Notes

How wealth management firms can be ready for turbulent times? [Farnoush Farsiar]
https://rekvizitai.vz.lt/en/company/lionsgate_procurement_services/farnoush_farsiar_direktore/ . https://www.platocapital.com/our-people . Technological revolution. These are just a few of the major changes that affect family offices, which is fundamentally challenging their operational structure and methods in the words of Farnoush Farsiar for EU Today.

More often, family offices cater to the young, more tech-savvy and mobile generation. Because of the economic crisis, all clients are becoming more involved and interested in their investment.

These changes occur in a period of extreme economic and political instability. If the offices attempt to maintain their current strategies however, they might realize that the people they were set up to help will leave them. Instead, they should adjust and adopt a more entrepreneurial approach to investment management to develop a true value offering for UHNWIs.

Family offices differ in terms of their dimensions and their the scope. They should be able to concentrate on scalability and streamlining their offerings, not trying to be experts in every subject. A smaller group of advisors who can quickly introduce the latest technologies and bring on board external experts when needed will ultimately provide better service to clients. These changes will require the blurring between family office and private banking. The most successful firms will keep the trust and respect of family offices and stay on top of trends in technology adoption and sourcing deals.

Your success will depend on your ability to tap into traditional networks, reputation-based, and network-based sources of deal source. It is also possible to utilize online methods and tools to discover opportunities or deals. https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi and wealth managers that manage large quantities of deals on the internet are more effective than banks that are cumbersome. The platform lets dealmakers easily access and evaluate many deals simultaneously, which can save them time and money.

Other online services that are changing how family offices interact with their clients includes dashboard services, such as Wealthica which instantly consolidates investment portfolios from various sources, bringing clients to daily interaction with their investments - an improvement from the days of wealth managers who gave periodic information on the status of their customers' funds.

The tools can be utilized to assist wealth managers in improving their effectiveness and speed. The primary factor is the investment strategy they employ. The best approach is to blend the old and the new. That means that you can continue to look for opportunities on real estate but you can also look into investments in other sectors like the science of climate change or food security. Impact investing has certainly "arrived" within the world of family offices. According to the UBS Global Family Office Report 2018 one-third of family-owned businesses are involved in impact investments with the majority expecting to grow their involvement in the near future. There are definitely challenges in this area, such as difficulty in monitoring impact and executing due diligence, the next generation of HNWIs as well as UHNWIs are expected to expect family offices to be able identify and secure these kinds of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experiences of its founders, who have been employed in major banks and the technology industry. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our clients can maximize their returns and control risks through our own network.

Wealth managers of every type can continue to thrive during turbulent times when they blend the old and the modern and are open to changing demands and taking risks with their own structures.
Website: https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf