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

Family offices are increasingly catering to the mobile, younger generation. Every client, no matter their age, are attracted to investing via trading online. This has resulted in a greater interest in personal investments. Clients no longer wish to be left out of the decision-making process regarding discretionary portfolio mandates.

These changes come at a time of unprecedented financial and political instability. If an office tries to retain its old methods they'll soon be abandoned by those they supposed to be advising. They should adapt to be more entrepreneurial and develop a value offering for UHNWIs.

Family offices are diverse in terms of their size and size and. However, they should be able to concentrate on agility and streamlining their services rather than trying to become experts in every field. Clients will receive a more efficient service if they are able to employ fewer advisors who can quickly implement new technologies and bring in external specialists when required. These changes require that the lines between private and family office bank become blurred. The most successful firms retain the loyalty and trust of their family office , while being ahead of the curve in technology and finding deals.

You'll be successful if can leverage traditional, network- and reputation-based methods of dealsourcing, while employing online methods to find deals and opportunities. Deal sourcing platforms online are just one tool wealth managers and agile private offices can easily install instead of large cumbersome banks, who are mired in large-firm bureaucracy. Dealmakers can access and evaluate many deals at once and this can be a substantial savings in time and resources.

Wealthica and other dashboard services such as Wealthica are also revolutionizing the way family offices communicate directly with their customers. They consolidate investment seamlessly from multiple sources and bring clients into daily communications with their investment portfolios. https://www.instagram.com/farnoushhamidian/ is an enormous improvement from the past when wealth managers who only provide periodic updates on the status of their clients’ money.

These tools are not the only method wealth managers can improve efficiency and speed of their work. The investment strategies they employ is the most important element. The secret to success is mixing the traditional with the new. It is likely that you are likely to continue looking for deals in real property, and also explore investments in previously unexplored areas, like food security and climate science. Impact investing has certainly 'arrived" in the world of family offices - UBS Global Family Office Report 2018, which found that one-third of family offices were now involved in the field of impact investing. Most anticipate to become more involved in the near future. There are many hurdles in this area, such as the measurement of impact and conducting due diligence the younger generation of HNWIs and UHNWIs will expect their family offices to be able determine and secure these kinds of investments. Plato Capital, which I started in 2004, is an investment banking institution that focuses on entrepreneurs. Our extensive network and intimate knowledge within the local community allow our clients to effectively manage risk and maximize their capital return.

Wealth managers of every type will continue to flourish even in difficult times if they combine both the traditional and the contemporary and are open to new demands and take risks with their own structures.
Website: https://brexitregulations.net/tag/global/