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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. Farnoush Farsiar of EU Today writes these are just some of the significant changes that affect family offices and fundamentally challenging their business practices and operations.

Family offices are geared towards the increasingly mobile, tech-savvy and younger generations. https://ae.linkedin.com/in/farnoush-farsiar-b1583b66 and democratisation of trading via online platforms have brought all customers, regardless of age at all, more involved in their own investment portfolios and want to have more knowledge and more involvement and have lost the desire to have discretionary portfolios that are managed by distance.

These changes occur in a time of unprecedented political and financial turmoil. Offices that attempt to continue their previous methods will find they are abandoned by the very people they were founded to assist. https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ must adapt to a more entrepreneur-like approach in investment management in order to offer UHNWIs a true value proposition.

Family offices vary greatly in size and scope, however irrespective of this they should focus on agility and streamlining their service instead of striving to be specialists in all things. The best customer service will be provided by a small group of advisors who have the ability to rapidly implement new technology, and bring on board external experts when needed. These changes will result in the blurring between family office and private banking. The most successful firms will keep the trust and loyalty of family offices, while staying on top of trends in the adoption of technology and the sourcing of deals.

The capability to utilize traditional, reputation-based, and network-based methods to source deals will result in success. But, you can make use of online tools to discover deals and opportunities. https://twitter.com/brexitcentral/status/1151733390485467136 and private offices with a flexible staff can set up online deal sources platforms. This is in contrast to cumbersome banks that are ensconced in bureaucracy. Dealmakers can utilize these platforms to quickly browse and evaluate a variety of deals. This results in substantial savings of time and money.

Wealthica and other dashboard services such as Wealthica are also revolutionizing the way family offices communicate directly with their customers. These services consolidate investments seamlessly from multiple sources and put clients in daily communication with their investment portfolios. This is a huge improvement over the previous system of wealth managers only providing periodic updates regarding the progress of their clients' money.

These tools aren't the only method wealth managers can improve effectiveness and speed up their processes. The way they invest matters most. It is important to combine the old and the new. For instance keep searching for real estate deals as well as looking at investment opportunities in emerging areas such as food security or climate science. Impact investing has undoubtedly 'arrived' in the world of family offices - according to the UBS Global Family Office Report 2018 showed that one-third of family offices are now engaged in impact investing and many expect to become more active in the coming years. While there are undoubtedly problems in this field, including the difficulty of monitoring impact and executing due diligence, the next generation of HNWIs as well as UHNWIs are likely to anticipate family offices to be able to find and secure these types of investments. My company, Plato Capital, is a boutique investment bank which utilizes the knowledge of its founders, including family offices, big banks, and the tech industry to offer advice on investment with particular attention to the entrepreneurial. Our network and personal knowledge within the local community allow our clients to manage risk effectively and maximize their capital return.

Wealth managers of all ages are able to survive turbulent times by blending old and new, adapting quickly to the changing demands, and being willing to take chances with their own systems.
Website: https://nzprofiles.com/company/5369521/kubernao-trust-limited