Global Standards for Private Wealth Management

gold wealthThe Institute for Wealth Management Standards is dedicated to advancing a global standard for the management of significant wealth. An independent, non-profit organization founded by industry leaders, the Institute’s singular mission is to develop and promote measurable, objective standards to foster responsible wealth management and to protect private wealth holders worldwide. The Standards are designed to be adopted and implemented by family offices, trusted advisors and others who manage significant wealth.

The Institute is committed to an ongoing, open dialogue with families and wealth management professionals. We are in the process of a consultation period which will start on 15th September and close on 15th December. We are actively seeking views and opinions on the Standards to ensure they work for families. We would welcome any comments you may have.

Have your say on the Standards

The Standards are a comprehensive set of best practices intended to create greater discipline, process and transparency in private wealth management in countries around the world. The Standards are designed to be adopted and implemented by family offices, trusted advisors and others who manage significant wealth.

The Standards are focused on the key areas of wealth management:
– Governance
– Risk Management
– Investment Management
– Oversight and Monitoring

The Institute for Wealth Management Standards is keen to ensure these Standards are meaningful and have been shaped by those who will use them. We are currently in a consultation period which will last from 15th September to the 15th December. In this time we are hoping to gauge public opinion and comments. We would therefore welcome any comments you might have.

Do you agree with the concept of the Standards?
How will they apply to you?
Will they make a difference?
Would you change part of them?

Standards of Investment Management for Private Wealth Holders (Standards)
(To accompany the “Principles of Wealth Management for Private Wealth Holders”)

Whenever used in the Principles and the Standards the term:

“Wealth Holder” may include:
• An individual of wealth;
• Trustees of a trust;
• Directors or trustees of an eleemosynary (foundation, operating charity, or endowment), or corporation (partnership); or
• Any person holding substantial wealth as a legal owner under the laws of the jurisdiction involved.

“Wealth” is intended to include the investable assets and portfolio(s) of the Wealth Holder.

“Standards Director” is intended to define the representative appointed by the Wealth Holder(s) to be responsible for the management of the Wealth in accordance with the Principles and the Standards. The Standards Director may be the Wealth Holder or a member the family. It is expected that the Standards Director will prudently delegate whenever the Director lacks expertise, or capacity, in a particular Standard. The Standards Director may serve in the capacity of an agent, steward, or fiduciary; and will likely be drawn from one of the following professions:

• Law;
• Accounting;
• Investment management;
• Banking; or Investment consulting
Financial Advisors

“Investment Manager” is intended to include not only a person managing a separate account, but also a person managing a mutual fund or a commingled trust.

“Service Provider(s)” is inclusive of family office staff, attorneys, accountants, Investment Managers, investment consultants, custodians, and any other advisor providing investment-related services.

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The Standards are written to have “global” application—no matter where the:

• Wealth Holder(s) is domiciled or residing; or
• Wealth is held in custody or located.

Notes to persons reviewing these Standards:

• The objective has been to identify Standards which are applicable to most, if not all, Wealth Holders.
• The Standards are intended to build upon one another, as opposed to each Standard having sufficient language to stand alone.
• To facilitate review of the Standards, there is a deliberate attempt to economize on words, and to use terms which have global application.