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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology innovation. These are only a handful of the major changes that affect family offices and fundamentally threatening their operating structures and practices, writes Farnoush Farsiar for EU Today.

Family offices are catering to a younger, tech-savvy, and mobile-savvy generation more often. Because of the economic recession, clients are increasingly interested and involved in their investment.

These changes, which come during a time of unmatched political and economic instability will bring the demise of the traditional fee-based family office model. If a business tries to maintain its old practices, they'll be relegated by the very people they meant to advise. They need to be flexible and creative when managing investments so that they can provide UHNWIs with a true value proposition.

While family offices may differ in size and size, they should focus on agility over trying to be experts in every area. Clients can appreciate a lower number of advisors who are skilled at implementing rapid changes to technologies and bringing in specialists whenever they are required. https://find-and-update.company-information.service.gov.uk/officers/WK-EF0wApQbynTt8XCu6eTiRcxU/appointments make it necessary for the lines between family office and private banks blur. The most successful firms keep the trust and loyalty of their family offices while being ahead of the curve in technology and sourcing deals.

It is crucial to be able to use the traditional, network-based and reputation-based methods for deal sourcing. Online tools can also be utilized to spot deals and opportunities. Wealth managers can use deal sourcing websites to find deals and opportunities. They are much easier than large, cumbersome banks which are trapped in large-firm bureaucracy. Dealmakers can make use of these platforms to review and access a range of deals, which results in substantial savings of time and money.

Another service online that is changing how family offices interact with their clients is Wealthica. The dashboard service automatically consolidates investment from a variety of sources and brings clients in daily communication. It's a huge change from the past where wealth managers provided periodic updates on the state of the clients' investments.

These tools are not the only method wealth managers can improve the efficiency and speed up their processes. Their investment strategy is the most crucial aspect. It is crucial to mix the old and the new. For instance, continue to search for deals in real estate as well as looking at investments in new areas like climate science or food security. Impact investing has certainly "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, a third of family businesses are engaged in impact investing and the majority of them are planning to grow the amount of involvement they have in the coming years. There are many hurdles with this particular area like the measurement of the impact of investments and conducting due diligence the next generation HNWIs/UHNWIs will expect their family offices to be able find and secure these kinds of investments. My company, Plato Capital, is a small investment bank that is based on the expertise of its founders in family offices, large banks and the tech industry to provide investment advice with a focus on the entrepreneurial. Our clients can make maximum returns and manage risk with our personal network.

Wealth managers can prosper in turbulent times by blending past and the future and adapting to the demands of the young generation and taking risks by establishing their own structure.
Website: https://youcontrol.com.ua/en/catalog/gb-card/11913198/