll was carried out following the launch of an initiative by Don Trone, president and founder of the Foundation for Fiduciary Studies, and Charles Lowenhaupt, chairman of Lowenhaupt Global Advisors.
Their "Principles of Wealth Management For Private Wealth Holders" – launched in response to the current worldwide economic turmoil – aim to minimise the possibility of financial mismanagement and fraud for individuals, families, family offices, foundations and private trusts.
"These are certainly strong results and mirror the input I and other members of our Global Council are receiving worldwide," said Lowenhaupt. "Many families say that they agree with them and though they think they have been following the Principles already, they would like to develop a more processed and objective way to ensure that they are following them."
Trone is now beginning the process of developing bona fide standards to give families the capacity to develop compliance and, ultimately, audit and certification. According to Lowenhaupt this will involve substantial public input from wealth holders and those with expertise in private wealth.