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How can firms that manage wealth prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and fundamentally threatening working structures and practices.

Family offices are catering more and more to the young, mobile generation. All clients, regardless of their age, are interested in investing through online trading. This has led to an increased interest in personal investments. Clients no longer wish to be left out of the process of deciding on discretionary portfolio requirements.

These changes are coming at a time when there an unprecedented level of economic and political turmoil. They also mark the end of the family office model that is fee-based. If they continue to follow the old ways in place, they'll soon be rejected by the very people they were designed to help. They must adapt to a more entrepreneur-like approach in the field of investment management, to provide UHNWIs the best value.

Family offices are diverse in terms of their dimensions and their size and. But, they must be able to focus on agility and streamlining their offerings, not trying to become experts in every subject. Customers will appreciate a lower amount of advisors capable of quickly implementing new technologies and bringing in specialists as required. 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 adopt new technologies and bring on board external experts when needed. This allows the firm to offer a more valuable service to customers.

You'll be successful if are able to use traditional networks, reputation- and network-based strategies for dealsourcing. You can also do this by using online methods for identifying deals and opportunities. Deal sourcing platforms online are easily installed by wealth managers and agile private offices, in contrast to banks that are weighed down by bureaucracy. These platforms allow dealmakers to assess several deals at once and save considerable time and effort.

Wealthica is another online service that has revolutionized the way family office interacts with clients. Wealthica's dashboards automatically consolidate investments from various sources. Clients are able to be in constant contact with their investment portfolios. This is a lot more efficient than where wealth management would only provide periodic updates about the status and location of the client's money.

They are just that: they allow wealth managers to improve their effectiveness and speed. Their investments strategy is what matters the most. The best approach is to blend both the old and new. This means that you can continue to look for opportunities on real estate however, you should also explore investments in sectors like food security or climate science. The UBS Global Family Office Report 2018 showed that impact investing is becoming an increasingly popular topic within family offices. One third of these family offices are involved in the type of investing that they are involved in and many are planning to be involved more in the future. There are many challenges in this area, including the challenge of measuring impact and doing due diligence. However the next generation of UHNWIs, and HNWIs, will expect family offices can find and secure these investments. Plato Capital, which I started, is an investment bank which focuses on entrepreneurs. Our local expertise and network allows our clients to effectively manage risk and achieve optimal returns on their capital.

Anyone who is a wealth manager can thrive in turbulent times by blending old and new, adapting quickly to the changing demands, and being willing to take chances with their own systems.
Here's my website: https://ae.linkedin.com/in/farnoush-farsiar-b1583b66