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How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. Farnoush Farsiar writes for EU Today that these are only some of the major changes that impact family offices and could fundamentally alter their structures of operation.

More often, family offices are catering to the younger technologically-savvy, mobile generation. Every client, no matter their age, are attracted to investing via trading on the internet. This has led to increasing interest in personal investments. Customers do not wish to be left out of the decision-making process for discretionary portfolio requirements.

These changes happen at a time of extreme political and economic instability. Offices that attempt to keep their existing methods will soon be relegated by the people they were established to advise. They need to change to be more entrepreneurial and create an attractive proposition for UHNWIs.

Although the size and scope of family offices is diverse, it is crucial that they prioritize agility and streamlining rather than being experts in every aspect. Customers would appreciate a smaller staff of advisors who are capable of quickly adopting new technologies as well as the hiring of external experts when required. These new technologies make it necessary for the lines between private and family offices bank blur. The best firms will keep the trust and loyalty of their family office while staying in the forefront when it comes to technology and finding deals.

Your success is contingent upon your ability to tap into traditional, network-based, and reputation-based sources of deal source. Additionally, you can make use of online tools and methods to identify deals or opportunities. Deal sourcing platforms on the internet are just one of the tools wealth managers and flexible private offices can easily install instead of large heavy-handed banks that are mired in large-firm bureaucracy. These platforms make it possible for dealmakers to review many deals simultaneously, and thus make it easier to save time and energy.

Another online service that's revolutionizing how family offices interact with clients is Wealthica. This dashboard service automatically collects investments from multiple sources and puts clients in daily communication. https://www.instagram.com/farnoushhamidian/ 's a far cry from the past when wealth managers would only provide occasional updates about the progress of clients' money.

They aren't the only method wealth managers can increase effectiveness and speed of their work. The way they invest matters most. The advantage is in bringing together the old and the new - continuing to scout for deals in real estate etc while also considering investments in areas that have not been explored before like food security or climate science. Impact investing is definitely 'arrived' within the family office industry. According to the UBS Global Family Office Report 2018 revealed that one-third of family officers are actively involved in impact investing. https://nzprofiles.com/company/5369521/kubernao-trust-limited of people are planning to take part in the near future. While there are undoubtedly problems with this particular field, for instance the difficulty of measuring impact and conducting due diligence, the coming generation of HNWIs and UHNWIs are expected to anticipate family offices to be able determine and secure these kinds of investments. Plato Capital is a boutique bank that offers investment advice. It draws on the knowledge of its founders in large banks, family offices as well as the technology industry to provide entrepreneurial investment advice. Our local knowledge and networks allow us to assist our clients effectively control risk while maximising the capital return.

By blending the old and the new, adapting to the changing needs of the younger generation, and being prepared to risk their own structures and techniques Wealth managers of all kinds are able to be successful and relevant during turbulent times.
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