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How can wealth management firms be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. https://uploads.cbar.az/assets/66aef129f26b7472e1e785b4f.xls -driven change. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and are fundamentally threatening the operating structures and practices.

Family offices cater to an increasingly tech-savvy, younger and mobile-savvy generation more frequently. In the wake of the financial recession, clients are becoming more involved and interested in their investment.

The changes are happening at a time where there an unprecedented economic and political turmoil. They also mark the end of the model of family offices that are fee-based. If an office attempts to retain its old methods they'll be relegated by those they supposed to be advising. They need to be agile and creative in managing investments to offer UHNWIs with a genuine value proposition.

Family offices are available in various dimensions and types. However, they must prioritize efficiency and flexibility in addition to improving the efficiency of their services. Customers will benefit from a smaller number of advisors who are adept at quickly implementing new technology and also bringing in experts whenever needed. As the boundaries between private and family banking are blurred, the best firms will have a smaller team of advisors who can quickly implement new technology and bring on board external specialists when required. This will enable them to provide an enhanced service to clients.

It is essential to be able to draw on the old-fashioned, network-based, and reputation-based methods of deal sourcing. Online tools can be utilized to find opportunities and deals. Wealth managers and private offices that manage large quantities of deals on the internet are superior to banks with a cumbersome structure. This platform allows dealmakers to quickly access and analyze a variety of deals at the same time and save time and money.

Wealthica and other services on the internet have also changed the way family offices communicate with their clients. They automatically consolidate investments across a variety of sources and allow clients to be in regular contact with their portfolios. This is a contrast to the past the days when wealth managers could only offer periodic updates on their clients' investments.

They are just tools that allow wealth managers to increase their effectiveness and speed. The method they use to make investments is ultimately the most important aspect. The most effective strategy is to combine both the old and new. This means that you should continue looking for deals in real estate, but also explore investments in areas such as the science of climate change or food security. The UBS Global Family Office Report 2018 found that impact investing has become the most talked about topic in family offices. About a third of family offices are involved in the type of investing that they are involved in and many are planning to be involved more in the future. While there are some challenges in this area, such as the measurement of the impact and conducting due diligence, next generation HNWIs/UHNWIs will expect their family offices to be able to identify and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders who worked for large banks, as well as in the technology industry. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our clients are able to manage risk and get the most value for their capital due to our network of local experts.

Wealth managers of all ages can thrive in turbulent times by blending traditional and new, adapting quickly to new demands and being open to taking risks with their own structure.
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