The proposed Treasury rule and other discussed regulatory measures have rankled family offices, whose beneficiaries and administrators see enhanced measures as invasive and unnecessary, according to Bill Woodson, head of strategic wealth advisory at Boston Private, an SVB Financial Group company.
For example, much of the information the new rule seeks must already be disclosed by family offices through various financial intermediaries’ compliance requirements, he said.
“The consistent thematic response from the family office industry is largely, ‘You don’t understand us,’” Woodson said.
—With assistance from Ben Steverman.
This article was provided by Bloomberg news.