Notes

How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology innovation. These are only a handful of the most significant changes that are affecting family offices, and that are fundamentally changing their operational structures and practices as reported by Farnoush Farsiar for EU Today.

More often, family offices cater to the young, more tech-savvy and mobile generation. Farnoush Farsiar The financial crisis as well as the rise of democratisation and online trading has led to more clients becoming keen on their investment choices. Farnoush Farsiar They want more control and information and don't want discretionary portfolio mandates handled at arm's reach.

These changes occur at a moment of unprecedented political and financial instability. If they attempt to continue with the old ways and practices, they'll be relegated by the very people they were designed to serve. They will need to adjust to a more entrepreneurial style in investment management to offer UHNWIs a true value proposition.

Family offices differ in terms of their dimensions and their size and. However, they should be able to focus on efficiency and streamlining their offerings, not trying to be experts in each subject. Farnoush Farsiar The best service for clients is provided by a smaller group of advisors who are able to quickly implement new technologies and also bring in external experts when needed. These changes will require that the boundaries between private and family offices banks blur. Farnoush Farsiar The most successful firms keep the trust and loyalty of their family office while being ahead of the curve when it comes to technology and the sourcing of deals.

Your success is contingent upon your ability to tap into traditional, network-based, and reputation-based sources of deal sourcing. Farnoush Farsiar Additionally, you can use online methods and tools to discover opportunities or deals. https://www.businessfast.co.uk/farnoush-farsiar-explains-why-queen-elizabeth-is-an-excellent-example-of-female-leadership/ Deal sourcing platforms online can be easily incorporated by wealth managers as well as agile private office, as opposed to banks that have bureaucratic burdens. These platforms allow for dealmakers to review multiple deals simultaneously and save considerable time and effort.

Another online service that is changing the way family offices interact with clients is Wealthica. This dashboard service automatically collects investments from multiple sources and brings clients into daily contact. It's a far cry back to the days when wealth managers only provided occasional updates about the progress of their clients' funds.

The tools can be utilized to assist wealth managers in improving their efficiency and speed. Their investment strategy is the most important aspect. The advantage will be in combining traditional and new strategies. Keep searching for deals in the real estate market and also consider investing in previously unexplored areas for example, climate change or food security. Impact investing has definitely arrived within the family office world - according to the UBS Global Family Office Report 2018 found that one third of family offices are now engaged in impact investing and the majority expect to be more involved in the coming years. There are many challenges in this area, including the challenge in assessing impact and conducting due diligence. Farnoush Farsiar However, the next generation UHNWIs and HNWIs are likely to expect family offices to identify and secure such investments. Plato Capital, my own boutique investment bank, draws on the expertise of its founders from large banks and the technology industry to provide investment advice that is entrepreneurial in focus. Our personal local knowledge and network enables our clients to effectively manage risk and achieve optimal profits from their capital.

Wealth managers can thrive in turbulent times by blending the past and the future, adapting to the needs of the young generation and making a risk by establishing their own structure.
Read More: https://www.crunchbase.com/person/farnoush-farsiar