For families determined to maintain private wealth-management offices, the most prudent course is to assume that regulation is coming, according to Jon Carroll of Family Office Metrics, a New York-based consultancy to wealthy families.
"Most family-office executives I talk to about the potential for pending federal regulation are concerned," said Carroll. "They want to know more, and many are taking steps--which we encourage--to act as if they are regulated by implementing policies, procedures, self-audits and external reviews to upgrade and further strengthen their systems of internal controls."
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