Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational change. Farnoush Farsiar Farnoush Farsiar Global mobility. Technology transformation. Farnoush Farsiar writes for EU Today that these are only some of the major changes that affect family offices and could fundamentally alter their operating structures.

Family offices serve a younger, tech-savvy, and mobile-savvy generation more frequently. The financial crisis and democratisation of trading using online tools have made all clients, irrespective of age and interests, more interested in their own investments and want to have more knowledge and more involvement, and have lost the old fashioned desire for discretionary portfolios, which are managed with arm's length.

These shifts, which happen during a time of unmatched economic and political instability will bring the end of the fee-based family office model. If family offices maintain their current strategies and methods, they could realize that the people they were set up to help will leave them. They will need to adjust to a more entrepreneur-like approach in the field of investment management, to provide UHNWIs a true value proposition.

While family offices may differ in terms of size and scope, they should prioritize agility over the desire to be experts in every area. Clients can benefit from a smaller amount of advisors capable of quickly implementing new technologies and calling in specialists as they are required. These changes will result in the blurring of the lines between family offices and private banking. Companies that succeed will be able to maintain the trust and respect of family offices and stay ahead of the curve with technology and sourcing deals.

Your success will be contingent on your ability to tap into traditional, network-based, and reputation-based sources of deal source. Additionally, you can make use of online tools and methods to identify deals or opportunities. Wealth managers can use deal sourcing sites online to find deals and opportunities. They're much simpler than large, cumbersome banks who are stuck in large-firm bureaucracy. https://www.techregister.co.uk/farnoush-farsiar-explains-how-fintech-is-changing-finance/ These platforms make it possible for dealmakers to evaluate multiple deals simultaneously and reduce time and effort.

Another service online that is revolutionizing the way family offices communicate with their clients is Wealthica. The Wealthica dashboard service automatically collects investments from multiple sources and brings clients in daily communication. It's a vast improvement from the past where wealth managers provided periodic updates on the progress of the clients' investments.

They're not tools for anything else they're the method for wealth managers to increase their effectiveness and speed. The method they use to make investments is ultimately the most crucial factor. The benefit will be combining traditional and new strategies. Continue to seek for deals in the real estate market as well as investing in areas that were previously unexplored for example, food security or climate change. Impact investing is definitely 'arrived in the family office sector. The UBS Global Family Office Report 2018 revealed that one-third of family members are actively involved in impact investing. Farnoush Farsiar Many expect to take part in the coming years. There are many issues in this field including the difficulty of measuring impact and doing due diligence. But, the next generation UHNWIs and HNWIs will expect family offices can determine and secure investments in this area. My own firm, Plato Capital, is a boutique investment bank which is based on the expertise of its founders, including family offices, big banks, and the tech industry, to offer investment advice with a particular attention to the entrepreneurial. Our clients are able to deal with risk and earn the highest returns from their capital thanks to our network of local experts.

Farnoush Farsiar Wealth managers of all types can be successful during turbulent times, by mixing old with the new by adjusting and taking risks with their structures and techniques.
Here's my website: https://blackcowriefinance.com/2020/12/21/financial-services-will-enjoy-a-brexit-boom-if-the-regulators-let-us-take-advantage-of-the-opportunities-it-presents/