Notes

How wealth management firms can be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Farnoush Farsiar Technology revolution. Farnoush Farsiar writes for EU Today that these are just a handful of major changes that will affect family offices and could fundamentally alter their operational structures.

Family offices serve the younger, more tech-savvy and mobile generation more often. All clients, regardless of their age, are more inclined to invest through online trading. This has resulted in increasing interest in personal investments. Customers do not would like to be excluded of the decision-making process regarding the discretionary portfolios they are required to make.

These changes come at a moment of unprecedented financial and political instability. If they try to keep their old methods, they will be abandoned by the people they were created to advise. They need to change to be more entrepreneurial and create a value proposition for UHNWIs.

Family offices are available in a variety of sizes and styles. They must prioritize efficiency and speed, as well as improving the efficiency of their services. Farnoush Farsiar The most efficient service for customers will be provided by a small group of advisors that are able to rapidly implement new technology and also bring in external experts when needed. Farnoush Farsiar These changes will result in the blurring of family offices and private banking. Companies that succeed will be able to maintain the trust and respect of family offices, while staying ahead of the curve in the adoption of technology and sourcing deals.

Success will be born of the capacity to profit from more traditional, network and reputation-based methods of deal sourcing as well as using online tools to identify deals and opportunities. Deal sourcing platforms on the internet are just one of the tools that wealth managers and flexible private offices are able to easily set up in contrast to the large, heavy-handed banks that are ensnared in bureaucratic red tape. Dealmakers can access and evaluate a large amount of deals at a time, which is a significant saving of time and resources.

Another service online that is changing the way family offices interact with their clients is Wealthica. https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf The Wealthica dashboard service automatically consolidates investments from multiple sources and brings clients in daily contact. It's a huge change from the past where wealth managers provided periodic updates on the progress of their clients' funds.

They aren't the only method wealth managers can increase the efficiency and speed of their work. Their investment strategy is the primary aspect. The best approach is to blend the old and the new. This means that you will continue to search for opportunities in real estate, however, you should also look into investments in other areas like the science of climate change or food security. Impact investing is definitely "arrived" in the world of family offices - UBS Global Family Office Report 2018, which revealed that one-third of family offices were involved in impact investing. Many expect to be more involved in future. While there are undoubtedly problems in this field, including difficulty in measuring impact and conducting due diligence, the coming generation of HNWIs as well as UHNWIs are expected to anticipate family offices to be able identify and secure these kinds of investments. Farnoush Farsiar Plato Capital, which I started in 2004, is an investment banking institution which focuses on entrepreneurs. Farnoush Farsiar Our personal local knowledge and connections allow our clients to manage risk and achieve optimal profits from their capital.

All types of wealth managers are able to continue to prosper during turbulent times when they blend both the traditional and the contemporary, are open to adapting to new demands and take risks with their own structures.
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