Notes

How can firms that manage wealth be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological change. Farnoush Farsiar, EU Today writes that these are just some of the major developments that have affected family offices, and in the end threatened their structures and methods.

Family offices are catering to an increasingly tech-savvy, younger and mobile-savvy generation more often. Farnoush Farsiar Every client, no matter their age, are more interested in investing through trading on the internet. Farnoush Farsiar This has resulted in an increased enthusiasm for personal investments. https://twitter.com/BrexitCentral/status/1140499332128530432 Clients no longer would like to be excluded of the decision-making process for the discretionary portfolios they are required to make.

https://timebusinessnews.com/farnoush-farsiar-what-is-a-wealth-management-advisor/ The changes take place at a time of extreme economic and political turmoil. Offices which try to maintain their previous methods will find they are abandoned by the very people they were established to advise. They have to adapt and be more entrepreneurial with their approach to investment management, to provide a real benefit proposition to UHNWIs.

Family offices vary hugely in their size and scale, but irrespective of this they should prioritise agility as well as streamlining their service, rather than trying to be experts at everything. Clients would appreciate a smaller staff of advisors capable of rapidly implementing new technologies and the hiring of external experts as needed. Since the lines between family and private banking are blurred The best banks will have a smaller group of advisors who can quickly adopt new technologies and work with external specialists when necessary. This will enable them to provide an enhanced service to clients.

The success will come from the capacity to profit from more traditional, traditional, network- and reputation-based strategies for deal sourcing as well as using online tools to discover opportunities and deals. Online deal sourcing platforms are just one of the tools that wealth managers and agile private offices can easily install instead of large bankers who are ensnared in bureaucratic red tape. This platform allows dealmakers to quickly access and analyze a variety of deals at the same time which could save them time and money.

Another online service that's revolutionizing how family offices interact with their clients is Wealthica. This dashboard service automatically consolidates investments from a variety of sources and brings clients into daily communication. It's a far cry from the past when wealth managers would only provide periodic updates on the progress of clients' money.

These tools are not the only way wealth managers can increase efficiency and speed of their work. The most important factor is the investment strategy they employ. It is crucial to mix the traditional and the innovative. Farnoush Farsiar For instance you should continue searching for real estate deals as well as looking at investments in new areas like climate science or food security. Impact investing has undoubtedly 'arrived within the world of family offices - according to the UBS Global Family Office Report 2018 found that one third of family offices are active in impact investing, and many expect to become more active in the near future. Although there are many challenges in this area like the measurement of impact and conducting due diligence, next generation HNWIs/UHNWIs will expect their family offices to be able to determine and secure these kinds of investments. My own firm, Plato Capital, is a small investment bank that utilizes the knowledge of its founders, including family offices, large banks and the tech industry, to offer advice on investment with an emphasis on the entrepreneurial. Our clients can make maximum returns and manage the risk through our personal network.

By blending the old and the new, while adjusting to the demands of the new generation, and being prepared to risk their own structures and techniques, wealth managers of all types can stay relevant and prosper in turbulent times.
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