Notes

How can wealth management companies be prepared for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. Farnoush Farsiar , EU Today writes that these are just some of the major changes that have affected family offices and fundamentally impacted their operating structures and methods.

Family offices are catering to an increasingly tech-savvy, younger and mobile-savvy generation more often. Due to the financial crisis, everyone is increasingly interested and involved in their investments.

The changes are happening at a time where there an unprecedented economic and political turmoil. These changes also mark the end of the family office model that is fee-based. Offices that try to keep their previous methods will be relegated to the very individuals they were created to help. They need to be flexible and creative when managing investments so that they can provide UHNWIs with a true value proposition.

Family offices vary hugely in terms of dimensions and scope, but regardless of that, they must prioritise agility as well as streamlining their service rather than striving to be specialists at everything. Customers will enjoy more efficient service if they are able to employ fewer advisors who can quickly implement new technologies and bring in external specialists whenever needed. These changes will require the blurring between family office and private banking. Successful firms will maintain the trust and loyalty of family offices while staying on top of trends in technology adoption and the sourcing of deals.

You will succeed if you can leverage traditional networks, reputation- and network-based methods of dealsourcing, while making use of online tools to identify deals and opportunities. Private offices and wealth managers with agile staff can install online deal sources platforms. It is in stark contrast to the cumbersome banks that are ensconced in bureaucracy. These platforms allow for dealmakers to review many deals simultaneously, and thus save considerable time and effort.

Wealthica and other services on the internet are also changing how family offices communicate with their clients. They automate the consolidation of investment portfolios across various sources and bring clients into daily contact with the portfolios. It's a contrast to the past when wealth managers were able to give periodic information on their clients' progress.

The tools can be utilized to assist wealth managers in improving their efficiency and speed. The strategy that underpins their investments is , in the end, the most important factor. Again, the edge is in bringing together the old and the new - continuing to scout for deals in real estate etc as well as exploring investment opportunities in fields that were previously unexplored, such as food security or climate science. Impact investing has certainly "arrived" within the world of family offices. According to the UBS Global Family Office Report 2018, one third of family businesses are currently involved in impact investments with the majority expecting to expand their involvement in the near future. There are many issues in this area, including the challenge of determining impact and performing due diligence. But the next generation of UHNWIs and HNWIs will be expecting family offices to determine and secure investments in this area. Plato Capital is my boutique investment bank. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times draws from the experience of its founders who have worked for large banks, as well as in the technology industry. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our clients can successfully manage risk and get the highest returns from their capital thanks to our network of local experts.

https://twitter.com/brexitcentral/status/1151733390485467136 of all ages can thrive in turbulent times by blending traditional and new, adapting quickly to the changing demands, and being open to taking chances with their own systems.
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