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How can firms that manage wealth prepare to face turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology innovation. Farnoush Farsiar writes for EU Today that these are only a few key changes that impact family offices and fundamentally threaten their structures of operation.

Family offices cater to the more mobile, tech-savvy and younger generation. Every client, no matter their age, are attracted to investing via online trading. This has resulted in increasing enthusiasm for personal investments. Clients no longer want to be left out of the process of deciding on discretionary portfolio mandates.

These changes occur at a time of unprecedented financial and political instability. https://www.bizdb.co.nz/company/9429041313046/ that try to keep their traditional methods may discover that they are not being used by the very people they were created to help. They need to adapt to a more entrepreneur-like approach in investment management in order to offer UHNWIs an authentic value proposition.

Although the size and scope of family offices are different, it's important that they focus on flexibility and streamlining over being experts in all things. Customers would appreciate a smaller staff of advisors that can quickly adopting new technologies as well as hiring external experts as needed. This has led to the blurring of distinctions between private banks and family offices. Successful firms will continue to retain the trust of family offices and the trust they enjoy while being ahead of the curve in sourcing deals and implementing new technology.

Your success will be contingent on your capability to tap into traditional, network-based, and reputation-based sources of deal sourcing. Additionally, you can use online methods and tools to identify deals or opportunities. Private offices and wealth managers that manage large quantities of deals online are superior to banks with a cumbersome structure. Dealmakers can use these platforms to swiftly review and access a range of deals, resulting in significant savings of time and resources.

Other online services which are changing the way family offices interact with their customers include dashboard serviceslike Wealthica, which automatically consolidate investment portfolios from various sources, bringing clients in daily contact with their investments. It's an improvement from the days when wealth managers gave periodic updates on the state of their clients' funds.

These tools are able to assist wealth managers in improving their effectiveness and speed. The most important factor is their investment strategy. The best approach is to blend the old and the new. That means that you should continue looking for bargains in real estate, but also look into investments in other areas such as the science of climate change or food security. Impact investing has undoubtedly 'arrived in the world of family offices. according to the UBS Global Family Office Report 2018 revealed that a third of family offices are now engaged in impact investing and most expect to become more involved in the near future. There are a myriad of issues with this area, including the challenge in assessing impact and conducting due diligence. However the next generation of UHNWIs and HNWIs are likely to expect family offices to find and secure these investments. My company, Plato Capital, is an investment bank that is boutique and is based on the expertise of its founders, in family offices, banks and the tech industry to offer advice on investment with a focus on the entrepreneurial. Our connections and experience of the local region allows our clients to reduce risk and increase their capital returns.

Wealth managers of every type will continue to flourish during turbulent times if they mix both the traditional and the contemporary and are open to the changing needs of the market and are willing to take risks with their own structure.
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