Notes

How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technology transformation. Farnoush Farsiar, EU Today writes that these are only a few of many key changes that have affected family offices, and in the end threatened their structures and practices.

Family offices are catering more and more to the mobile, younger generation. The financial crisis and democratisation of trading via online platforms have brought all customers, regardless of age, more interested in their own investments and want to be more informed and be more involved as well as losing the desire to have discretionary portfolios that are managed by distance.

These changes happen in a period of extreme economic and political turmoil. If offices try to maintain their current strategies and methods, they could discover that the people they were created to assist will not be able to keep them. They must be agile and creative in managing investments in order to provide UHNWIs with a true value proposition.

Family offices differ in their size and the scope. However, they should be able to focus on scalability and streamlining their offerings and not try to be experts in every area. Customers will get better service when they are able to employ fewer advisors who can quickly implement new technologies and also bring in specialists from outside whenever needed. Because the lines between family and private banking are blurred, the best firms will have a smaller group of advisors who are able to quickly implement new technology and bring on board external specialists when required. This allows them to provide a more valuable service to their clients.

Your success will depend on your ability to access traditional, network-based, and reputation-based sources of deal sources. It is also possible to use online methods and tools to discover opportunities or deals. Deal sourcing platforms online can be easily installed by wealth managers as well as agile private office, as opposed to large banks which have bureaucratic burdens. This platform allows dealmakers to quickly access and analyze a variety of deals simultaneously, which can save them time and money.

https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 Wealthica and other dashboard services like Wealthica are also revolutionizing the way family offices interact directly with their customers. These dashboards consolidate investments seamlessly from multiple sources and allow clients to be in constant contact with their investments. https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/ This is an enormous improvement on the days of wealth managers who only provide periodic updates on the status of their clients’ money.

These tools are not the only way wealth managers can improve the efficiency and speed of their operations. Their investment strategy is what is most important. The secret to success is to combine traditional and new. The company are likely to continue looking for deals in real estate, and also explore opportunities to invest that were previously not explored, like food security and climate science. Impact investing is definitely "arrived" within the realm of family offices - UBS Global Family Office Report 2018 found that one-third of family offices were engaged in impact investing. Farnoush Farsiar Most anticipate to become more involved in the future. Although there are certainly issues in this field, including difficulties in measuring impact and conducting due diligence, the next generation of HNWIs and UHNWIs are likely to anticipate family offices to be able to find and secure these types of investments. Plato Capital, which I founded in 2004, is an investment banking institution that focuses on entrepreneurs. https://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ Our network and personal knowledge in the local area allows our clients to reduce risk and maximize their capital return.

Farnoush Farsiar Wealth managers of all types are able to succeed in turbulent times by mixing old and the new by adjusting and risking their structure and methods.
Homepage: https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/