Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational shifts Global mobility. Technological transformation. Farnoush Farsiar , EU Today writes that these are only some of the major developments that have affected family offices, and in the end threatened their operational structures and methods.

Increasingly, family offices are catering to the younger, more tech-savvy and mobile generation. In https://www.companydirectorcheck.com/ahmad-reza-farsiar-2 of the financial recession, clients are becoming more involved and interested in their investment.

These changes occur at a crucial time in political and economic chaos. If an office attempts to keep its old ways of doing business, they'll be relegated by those they supposed to be advising. They must be flexible and innovative in managing investments in order to give UHNWIs with a true value proposition.

Family offices differ greatly in dimensions and scope, but regardless of that, they must focus on agility and improving their services rather than trying to be experts in everything. Customers will appreciate a lower number of advisors who are adept at quickly implementing new technology and also bringing in experts whenever they are required. This has led to the blurring of the lines between private banking and family offices. Companies that are successful will continue to maintain the trust of family offices and the level of trust they have while also being ahead of the curve in sourcing deals and implementing new technologies.

The ability to use traditional, reputation-based, and network-based methods to source deals will result in the success. However, you can also use online methods to locate opportunities and deals. Online deal sourcing platforms are just one tool wealth managers and agile private offices can readily install instead of large bankers who are ensnared in bureaucratic red tape. Dealmakers can use these platforms to review and access a range of deals. This results in substantial savings of time and funds.

Another online service that is changing the way family offices communicate with their clients is Wealthica. This dashboard service automatically consolidates investment from multiple sources and brings clients into regular contact. It's a huge change back to the days when wealth managers only provided periodic updates on the progress of clients' money.

Of course the tools are just an instrument that wealth managers can increase the speed and efficiency with that they function. The most important factor is the investment strategy they employ. The best strategy will combine both the old and new. That means that you can continue to look for bargains in real estate, but also consider investing in areas like food security or climate science. Impact investing has certainly 'arrived in the family office sector. The UBS Global Family Office Report 2018 showed that one third of family officers are involved with impact investing. Many expect to take part in the near future. There are many challenges in this area, including the challenge of determining impact and performing due diligence. However, the next generation UHNWIs and HNWIs will be expecting family offices to find and secure these investments. Plato Capital, which I created in 2004, is an investment banking institution that is focused on entrepreneurs. https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi and connections allow us to help our clients successfully manage risk while maximizing their capital returns.

Through blending the traditional with the new, adapting to the changing needs of the new generation, and preparing to be risk-averse with their own strategies and structures Wealth managers of all kinds can remain relevant and thrive in turbulent times.
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