New Book from McGraw-Hill Highlights the Importance of Process and Standards in Managing Significant Wealth
NEW YORK, Nov. 14, 2011 – The Institute for Wealth Management Standards today announced that two of its founders, Don Trone and Charles Lowenhaupt, have published a new book from McGraw-Hill to help families of significant wealth implement standards to better manage their wealth.
Freedom From Wealth: The Experience and Strategies To Help Protect And Grow Private Wealth provides a detailed roadmap for managing fortunes across generations. The book contains the wisdom and experience of some of the world’s wealthiest families and offers a step-by-step process that individuals and wealth professionals can apply to investment management, governance, succession planning, education and philanthropy. Freedom From Wealth is written for wealthy individuals and their advisors.
Available online and in book stores in the United States, Freedom From Wealth will be used by wealth advisors seeking to earn a new fiduciary designation that Trone is leading and will be accredited through Thunderbird School of Global Management, one of the world’s best business schools.
Trone, CEO of 3ethos, is one of the nation’s leading experts on fiduciary responsibility. Lowenhaupt, founder and CEO of Lowenhaupt Global Advisors, is one of the world’s most respected experts on family wealth.
“Freedom From Wealth is a product of the Institute’s pioneering work in creating objective, independent standards to enable individuals and families to enjoy wealth and live life on their own terms,” Lowenhaupt said. “This book is written so private wealth holders can build a framework and strategy for their wealth and their advisors can have the direction necessary to carry those out.”
Said Trone: “Much of the fraud and wealth mismanagement over the past few years could have been avoided if individuals and families operated by independent, objective standards for managing wealth. Standards, like the new fiduciary designation we are spearheading, have worked well across every industry, including the wealth management industry. This book is the result of the Institute’s belief that standards and process are a better way to manage wealth.”
Sara Hamilton, CEO of Family Office Exchange noted on the cover of the book jacket, “Part I of Freedom From Wealth is a must read for wealth owners.”
Charlotte B. Beyer, founder and CEO of the Institute for Private Investors, also quoted on the book jacket, said: “When an entrepreneur discovers that the ‘struggle’ to grow an enterprise was in fact one of the most exhilarating and meaningful experiences life can offer, making sound decisions about inheritance and trusts becomes easier. Charles Lowenhaupt asks the question few other advisors dare to, namely, ‘What is the purpose of your wealth?’ Freedom from Wealth tackles this question and is a tribute to the possibilities of a meaningful legacy—and life—along with a how-to guide on best practices for wealthy families.”
About Charles Lowenhaupt
Charles Lowenhaupt is founder, Chairman and CEO of Lowenhaupt Global Advisors, and a member of Lowenhaupt & Chasnoff, LLC, a law firm that has been helping families manage significant wealth for more than 100 years. Lowenhaupt is a Founding Advisory Faculty member of the Institute for Private Investors, a co-founder and President of the Institute for Wealth Management Standards, a former Director of the Foundation for Fiduciary Studies in Pittsburgh, and Director of the St. Louis Art Museum and a Director of the Clements Library of the University of Michigan in Ann Arbor. For more information, visit www.lowenhauptglobaladvisors.com.
About Don Trone
Don Trone is the CEO/Chief Ethos Officer of 3ethos; a founding Director of the Institute for Wealth Management Standards; and, former Director of the U.S. Coast Guard Academy Institute for Leadership. In 2003, Trone was appointed by the U.S. Secretary of Labor to represent the investment counseling industry on the ERISA Advisory Council, and in 2007 he testified before the Senate Finance Committee on fiduciary issues associated with retirement plans investing in hedge funds. Trone graduated as president of his class from the United States Coast Guard Academy and served on active duty for ten years, including six years as a long-range search and rescue helicopter pilot. For more information, visit www.3ethos.com.
About The Institute for Wealth Management Standards
The Institute for Wealth Management Standards (IWMS) is an independent, non-profit organization dedicated to developing a global standard to protect private wealth. The Standards are designed to codify the best practices in family office management and create an objective benchmark for the management of significant private wealth. The IWMS is domiciled in Switzerland, with offices in the U.S. To view the Standards, visit www.wealthstandards.org.
Contacts
Don Trone, +1 860.415.9191, don@5ethos.com
Charles Lowenhaupt, +1 314-241-5950, cal@lowenglo.com
Greg Berardi, +1 415.239.7826, greg@bluemarlinpartners.com