Notes

How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
https://www.companydirectorcheck.com/ahmad-reza-farsiar-2 . Global mobility. Technological revolution. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and fundamentally threatening operational structures and procedures.

Family offices cater to the more mobile, tech-savvy and younger generation. Everyone, regardless of age, are becoming more attracted, regardless of their financial situation, in managing their own investments. This means they seek out more information and involvement and not just the services of a portfolio manager.

These changes, which come during a time of unmatched political and economic instability are a sign of the end of the fee-based family office model. If an office attempts to maintain its old practices, they'll soon be abandoned by those they supposed to help. They will need to adjust to a more entrepreneur-like approach in the field of investment management, to provide UHNWIs an authentic value proposition.

Family offices are diverse in terms of their dimensions and their the scope. But, they must be able to focus on efficiency and streamlining their services, not trying to become experts in each subject. The best service for clients will be provided by a smaller group of advisors who have the ability to rapidly implement new technology and also bring in external experts when needed. These developments make it necessary for the lines between private and family offices banks blur. The best firms will retain the loyalty and trust of their family offices while being ahead of the curve when it comes to technology and the sourcing of deals.

It is crucial to be able to draw on the old-fashioned, network-based, and reputation-based methods for deal sourcing. Online tools can also be utilized to spot deals and opportunities. Private offices and wealth managers that can manage large numbers of deals on the internet are more effective than banks that are cumbersome. Dealmakers can access and evaluate many deals at once this is a huge time and resource saving.

Wealthica is another online platform that has revolutionized how a family office interacts with clients. Wealthica's dashboard features automatically consolidate investments from various sources. Customers can be in constant contact with their investment portfolios. This is far better than the days when wealth management provided only periodic updates regarding the status and location of the money they had earned for their clients.

They aren't the only method wealth managers can increase the efficiency and speed of their operations. The strategy that underpins their investment strategy is the most important aspect. It is important to combine the traditional and new. For instance you should continue searching for deals in real estate and also look into investing in areas that aren't as well-known, such as food security or climate science. Impact investing has certainly 'arrived' within the family office industry. According to https://twitter.com/BrexitCentral/status/1140499332128530432 found that a third of family officers are actively engaged in impact investing. Many anticipate taking part in the coming years. There are a few issues regarding the field like difficulties in quantifying impact and due diligence, HNWIs/UHNWIs in the future will require family members to be able to find these investments. Plato Capital, which I started as an investment bank, is a company that focuses on entrepreneurs. Our clients are able to successfully manage risk and get the most value for their capital due to our network of local experts.

By blending the old and the modern, adjusting to the demands of the new generation and being prepared to risk their own methods and structures Wealth managers of all types can be successful and relevant in difficult times.
My Website: https://twitter.com/BrexitCentral/status/1140499332128530432