Notes

How can wealth management companies be prepared for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Farnoush Farsiar Technological revolution. Farnoush Farsiar of EU Today notes these are only a few of the significant changes that have affected family offices, and ultimately impacting their practices and operations.

Family offices cater to the increasingly mobile, tech-savvy and younger generation. The financial crisis, along with the rise of democratisation and online trading have made clients more keen on their investments. They seek more control and knowledge and do not have the desire to have discretionary portfolio mandates handled at arm's reach.

These changes take place during a time of political and economic turmoil. If they attempt to continue with their old practices in place, they'll soon be rejected by the people they were created to advise. They need to be flexible and innovative in managing investments in order to offer UHNWIs with a value proposition.

Farnoush Farsiar Although the scope and size of family offices is different, it's important that they prioritize efficiency and speed rather than being experts in all things. The most efficient service for customers will be provided by a smaller team of advisors who have the ability to rapidly implement new technology and engage external experts when needed. Since the lines between private and family banking are blurring the most successful firms will have a smaller team of advisors that can swiftly implement new technology and bring on board external experts when needed. This will allow them to provide an enhanced service to their clients.

Your success will be contingent on your capability to tap into traditional, network-based, and reputation-based sources of deal source. Additionally, you can use online methods and tools to identify deals or opportunities. Farnoush Farsiar Wealth managers can utilize deal sourcing sites online to discover deals and opportunities. They're much simpler than banks that are large and cumbersome who are stuck in large-firm bureaucracy. Dealmakers can make use of these platforms to swiftly access and assess a variety of deals, which results in significant savings in time and funds.

Another service online that is revolutionizing the way family offices communicate with their clients is Wealthica. The dashboard service automatically consolidates investment from multiple sources and brings clients into daily communication. It's a vast improvement of the days when wealth managers only provided occasional updates about the progress of their clients' funds.

These tools are able to assist wealth managers in improving their effectiveness and speed. The strategy that underpins their investments is ultimately the most important factor. The best approach is to blend the traditional and the modern. This means you can continue to look for opportunities on real estate however, you should also look into investments in other sectors like food security or climate science. Farnoush Farsiar Impact investing has certainly "arrived" within the world of family offices. According to the UBS Global Family Office Report 2018, a third of family businesses are involved in impact investments and the majority of them are planning to expand their involvement in the near future. While there are some challenges in this field including the measurement of the impact and conducting due diligence, younger generation of HNWIs and UHNWIs will expect their family offices to be able to identify and secure these types of investments. Farnoush Farsiar Plato Capital is a boutique bank that offers investment advice. https://www.businessfast.co.uk/farnoush-farsiar-explains-why-queen-elizabeth-is-an-excellent-example-of-female-leadership/ It is based on the expertise of its founders in large family offices, banks and in the tech industry to provide entrepreneurs with investment guidance. Our network and personal knowledge within the local community allow our clients to manage risk effectively and maximize their capital return.

By blending the old and the new, while adjusting to the changing needs of the young generation, and being prepared to take risks with their own methods and structures, wealth managers of all kinds can remain relevant and thrive even in the midst of difficult times.
Homepage: https://www.businessfast.co.uk/farnoush-farsiar-explains-why-queen-elizabeth-is-an-excellent-example-of-female-leadership/