The Bill has been criticised for its lack of hard detail, and in particular, how it will be implemented in practice.

The measure creates new regulatory organisations and limits the sizes of banks and other financial institutions. Earlier this year, the Obama administration called for changes, such as curbs on the size of banks and moves to split off some of the trading activities from banks from their retail, deposit-taking functions. In one sense, the move would represent a partial return to the old Glass-Steagall Act – passed in the early 1930s – which held until its repeal in the late 1990s under the Clinton administration.

So far, analysts have told this publication that they do not expect there to be a direct effect on wealth management. However, the measures may force banks to spin off some of their private equity and hedge fund operations, analysts have said, which could affect how these institutions raise cash for such activities.

Complinet is concerned that the Bill lacks relative substance.

"We are calling on the compliance industry to be involved in putting the meat to the bones," said Scott McCleskey, the managing editor of Complinet for North America.

"Nobody wants to see another badly managed bank get bailed out at taxpayer expense. The Senate bill doesn't go far enough, and that leaves the economy vulnerable to the same crisis we had before," McCleskey added.

The Senate recently passed the bill by a 59-39 vote, in a what is seen as a grand attempt to overhaul the US financial sector in the wake of the crisis. It is due to be merged with the House of Representatives' version before it can be signed into law by President Obama.