Many wealthy families, made complacent by 15 years of relative prosperity, are still adapting to the new market conditions caused by the recent financial crisis, according to a study published by Family Office Exchange yesterday.

The new conditions recovering wealthy families are attempting to adjust to include regulatory changes, tax changes, realignment of compensation structures, and a general change in public attitudes toward wealth.

The study goes on to suggest decision-making strategies for families looking to maintain a relatively comfortable level of risk in their investments, including a willingness to express financial concerns with each other, a regular process for scanning the market for threats and opportunities, and a clear decision-making process for which investment risks are worth taking.

“With the financial crisis still fresh in the minds of wealth owners, families are motivated to re-evaluate their structures and processes for mitigating downside risk and capturing upside opportunity. Wealth owners have a better understanding of their own reactions to extreme events and are now ready to make changes that will provide them with consistent decision-making even during times of crisis,” FOX founder and chief executive Sara Hamilton said in a statement.

This is the third study in the FOX Thought Leader series, which polls industry experts on solutions to a range of wealth management challenges.

 Family Office Exchange was founded in 1989 as an advisory firm for managing family wealth.