Notes

How can firms that manage wealth be ready for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. These are only a handful of the most significant changes that are affecting family offices, which is fundamentally challenging their structures and practices as reported by Farnoush Farsiar for EU Today.

Family offices cater to a growing amount of mobile, younger and tech-savvy generation. The financial crisis as well as the increasing accessibility of trading online and its democratisation have led to clients becoming more interested in their investment choices. They are seeking greater control and understanding and don't want the discretionary portfolio management mandates of their clients in a jiffy.

These changes take place in a critical time of political and economic crisis. Offices that attempt to keep their old methods are likely to be abandoned by the individuals they were established to advise. They need to adapt to a more entrepreneur-like approach in the field of investment management, to provide UHNWIs the best value.

Although family offices can vary in size and size, they should focus on agility over trying to be an expert in all areas. Clients will receive a better service when they are able to employ fewer advisors who can quickly implement new technologies and bring in outside specialists when required. Since the lines between family and private banking are blurred, the best firms will have a small team of advisors who are able to quickly adopt new technologies and bring on board external specialists when required. This will enable them to provide the best service to customers.

Success will result from an ability to capitalise on more traditional, reputation-based and network-based strategies for deal sourcing as well as using online tools to identify deals and opportunities. Deal sourcing platforms on the internet can be easily incorporated by wealth managers and agile private offices, as opposed to banks that are burdened with bureaucracy. They allow dealmakers to access and evaluate a large amount of deals at a time, which is a significant saving of time and effort.

Wealthica and other online services are changing the way family offices interact with their clients. https://mlt.bizdirlib.com/fr/company-all/company/71447 consolidate investments across a variety of sources and bring clients into regular contact with their portfolios. It's a far way from the days when wealth managers would only offer periodic updates on their clients' progress.

They aren't the only way that wealth managers can boost efficiency and speed of their work. Their investment strategy is what matters the most. The advantage will be in mixing traditional and innovative strategies. Continue to seek out deals in realty and also consider investing in areas previously unknown like the effects of climate change and food security. The UBS Global Family Office Report 2018 revealed that impact investing has become the most talked about topic in family offices. About a third of family offices are involved in this kind of investment and many anticipate getting involved more in the near future. There are certain problems with this field, including difficulties in measuring impact or conducting due diligence. But, https://professionalparaplanner.co.uk/is-ai-a-threat-to-family-offices-and-wealth-managers/ and HNWIs will expect family office to be able find and secure these kinds investments. My own firm, Plato Capital, is a boutique investment bank which utilizes the knowledge of its founders, in family offices, banks, and the tech industry to provide investment advice with particular attention to the entrepreneurial. Our local experience and network allows us to assist our clients reduce risk while increasing their capital gains.

By blending the old and the modern, adjusting to the demands of the younger generation, and being prepared to take risks with their own methods and structures, wealth managers of all kinds can stay relevant and prosper in challenging times.
Homepage: https://www.cbetta.com/director/ahmad-reza-farsiar-2