Notes

How can wealth management firms be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technological revolution. Farnoush Farsiar of EU Today writes these are just some of the significant changes that have affected family offices and fundamentally threatening their operations and practices.

Family offices cater to an increasing number of young, mobile and tech-savvy generation. The financial crisis and the increasing accessibility of trading using online platforms have made all clients, irrespective of age and interests, more interested in their own investments which means they are looking to be more informed and involvement in their investments, and have lost the traditional appetite for discretionary portfolios that are managed by an arm's length.

The changes are occurring at a crucial time in political and economic chaos. If they continue to follow their old methods, they will be abandoned by the very people they were designed to help. They need to change and become more entrepreneurial in their approach to managing investments in order to offer a true value proposition for UHNWIs.

While family offices may differ in both size and their scope, they should prioritise agility over the desire to be an expert in all fields. Clients will benefit from a lesser number of advisors capable of quickly implementing new technologies and bringing in specialists whenever needed. These changes require that the lines between family office and private bank become blurred. The best firms will keep the trust and loyalty of their family offices while staying in the forefront in terms of technology and finding deals.

You'll be successful if are able to use traditional methods, such as reputation and network-based strategies for dealsourcing. You can also do this by using online methods for identifying opportunities and deals. Private offices and wealth managers with a flexible staff can set up online deal platform for sourcing. It is in stark contrast to the cumbersome banks, which are ensconced within bureaucracy. These platforms allow dealmakers to access and evaluate a large amount of deals at a time - a substantial saving of time and resources.

Wealthica and other services on the internet are changing the way family offices interact with their clients. They consolidate investment portfolios across various sources and bring clients into regular contact with their portfolios. This is a far contrast to the past when wealth managers would only provide intermittent updates to their clients' investments.

Of http://companycheck.co.uk/search?term=farnoush farsiar , these tools are just an instrument by which wealth managers can increase the efficiency and speed with the way they work. The most important factor is their investment strategy. The secret to success is combining the traditional with the new. It is likely that you will continue to seek out deals in real estate, and also explore investment opportunities that were previously not explored such as food security and climate science. Impact investing has definitely 'arrived" in the world of family office - UBS Global Family Office Report 2018, which found that one-third of family offices were involved in impact investing. Most expect to be more involved in the near future. There are many challenges in this field including the difficulty in assessing impact and conducting due diligence. However, the next generation UHNWIs and HNWIs will expect family offices can determine and secure investments in this area. Plato Capital is a boutique bank that provides advice on investing. It draws upon the knowledge of its founders from big banks, family offices as well as the tech industry to provide entrepreneurs with investment advice. Our local expertise and network allows us to assist our clients successfully control risk while maximising their capital gains.

By blending the old and the new, adapting to the changing needs of the younger generation, and being prepared to take risks with their own strategies and structures Wealth managers of all kinds can be successful and relevant in difficult times.
Website: https://ae.linkedin.com/in/farnoush-farsiar-b1583b66