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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
https://opencorporates.com/officers?order=score&q=FARNOUSH+FARSIAR . Global mobility. https://ae.linkedin.com/in/farnoush-farsiar-b1583b66 . These are just a few of the major changes that affect family offices, and that are fundamentally changing their operating structure and methods, writes Farnoush Farsiar for EU Today.

Family offices are catering to a growing amount of mobile, younger and tech-savvy generations. Everyone, regardless of age, are becoming more concerned, regardless of financial status, in managing their own investment portfolios. That means they want more information and involvement and not just an investment manager to manage.

These changes occur at a crucial time in the economic and political crisis. If an office tries to keep its old ways of doing business, they'll soon be abandoned by the very people they meant to advise. They must change and be more innovative in their approach to managing investments, to provide a real value proposition for UHNWIs.

Family offices vary greatly in size and scope, however regardless of that, they must prioritise agility as well as streamlining their processes, rather than trying to be experts at everything. Customers will enjoy better service when they are able to employ fewer advisors who are able to implement new technologies quickly and bring in external specialists when needed. This has led to the blurring of distinctions between private banking and family offices. The most successful firms will continue to maintain the trust of family offices and the trust they have while also keeping up with the latest technology in sourcing deals and implementing the latest technologies.

Your success will be contingent on your ability to access traditional networks, reputation-based, and network-based sources of deal sources. Additionally, you can utilize online methods and tools to find deals or opportunities. Deal sourcing platforms on the internet are only one tool which wealth managers and agile private offices are able to easily set up in contrast to the large, heavy-handed banks that are mired in large-firm bureaucracy. This platform lets dealmakers quickly access and analyze a variety of deals simultaneously, which can save them time and money.

Other online services which have changed how family offices interact with their clients includes dashboard serviceslike Wealthica, which automatically consolidate investment portfolios from various sources, bringing customers into daily contact with their investments. It's an improvement from the past when wealth managers gave periodic updates on the progress of their clients' investments.

Of course, these tools are just tools - the methods by which wealth managers can improve the efficiency and speed with that they function. https://nzprofiles.com/company/5369521/kubernao-trust-limited is their investment strategy. Again, the edge comes from combining traditional and modern - continuing to search out opportunities in real estate and other areas as well as exploring investment opportunities in areas that have not been explored before, such as food security or climate science. Impact investing has definitely "arrived" within the family office industry. According to the UBS Global Family Office Report 2018, a third of family-owned businesses are engaged in impact investing with the majority expecting to grow the amount of involvement they have in the coming years. While there are some challenges with this particular area, such as the measurement of the impact and conducting due diligence the younger generation of HNWIs and UHNWIs will expect their family offices to be able identify and secure these types of investments. Plato Capital is a boutique bank that offers investment advice. It draws on the expertise of its founders from large family offices, banks as well as the technology industry to provide entrepreneurial investment advice. Our local expertise and networks allow us to help our clients successfully control risk while maximising their capital gains.

All types of wealth managers can be successful in turbulent times by mixing old with the new while experimenting and making a risk with their structures and techniques.
Here's my website: https://nzprofiles.com/company/5369521/kubernao-trust-limited