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How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technology revolution. Farnoush Farsiar , EU Today writes that these are just one of the many major developments that have affected family offices and fundamentally threatened their operational structures and methods.

Family offices are catering to an increasing number of young, mobile and tech-savvy generation. The financial crisis, along with the rise of democratisation and online trading has led to more clients becoming attracted to their investments. They are seeking greater control and understanding, and no longer have the desire to have discretionary portfolios that are managed in a jiffy.

These changes occur during a time of severe political and economic instability. If they attempt to continue with their old methods and practices, they'll be relegated by the people they were created to advise. They need to adapt to a more entrepreneurial approach in investment management to offer UHNWIs the best value.

Although family offices can vary in both size and size, they should focus on agility over the desire to be experts in every area. The best customer service will be offered by a small group of advisors who have the ability to rapidly implement new technology and engage external experts as needed. Since the lines between family and private banking are blurred the most successful firms will have a small team of advisors who can quickly implement new technology and also bring on external specialists when necessary. This allows the firm to offer an enhanced service to customers.

You'll be successful if are able to leverage traditional networks, reputation- and network-based strategies for dealsourcing. You can also do this by employing online methods to find deals and opportunities. Wealth managers and private offices with agile staff can install online deal sources platforms. It is in stark contrast with cumbersome banks that are in bureaucracy. These platforms make it possible for dealmakers to review multiple deals simultaneously and save considerable time and effort.

Other online services which are changing the way family offices interact with their clients includes dashboards, like Wealthica, which automatically consolidate investments from a range of sources, bringing clients in daily contact with their investments - an improvement from the days of wealth managers who provided only intermittent updates on the progress of their customers' funds.

Of course, these tools are just tools - the methods that wealth managers can improve their efficiency and speed at that they function. https://brexitcentral.com/author/farnoush-farsiar/ employ is the most important aspect. The key to success is to combine the traditional with the new. It is likely that you are likely to continue looking for deals in real property, as well as exploring investments in previously unexplored areas, like food security and climate science. Impact investing has certainly 'arrived" within the realm of family offices , according to the UBS Global Family Office Report 2018 found that a third of family offices were now involved in impact investing. The majority of them anticipate to become more involved in the future. There are a few issues with the field such as the difficulty of measuring impact and due diligence, HNWIs/UHNWIs in the future will expect family members to be able to find the right investment opportunities. Plato Capital is a boutique bank that provides investment advice. https://twitter.com/brexitcentral/status/1152601570447646720 draws upon the experience of its founders who have worked in large family offices, banks and in the tech industry to provide entrepreneurs with investment advice. Our clients are able to achieve maximum returns and reduce risk with our personal network.

By blending the old and the new, adapting to the changing needs of the younger generation, and preparing to risk their own methods and structures, wealth managers of all types can be successful and relevant even in the midst of challenging times.
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