Notes

How can wealth management companies be ready for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology revolution. Farnoush Farsiar writes for EU Today that these are only a few key changes that impact family offices and pose a serious threat to their operational structures.

Family offices cater to a younger, tech-savvy, and mobile generation more frequently. The economic crisis and the democratisation of trading using internet-based tools has made all clients, irrespective of age at all, more involved in their investments which means they are looking to gain more knowledge and be more involved and have lost the old fashioned desire for discretionary portfolios, which are managed with an arm's length.

The changes are occurring at a crucial time in the economic and political chaos. Offices that attempt to continue their previous methods will be relegated to the very individuals they were established to advise. They must be flexible and innovative in managing investments so that they can provide UHNWIs with a genuine value proposition.

https://twitter.com/BrexitCentral/status/1140499332128530432 Family offices are available in all sizes and styles. But they need to prioritize efficiency and speed in addition to simplifying the process. A smaller team of advisors who can quickly introduce new technologies and bring on board external specialists when necessary will ultimately provide an improved service for customers. These developments have resulted in the blurring of the lines between private banks and family offices. The most successful firms will continue to retain the loyalty of family offices and the level of trust they receive while keeping up with the latest technology in sourcing deals and adopting new technology.

Success will be born of the ability to capitalize on more traditional, network and reputation-based strategies for deal sourcing while also employing online strategies to identify deals and opportunities. https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/ Online deal sourcing platforms are just one of the tools wealth managers and agile private offices can easily install as opposed to large bankers who are burdened by bureaucratic bureaucracy of large firms. These platforms allow for dealmakers to review multiple deals simultaneously and make it easier to save time and energy.

Farnoush Farsiar Wealthica is another service online that has revolutionized how a family offices communicate with clients. Wealthica's dashboard services automatically consolidate investments from various sources. Clients are able to keep in touch with their investment portfolios. This is a lot more efficient than when wealth management provided only occasional updates on the status and location of the money they had earned for their clients.

https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/ These tools are able to aid wealth managers increase efficiency and speed. Their investments strategy is what is most important. It is crucial to mix the traditional and the innovative. https://www.crunchbase.com/person/farnoush-farsiar For instance keep searching for real estate deals, while also looking into investments in new areas like food security or climate science. Impact investing has certainly 'arrived in the family office industry. According to the UBS Global Family Office Report 2018 found that a third of family members are actively engaged in impact investing. Many expect to take part in the coming years. While there are undoubtedly problems in this area, such as difficulty in measuring impact and conducting due diligence, the next generation of HNWIs and UHNWIs are likely to expect family offices to be able determine and secure these kinds of investments. Plato Capital is a boutique bank that offers investment advice. It is based on the knowledge of its founders who have worked in large family offices, banks and in the tech industry to provide entrepreneurs with investment advice. Our connections and experience in the local area allows our clients to effectively manage risk and maximize their capital return.

Wealth managers can flourish during turbulent times through mixing the past and the future by adapting to the changing needs of the new generation and making a risk by establishing their own structure.
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