I'll credit Carl Bacon for mentioning several years ago that compliance with the GIPS(R) standards was no longer an advantage; because SO many firms had achieved compliance, failure to comply was a disadvantage. Thus by becoming compliant a firm would eliminate a disadvantage.
This situation doesn't, however, apply to real estate, private equity, hedge fund, or high net worth managers. where it's evident that less than half the managers of each of these areas comply. To me, this means that there's a great opportunity for real estate, private equity, etc. managers to take the initiative and become compliant now, rather than later, so as to (a) gain an advantage over their competition, (b) be seen as a leader in your segment of the market, (c) act rather than react to what may ultimately be a virtual requirement.
Let's consider, for example, high net worth managers. It's rare, no doubt, for prospective clients to ask about GIPS compliance. But, the manager can use compliance as an advantage by educating their prospects and clients about the standards, and why they chose to invest the time and money into becoming compliant. The same applies to real estate, private equity, and hedge fund managers.
If your firm falls into any of these categories, act now and take advantage of the advantage compliance offers!