Notes

How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technological change. Farnoush Farsiar of EU Today notes these are only a few of the major changes that affect family offices, and ultimately threatening their operations and practices.

Family offices are increasingly catering to the young, mobile generation. All clients, regardless their age, have become more interested, regardless of their financial status and in managing their own investment portfolios. That means they seek out more involvement and information, not just the services of a portfolio manager.

These changes come in a time of unprecedented political and financial turmoil. If an office tries to keep its old ways of doing business, they'll soon be abandoned by those they supposed to be advising. They will need to adjust to a more entrepreneurial approach in investment management to offer UHNWIs the best value.

Family offices differ greatly in dimensions and scope, but regardless of that, they must prioritise agility as well as streamlining their processes, rather than trying to be experts at everything. The best customer service is provided by a small group of advisors who have the ability to quickly implement new technologies and engage external experts as needed. These changes require that the lines between family office and private bank blur. The best firms will keep the trust and loyalty of their family office while staying ahead of the curve in terms of technology and the sourcing of deals.

It is important to be able to draw on the old-fashioned, network-based, and reputation-based strategies for deal sourcing. These tools can be utilized to find opportunities and deals. Deal sourcing platforms online are just one of the tools which wealth managers and agile private offices are able to easily set up in contrast to the large, cumbersome banks, who are mired in large-firm bureaucracy. This platform allows dealmakers to quickly access and analyze a variety of deals simultaneously, which can save them time and money.

Other online services that are changing the way family offices communicate with their clients include dashboards, like Wealthica that automatically consolidates the investments of a variety of sources, bringing clients in daily contact with their investments - which is a vast improvement over the days of wealth managers who gave periodic updates on the state of their customers' investments.

https://www.transtats.bts.gov/exit.asp?url=https://www.cbetta.com/director/ahmad-reza-farsiar-2 't the only method wealth managers can improve effectiveness and speed up their processes. The most important factor to consider when investing is the strategy that underpins the strategies. The best strategy will combine both the old and new. That means that you can continue to look 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 definitely "arrived" within the world of family offices. According to the UBS Global Family Office Report 2018 one-third of family businesses are currently involved in impact investment, with most expecting to increase the amount of involvement they have in the coming years. There are a few issues in this field, including issues with measuring impact or performing due diligence. However the next generation of UHNWIs and HNWIs are likely to expect a family offices to be able to find and secure these kinds investments. Plato Capital, which I started, is an investment bank that focuses on entrepreneurs. Our local expertise and network allows our clients to effectively control risk and earn the best returns on their capital.

Wealth managers can thrive during turbulent times through mixing the past with the present, adapting to the needs of the young generation and taking risks in their own frameworks.
My Website: https://git.sicom.gov.co/farnoush.farsiar8aaa