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How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. Farnoush Farsiar , EU Today writes that these are just some of the major changes that have impacted family offices and fundamentally impacted their operating structures and practices.

Family offices are catering more and more to the younger, mobile generation. All clients, regardless of their age, are interested in investing through trading on the internet. This has resulted in a greater enthusiasm for personal investments. Clients no longer wish to be left out of the decision-making process for discretionary portfolio mandates.

These shifts, which happen in a period of unprecedented political and economic instability, herald the demise of the traditional family office model that is based on fees. If they continue to follow the old ways and practices, they'll be relegated by the people they were designed to serve. Instead, they should adjust and adopt a more entrepreneurial approach to investment management, in order to create a true worth offering for UHNWIs.

Family offices come in all sizes and styles. However, https://brexitregulations.com/tag/remain/ must prioritize efficiency and speed, as well as improving the efficiency of their services. Clients will benefit from a lesser number of advisors capable of quickly implementing new technologies and calling in specialists whenever required. These changes will require the blurring of lines between private banking and family offices the most successful companies will be those that maintain the loyalty and trust that a family office has whilst remaining ahead of the curve in the sourcing of deals and embracing technology.

Your success will be contingent on your capability to tap into traditional or network-based sources of deal sources. It is also possible to make use of online tools and methods to find deals or opportunities. Wealth managers can make use of online deal sourcing platforms to identify opportunities and deals. They are much easier than the large, cumbersome banks that are entangled in big-firm bureaucracy. Dealmakers can utilize these platforms to quickly access and assess a variety of deals. This results in substantial savings of time and funds.

Wealthica and other online services are changing the way family offices interact with clients. They consolidate investments across a variety of sources and bring clients into daily contact with their portfolios. This is a far cry away from when wealth managers would only provide intermittent updates to their clients' progress.

They are just that: they allow wealth managers to increase their effectiveness and speed. The most important factor to consider when investing is the strategy that underpins them. It is important to combine the old and the new. For example keep searching for real estate opportunities, while also looking into investment opportunities in emerging areas such as climate science or food security. The UBS Global Family Office Report 2018 found that impact investing is becoming the most talked about topic in family offices. One third of these family offices are involved in this kind of investment and many are planning to be more involved in the near future. While there are undoubtedly problems in this area, such as the difficulty of measuring impact and conducting due diligence, the upcoming generation of HNWIs as well as UHNWIs are expected to anticipate family offices to be able to find and secure these types of investments. My own firm, Plato Capital, is a small investment bank that is based on the expertise of its founders in family offices, large banks, and in the tech industry to offer investment advice with a particular attention to the entrepreneurial. Our clients are able to control risk and receive the best returns on their capital thanks to our network of local experts.

Through blending the traditional with the new, adapting to the demands of the new generation, and being prepared to risk their own strategies and structures, wealth managers of all kinds are able to stay relevant and prosper even in the midst of turbulent times.
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