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How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational shifts Global mobility. Technological revolution. These are just a few of the key changes impacting family offices and fundamentally threatening their operating structure and methods, writes Farnoush Farsiar for EU Today.

In a growing number, family-owned businesses are catering to the younger and more technologically adept generation. Because of the financial recession, clients are increasingly interested and involved in their investment.

These changes occur during a time of the economic and political turmoil. If family offices maintain their current strategies, they may discover that the people they were created to help will leave them. They need to change and become more entrepreneurial in their approach to managing investments and provide a genuine value proposition for UHNWIs.

Family offices vary greatly in terms of size and scale, but regardless of that, they must focus on agility and streamlining their service rather than trying to be experts in everything. The best customer service is provided by a smaller team of advisors who are able to quickly implement new technologies and engage external experts as needed. https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf will require blurring the lines between family offices and private banking The most successful companies will be those who maintain the loyalty and trust that a family office has whilst remaining ahead of the curve in new technology and deals to source.

You'll be successful if can leverage traditional methods, such as reputation and network-based approaches to dealsourcing while also using online methods for identifying deals and opportunities. Wealth managers can use deal sourcing websites to find deals and opportunities. They're much more convenient than the large, cumbersome banks which are trapped in large-firm bureaucracy. This platform allows dealmakers to easily review and access a range of deals at the same time which could save them time and money.

Other online services that have changed the way family offices communicate with their clients include dashboards, like Wealthica, which automatically consolidate investments from a range of sources, bringing customers to daily interaction with their investments. It's a far cry from the days when wealth managers offered only periodic information on the status of their customers' investments.

The tools can be utilized to assist wealth managers in improving their effectiveness and speed. The strategy that underpins their investments is , in the end, the most crucial factor. The most effective strategy is to combine both the old and new. This means that you should continue looking for opportunities in real estate, but you can also explore investments in sectors like the science of climate change or food security. Impact investing has definitely "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018 one-third of family-owned businesses are engaged in impact investing and the majority of them are planning to expand their involvement in the near future. There are a few issues in this field, including difficulties in measuring impact or performing due diligence. But, the next generation UHNWIs and HNWIs will expect the family office to locate and secure these types of investments. Plato Capital, which I founded, is an investment bank that is focused on entrepreneurs. Our local expertise and network allows our clients to successfully manage risk and make optimal return on their capital.

All types of wealth managers will continue to flourish even in difficult times if they combine both the traditional and the contemporary and are open to changing demands and taking risk with their own structures.
Website: https://rekvizitai.vz.lt/en/company/lionsgate_procurement_services/farnoush_farsiar_direktore/