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US Family Office Industry Urges Lawmakers To Focus On Fiduciary Standards

Tom Burroughes, Group Editor , London, June 9, 2010


Heads of several of the largest family office advisors and family office associations are urging Congress to “Fight for All Investors and Put the Fiduciary Standard in Wall Street Reform,” according to Investment Advisor.

They concerned have signed a what was described as a "Fiduciary Statement", and invited investment advisors and broker/dealers providing financial or investment advice to sign the Fiduciary Statement by going to the Committee for the Fiduciary Standard’s website at www.thefiduciarystandard.org, the report said.

This publication was unable to contact the group for further comment at the time of going to press.

These family office leaders joined other senior financial figures who signed the Fiduciary Statement in March.

The House of Representatives passed legislation last December requiring brokers who provide advice to retail investors to put the clients’ interests first under the fiduciary standard. The Senate’s version of reforms calls instead for the SEC to “study” whether brokers who provide investment advice “should be required to act in the clients’ best interest,” the publication said.

“This is a matter of simple fairness. All families should be able to access the same high fiduciary standard of investment and financial advice that wealthy families can access. Why should smaller investors be left behind?” asked Maria Elena Lagomasino, CEO of GenSpring Family Offices, was quoted as saying by the publication.  

The family office leaders who signed the Fiduciary Statement include:

David Basner, President, TAG Associates; Gregory Curtis, chairman, Greycourt & Company; Sara Hamilton, founder and CEO, Family Office Exchange; Maria Elena Lagomasino, CEO, GenSpring Family Offices; John LaPann, president & CIO, Federal Street Advisors; Ed Lazar, president, Threshold Group; Thomas Livergood, CEO, Family Wealth Alliance; Charles Maxwell, chairman & CEO, Meristem; Carol Pepper founder & CEO, Pepper International, and Steve Prostano, president, Silver Bridge Advisors.

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