The term “best practice” is often used by wealth management service providers to tout their services as top quality and state-of-the-art.  However, true “best practices” in professional fields are supportable by appropriate well-designed comparative research studies that are peer-reviewed and affirmed by expert consensus.  This is rarely the case in the wealth management or family office industry where competitive research is typically lacking and standards are largely absent. 

Clients who encounter claims of “best practices” by firms should inquire about the foundation for such claims beyond anecdotal evidence or assertions that the procedures are “widely adopted.”