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How can firms that manage wealth prepare to face turbulent times [Farnoush Farsiar]
Generational changes Global mobility. Technology transformation. Farnoush Farsiar writes for EU Today that these are only a handful of major changes that affect family offices and pose a serious threat to their operating structures.

Family offices are catering to an increasing number of younger, mobile and tech-savvy generations. The financial crisis as well as the rise of democratisation and online trading has led to more clients becoming interested in their investment choices. They are seeking more control and knowledge and don't are they looking for discretionary portfolios that are managed in a jiffy.

These changes take place at a crucial time in the economic and political chaos. Offices that attempt to keep their existing methods will soon be abandoned by the individuals they were created to help. Instead, they should adjust and adopt a more entrepreneurial approach to investment management and create an authentic worth offering for UHNWIs.

Although family offices can vary in terms of size and scope, they should prioritize agility over the desire to be experts in all areas. Customers will appreciate a smaller team of advisors who are capable of quickly adopting new technologies as well as hiring external experts whenever needed. As the boundaries between family and private banking are blurred, the best firms will have a smaller group of advisors who can quickly implement new technology and also bring on external specialists when necessary. This will enable the firm to offer a more valuable service to their clients.

https://uploads.cbar.az/assets/66aef129f26b7472e1e785b4f.xls to use traditional, reputation-based, and network-based methods to source deals can lead to the success. However, you can make use of online tools to locate deals and opportunities. Wealth managers and private offices which can handle large amounts of deals online are more effective than banks that are cumbersome. Dealmakers are able to access and analyze many deals at once and this can be a substantial time and resource saving.

Wealthica is another online platform which has changed the way a family offices interact with their clients. Wealthica's dashboards will automatically combine investments from different sources. Clients can be in constant contact with their investments. This is far more efficient than when wealth management provided only periodic updates regarding the condition and status of the money they had earned for their clients.

These tools do exactly thatthey enable wealth managers to improve their efficiency and speed. Their investment strategy is what is most important. Again, the edge comes from combining the old and the new - continuing to scout for deals in real estate as well as exploring investment opportunities in fields that were previously unexplored, such as food security or climate science. Impact investing is definitely 'at last within the world of family offices. according to the UBS Global Family Office Report 2018 showed that one-third of family offices are now involved in impact investing and many expect to become more active in the coming years. There are a myriad of issues with this area, including the challenge of measuring impact and doing due diligence. However, the next generation UHNWIs, and HNWIs, are likely to expect family offices to find and secure these investments. Plato Capital is a boutique bank that provides investment advice. It draws on the knowledge of its founders from big banks, family offices and the tech industry to offer entrepreneurial investment advice. Our extensive network and intimate knowledge of the local region allows our clients to effectively manage risk and increase their capital returns.

By blending the old and the modern, adjusting to the demands of the young generation and being prepared to be risk-averse with their own strategies and structures Wealth managers of all kinds can be successful and relevant even in the midst of turbulent times.
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