Notes

How wealth management businesses can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technology innovation. Farnoush Farsiar writes for EU Today that these are just a few key changes that affect family offices and fundamentally threaten their structures of operation.

Family offices cater to more mobile, tech-savvy and younger generation. Due to the economic recession, clients are becoming more involved and interested in their investments.

These changes occur during a time of severe economic and political instability. If an office attempts to retain its old methods they'll soon be abandoned by those they supposed to be advising. They must change and be more innovative with their approach to investment management, to provide a real value proposition for UHNWIs.

Although the scope and size of family offices are diverse, it is crucial that they prioritize flexibility and streamlining over being experts in all things. Customers will get more efficient service if they have fewer advisors that are able to implement new technologies quickly and also bring in specialists from outside whenever needed. These new technologies will require that the boundaries between family office and private bank blur. The best firms will maintain the trust and loyalty of their family offices while staying in the forefront when it comes to technology and finding deals.

The success will come from the ability to capitalize on more traditional, reputation-based and network-based methods of deal sourcing while also employing online strategies to identify deals and opportunities. Deal sourcing platforms online can be easily incorporated by wealth managers and agile private offices, as opposed to large banks which are weighed down by bureaucracy. These platforms make it possible for dealmakers to review many deals simultaneously, and thus make it easier to save time and energy.

Wealthica and other online services have also changed the way family offices communicate with their clients. https://nzprofiles.com/company/5369521/kubernao-trust-limited consolidate investment portfolios across various sources, and put clients in daily contact with their portfolios. It's a way from the days when wealth managers were able to provide intermittent information on their clients' performance.

These tools can be used to assist wealth managers in improving their effectiveness and speed. The most important factor is the investment strategy they employ. The most effective strategy is to combine both the old and new. This means that you should continue looking for bargains in real estate, however, you should also consider investing in sectors like the science of climate change or food security. Impact investing has definitely "arrived" in the world of family offices. According to https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ , a third of family businesses are currently engaged in impact investing, with most expecting to increase their involvement in the near future. While there are undoubtedly problems with this particular field, for instance difficulties in monitoring impact and executing due diligence, the next generation of HNWIs as well as UHNWIs will anticipate family offices to be able to find and secure these types of investments. Plato Capital is a boutique bank that provides investment advice. It is based on the expertise of its founders from large banks, family offices as well as the tech industry to provide entrepreneurs with investment guidance. Our network and personal knowledge of the local region allows our clients to manage risk effectively and increase their capital returns.

All types of wealth managers can succeed in turbulent times by mixing old and the new by adjusting and making a risk with their structures and techniques.
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