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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology innovation. Farnoush Farsiar from EU Today discusses the major changes that affect family offices and fundamentally threatening working structures and practices.

Family offices are catering to a growing number of younger, mobile and tech-savvy generation. The financial crisis and the rise of democratisation and online trading have made clients more keen on their investments. They want greater control and understanding, and no longer have the desire to have the discretionary portfolio management mandates of their clients at arm's reach.

The changes are happening at a time where there is unprecedented political and economic instability. They also signal the end of the fee-based family offices model. If they try to keep their old methods in place, they'll soon be rejected by the people they were designed to serve. They must change and be more innovative in their investment management approach in order to offer a true benefit proposition to UHNWIs.

Although family offices can vary in both size and scope, they should prioritize agility over trying to be experts in all fields. A smaller group of advisors who can quickly implement new technologies and bring in external specialists when necessary will provide better service to clients. These changes will require the blurring of family offices and private banking. https://b2bhint.com/ro/officer/13721770 will maintain the trust and loyalty of family offices, while staying on top of trends in technology adoption and sourcing deals.

The capability to utilize traditional, reputation-based, and network-based methods for deal sourcing will lead to the success. But, you can also use online methods to locate deals and opportunities. Wealth managers and private offices which can handle large amounts of deals on the internet are superior to banks with a cumbersome structure. Dealmakers can use these platforms to quickly browse and evaluate a variety of deals. This results in significant savings of time and money.

Another online service that is altering how family offices interact with clients is Wealthica. The Wealthica dashboard service automatically consolidates investment from a variety of sources and brings clients into daily contact. It's a far cry of the days when wealth managers only provided periodic updates on the progress of clients' money.

These tools are only that they're the tools for wealth managers to increase their efficiency and speed. The strategy that underpins their investment strategy is the most crucial factor. The best strategy will combine the traditional and the modern. This means that you can continue to look for deals on real estate but also look into investments in other sectors like food security or climate science. Impact investing has certainly "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, one third of family-owned businesses are involved in impact investment with the majority expecting to increase the amount of involvement they have in the coming years. There are https://www.thegazette.co.uk/company/10947406 of issues with this area, including the challenge in assessing impact and conducting due diligence. But the next generation of UHNWIs and HNWIs are likely to expect family offices to determine and secure investments in this area. My company, Plato Capital, is a boutique investment bank which utilizes the knowledge of its founders, in family offices, large banks, and in the tech industry, to offer investment advice with a an emphasis on the entrepreneurial. Our local knowledge and networks allow us to assist our clients control risk while maximising the capital return.

Wealth managers of all ages can thrive in turbulent times by blending traditional and newideas, quickly adapting to new demands and being open to taking risks with their own structure.
Website: https://www.thegazette.co.uk/company/10947406