Notes

How can firms that manage wealth be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. Farnoush Farsiar , EU Today writes that these are just a few of many key changes that have affected family offices and fundamentally impacted their operational structures and practices.

https://numberfields.asu.edu/NumberFields/show_user.php?userid=442085 are increasingly catering to the younger, mobile generation. Everyone, regardless of age, have become more attracted, regardless of their financial status in managing their personal investment portfolios. That means they want more involvement and information, not just an investment manager to manage.

These changes occur at a time of unprecedented financial and political turmoil. 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 creative when managing investments so that they can give UHNWIs with a true value proposition.

Family offices vary hugely in dimensions and scope, but irrespective of this they should prioritise agility as well as improving their services, rather than trying to be experts at everything. The best service for clients will be provided by a smaller group of advisors who are able to rapidly implement new technology, and bring on board external experts when required. These developments have resulted in the blurring of the lines between private banking and family offices. Successful firms will continue to preserve the loyalty of family offices and the level of trust they enjoy while keeping up with the latest technology in sourcing deals as well as embracing the latest technologies.

It is crucial to be able to draw on the traditional, network-based and reputation-based methods for deal sourcing. Online tools can also be utilized to find opportunities and deals. Deal sourcing platforms on the internet can be easily installed by wealth managers and a flexible private offices, in contrast to big banks, which are weighed down by bureaucracy. Dealmakers have access to and can evaluate large numbers of deals simultaneously, which is a significant savings in time and resources.

Another online service that is changing the way family offices interact with their clients is Wealthica. This dashboard service automatically collects investments from multiple sources and puts clients in daily contact. It's a far cry back to the days when wealth managers would only provide periodic updates on the progress of the clients' investments.

These tools are not the only method wealth managers can improve effectiveness and speed of their operations. The strategy that underpins their investments is , in the end, the most important factor. The key to success is combining traditional methods with new ones. The company will continue to search for deals in real estate, and also explore investment opportunities that aren't explored before such as food security and climate science. Impact investing is certainly "arrived within the family office sector. The UBS Global Family Office Report 2018 showed that one third of family members are actively engaged in impact investing. Many expect to take part in the future. There are many hurdles with this particular area, such as the measurement of the impact of investments and conducting due diligence younger generation of HNWIs and UHNWIs will expect their family offices to be able identify and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders, who have worked for large banks, as well as in the tech industry. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our local experience and connections allow us to help our clients successfully reduce risk while increasing their capital gains.

Wealth managers of every type will continue to flourish during turbulent times when they blend the old and modern and are willing to adjust to changing demands and taking risks with their own structures.
Website: https://farangmart.co.th/author/farnoush-farsiar8jdd/