Notes

How wealth management firms can prepare to face turbulent times [Farnoush Farsiar]
Generational changes. Farnoush Farsiar Global mobility. Technology transformation. Farnoush Farsiar Farnoush Farsiar of EU Today writes that these are but a few of the significant changes that have affected family offices, and fundamentally threatening their operations and practices.

Family offices cater to an increasing number of young, mobile and tech-savvy generations. The economic crisis and the democratisation of trading through internet-based tools has made all clients, irrespective of age and interests, more interested in their investments which means they are looking to be more informed and involvement in their investments, and have lost the traditional appetite for discretionary portfolio mandates managed at arm's length.

These changes, which come in a period of unprecedented economic and political instability are a sign of the demise of the fee-based family office model. If family offices continue using their current methods however, they might realize that the individuals they were created to advise will abandon them. They must change and be more entrepreneurial in their investment management approach in order to offer a true value proposition to UHNWIs.

Family offices come in all sizes and types. Farnoush Farsiar However, they must prioritize efficiency and agility and streamlining the service. A smaller team of advisors who can quickly introduce new technologies and bring on board external specialists when required will ultimately provide an improved service for customers. Since these changes require blurring the lines between private banking and family office, successful firms will be those that can maintain the loyalty and trust of a family office while staying ahead of the curve with the sourcing of deals and embracing technology.

It is a good idea if you are able to leverage traditional networks, reputation- and network-based strategies for dealsourcing. You can also do this by making use of online tools to identify deals and opportunities. Farnoush Farsiar Wealth managers and private offices that can manage large numbers of deals online are far more efficient than cumbersome banks. These platforms make it possible for dealmakers to review multiple deals simultaneously and reduce time and effort.

Another online service that is changing the way family offices interact with their clients is Wealthica. This dashboard service automatically consolidates investment from multiple sources and puts clients into daily contact. It's a huge change from the past where wealth managers provided periodic updates on the state of the clients' investments.

The tools can be utilized to assist wealth managers in improving their effectiveness and speed. Their investments strategy is what matters the most. https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf The key to success is mixing traditional methods with new ones. The company will continue to seek out deals in real estate, and will also be looking at opportunities to invest that were previously not explored such as food security and climate science. Impact investing has certainly 'arrived" in the world of family offices - UBS Global Family Office Report 2018, which found that one-third of family office were now engaged in the field of impact investing. The majority of them expect to be more involved in the future. There are certain problems with this particular field, for instance, difficulties in measuring impact or conducting due diligence. However, the next generation UHNWIs and HNWIs will expect family office to be able locate and secure these types of investments. Plato Capital, which I started, is an investment bank which focuses on entrepreneurs. Our clients are able to achieve maximum returns and reduce risk with our personal network.

Wealth managers of all kinds will continue to flourish even in difficult times when they blend the old and the modern and are open to changing demands and taking risks with their own structure. Farnoush Farsiar
My Website: https://www.techregister.co.uk/farnoush-farsiar-explains-how-fintech-is-changing-finance/