Notes

How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational shifts Global mobility. Technology revolution. These are just a few of the key changes impacting family offices, which is fundamentally challenging their operating structures and practices, writes Farnoush Farsiar for EU Today.

In a growing number, family-owned businesses are catering to the younger, more tech-savvy and mobile generation. The financial crisis and the increasing accessibility of trading via online platforms have made all clients, irrespective of age, more interested in their own investment portfolios and want to gain more knowledge and more involvement, and have lost the old fashioned desire for discretionary portfolios that are managed by distance.

These changes occur in a period of extreme political and economic instability. If offices try to continue using their current methods and methods, they could find that the very people they were created to advise will abandon them. They need to be flexible and innovative in managing investments in order to offer UHNWIs with a true value proposition.

Family offices vary greatly in dimensions and scope, but regardless of that, they must prioritise agility as well as improving their services rather than trying to be experts at everything. Customers will appreciate a smaller group of advisors that can quickly implementing new technologies as well as hiring external experts whenever needed. These changes have led to the blurring of lines between private banking and family offices. Companies that are successful will continue to retain the loyalty of family offices and the level of trust they receive while being ahead of the curve in sourcing deals as well as embracing new technology.

Success will result from the capacity to profit from more traditional, traditional, network- and reputation-based methods of deal sourcing while also employing online strategies to find deals and opportunities. Wealth managers and private offices that manage large quantities of deals on the internet are more efficient than cumbersome banks. These platforms allow for dealmakers to review several deals at once and reduce time and effort.

Other services online that have changed how family offices interact with their customers include dashboards, like Wealthica which instantly consolidates the investments of a variety of sources, bringing clients to daily interaction with their investments. It's an improvement from the days when wealth managers gave periodic updates on the progress of their clients' investments.

https://blackcowriefinance.com/2020/12/21/financial-services-will-enjoy-a-brexit-boom-if-the-regulators-let-us-take-advantage-of-the-opportunities-it-presents/ do exactly that: they allow wealth managers to boost their effectiveness and speed. The way they invest matters most. Again, the edge is in bringing together the old and the innovative - continuing to seek for deals in real estate and other areas, whilst also exploring investments in fields that were previously unexplored like food security or climate science. Impact investing has certainly 'arrived" within the realm of family office - UBS Global Family Office Report 2018, which found that one-third of family offices were involved in impact investing. Many expect to be more involved in the near future. There are certain problems with this area, such as challenges in measuring impact and performing due diligence. But, the next generation UHNWIs and HNWIs will want their family offices to be able to locate and secure these types of investments. Plato Capital, which I founded, is an investment bank that is focused on entrepreneurs. Our local experience and networks allow us to help our clients effectively control risk while maximising their capital gains.

Blending the old with the new, while adjusting to the needs of the younger generation, and being prepared to be risk-averse with their own methods and structures Wealth managers of all types can stay relevant and prosper even in the midst of turbulent times.
My Website: https://getbritainout.org/johnson-and-javid-are-only-part-of-the-brexit-recipe-for-the-citys-success/