Notes

How can wealth management firms be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. Farnoush Farsiar Farnoush Farsiar from EU Today discusses the major changes that impact family offices and fundamentally challenging the operating structures and practices.

Family offices cater to the more mobile, tech-savvy and younger generations. In the wake of the economic recession, clients are increasingly interested and involved in their investment.

The changes are occurring at a crucial time in the economic and political turmoil. If an office tries to maintain its old practices, they'll soon be abandoned by the very people they supposed to be advising. They need to be flexible and innovative in managing investments so that they can provide UHNWIs with a true value proposition.

Farnoush Farsiar Although the size and scope of family offices can be different, it's important that they focus on efficiency and speed rather than being experts in everything. The best customer service is provided by a smaller team of advisors who are able to quickly implement new technologies, and bring on board external experts when needed. Because the lines between private and family banking are blurred the most successful firms will have a smaller group of advisors who are able to quickly implement new technology and also bring on external experts when needed. This allows the firm to offer a more valuable service to customers.

The ability to employ both traditional, reputation-based and network-based methods to source deals can lead to success. But, you can make use of online tools to locate deals and opportunities. https://www.cbetta.com/director/farnoush-farsiar-aidi-2 Online deal sourcing platforms can be easily installed by wealth managers as well as agile private offices, as opposed to large banks which are burdened with bureaucracy. Dealmakers are able to access and analyze large numbers of deals simultaneously this is a huge savings in time and resources.

Wealthica and other online services have also changed the way family offices communicate with their clients. They automatically consolidate investment portfolios across various sources and bring clients into daily contact with their portfolios. It's a cry away from when wealth managers would only give periodic updates to their clients' performance.

Farnoush Farsiar These tools can be used to aid wealth managers increase effectiveness and speed. The most crucial aspect to consider when investing is the strategy that supports the strategies. The advantage will be in combing traditional and innovative strategies - continue to search for opportunities in the field of real estate as well as investing in areas that were previously unexplored, such as climate change or food security. Impact investing is certainly "arrived within the family office industry. The UBS Global Family Office Report 2018 showed that one third of family officers are involved with impact investing. A lot of people are planning to take part in the coming years. There are many issues in this area, including the challenge in assessing impact and conducting due diligence. https://notes.io/qqeM6 However, the next generation UHNWIs and HNWIs are likely to expect family offices to identify and secure such investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experiences of its founders who have worked in large banks as well as the tech sector. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our network and personal knowledge within the local community allow our clients to reduce risk and increase their capital returns.

Through blending the traditional with the new, adapting to the changing needs of the new generation, and preparing to take risks with their own strategies and structures, wealth managers of all kinds can be successful and relevant even in the midst of challenging times.
Here's my website: https://www.cbetta.com/director/farnoush-farsiar-aidi-2