Notes

How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technological revolution. Farnoush Farsiar of EU Today writes that these are but a few of the significant changes that are affecting family offices, and ultimately impacting their practices and operations.

More often, family offices are catering to the younger and more technologically adept generation. The financial crisis as well as the rise of democratisation and online trading have led to clients becoming more attracted to their investments. Farnoush Farsiar They seek more control and information, and no longer want discretionary portfolio mandates handled at arm's reach.

These changes, which come during a time of unmatched economic and political instability, herald the demise of the traditional family office model that is based on fees. Offices which try to maintain their old methods will soon discover that they are not being used by those they were established to advise. Instead, they must change and adopt an innovative approach to managing investments and create an authentic worth offering for UHNWIs.

Farnoush Farsiar Family offices differ in their size and scope. But, they must be able to concentrate on efficiency and streamlining their services rather than trying to become experts in every subject. Customers will benefit from a lesser number of advisors who are capable of quickly implementing new technologies and bringing in specialists as needed. As these changes necessitate blurring the lines between family offices and private banking the most successful companies will be those who maintain the loyalty and level of confidence of a family-owned business while staying ahead of the curve in sourcing deals and adopting technology.

The capability to utilize traditional, reputation-based, and network-based methods for deal sourcing can lead to success. But, you can also use online methods to find opportunities and deals. Farnoush Farsiar Farnoush Farsiar Deal sourcing platforms online are only one tool that wealth managers and agile private offices can readily install as opposed to large bankers who are burdened by bureaucratic bureaucracy of large firms. Farnoush Farsiar Dealmakers can review and access a huge amount of deals at a time, resulting in a significant savings of time and resources.

Another online service that's changing the way family offices communicate with clients is Wealthica. This dashboard service automatically consolidates investment from a variety of sources and brings clients into regular communication. Farnoush Farsiar It's a huge change back to the days when wealth managers would only provide periodic updates on the progress of their clients' funds.

These tools are only that they're the tools that wealth managers can improve their efficiency and speed. Most important is the investment strategy they employ. The most effective strategy is to combine the traditional and the modern. This means you will continue to search for bargains in real estate, but also consider investing in sectors like food security or climate science. The UBS Global Family Office Report 2018 revealed that impact investing has become a mainstream topic in family offices. A third of family offices participate in this kind of investment and many anticipate getting more involved in the coming years. Although there are many challenges in this field including measuring impact and conducting due diligence, the younger generation of HNWIs and UHNWIs will expect their family offices to be able to determine and secure these kinds of investments. Plato Capital, which I founded in 2004, is an investment banking institution which focuses on entrepreneurs. Our local expertise and connections allow our clients to manage risk and make optimal profits from their capital.

Wealth managers of any age can thrive in turbulent times by blending traditional and newideas, quickly adapting to new demands and being willing to take risks with their own structure.
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