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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology-driven change. These are just a few of the most significant changes that are affecting family offices, and that are fundamentally changing their operating structure and methods as reported by Farnoush Farsiar for EU Today.

Family offices are increasingly catering to the younger, mobile generation. Every client, no matter their age, have become more interested, regardless of their financial status, in managing their own investments. This means that they are looking for more involvement and information, not just an investment manager to manage.

These changes are coming at a time where there is unprecedented political and economic turmoil. They also signal the end of the model of family offices that are fee-based. Offices that attempt to keep their current practices will soon be abandoned by the individuals they were created to help. https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ should adapt to be more entrepreneurial and create the value offering for UHNWIs.

Although the size and scope of family offices are varied, it is important to focus on efficiency and speed rather than being experts in every aspect. Customers will benefit from a lesser amount of advisors skilled at implementing rapid changes to technologies and calling in specialists when required. These changes will require the blurring between family office and private banking. 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/ will maintain the trust and respect of family offices while staying ahead of the curve in technology and the sourcing of deals.

Your success will depend on your ability to tap into traditional, network-based, and reputation-based sources of deal source. You can also use online methods and tools to discover opportunities or deals. Online deal sourcing platforms are just one of the tools wealth managers and flexible private offices are able to easily set up in contrast to the large, heavy-handed banks that are ensnared in bureaucratic red tape. Dealmakers can access and evaluate huge numbers of deals at the same time and this can be a substantial time and resource saving.

Another online service that is altering the way family offices communicate with their clients is Wealthica. The dashboard service automatically collects investments from multiple sources and brings clients into daily contact. It's a far cry of the days when wealth managers only provided occasional updates about the progress of clients' money.

These tools are only that they're the tools wealth managers have to improve their efficiency and speed. Their investment strategy is the primary element. The secret to success is combining traditional and new. The company will continue to seek out deals on real estate as well as exploring investment opportunities that aren't explored before like food security or climate science. The UBS Global Family Office Report 2018 showed that impact investing is now an increasingly popular topic within family offices. A third of family offices are involved in the type of investing that they are involved in and many are planning to be more involved in the near future. While there are undoubtedly problems with this particular field, for instance difficulty in measuring impact and conducting due diligence, the upcoming generation of HNWIs and UHNWIs will anticipate family offices to be able find and secure these types of investments. Plato Capital, which I created as an investment bank, is a company that focuses on entrepreneurs. Our network and personal knowledge in the local area allows our clients to manage risk effectively and maximize their capital return.

Blending the old with the new, while adjusting to the changing needs of the younger generation and being prepared to take risks with their own structures and techniques, wealth managers of all types can be successful and relevant even in the midst of challenging times.
My Website: https://rekvizitai.vz.lt/en/company/lionsgate_procurement_services/farnoush_farsiar_direktore/