Notes

How can firms that manage wealth be ready for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technology-driven change. Farnoush Farsiar, EU Today writes that these are just one of the many major developments that have affected family offices, and in the end threatened their operational structures and methods.

Family offices are catering to a younger, tech-savvy, and mobile generation more frequently. Farnoush Farsiar Everyone, regardless of age, are becoming more concerned, regardless of financial status, in managing their own investments. Farnoush Farsiar This means they are looking for more information and involvement , not just a portfolio manager to manage.

The changes are occurring during a time of political and economic turmoil. If a business tries to keep its old ways of doing business, they will find it abandoned by the very people they supposed to help. Instead, they must change and adopt an creative approach to investment management and create the best value offering for UHNWIs.

Family offices are diverse in terms of their size and size and. But, they must be able to concentrate on efficiency and streamlining their services, not trying to become experts in each area. A smaller group of advisors who can quickly implement new technologies and bring on board external experts when needed will provide better service to clients. As the boundaries between family and private banking are blurring the most successful firms will have a smaller team of advisors who can quickly implement new technology and also bring on external specialists when necessary. This will enable the firm to offer a more valuable service to their clients.

It is a good idea if you are able to use traditional methods, such as reputation and network-based strategies for dealsourcing. You can also do this by employing online methods to find opportunities and deals. Wealth managers can make use of deal sourcing websites to find deals and opportunities. They're much more convenient than large, cumbersome banks who are stuck in large-firm bureaucracy. Dealmakers have access to and can evaluate large numbers of deals simultaneously, which is a significant savings in time and resources.

Other online services which have changed the way family offices communicate with their clients include dashboards, like Wealthica which instantly consolidates the investments of a variety of sources, bringing clients into daily contact with their investments - which is a vast improvement over the days of wealth managers who gave periodic updates on the state of their customers' investments.

Farnoush Farsiar They aren't the only way that wealth managers can increase effectiveness and speed of their operations. The strategy that underpins their investments is , in the end, the most important factor. The secret to success is to combine traditional and new. The company will continue to seek out deals in real estate, and will also be looking at opportunities to invest that aren't explored before, like food security and climate science. Impact investing is certainly "arrived within the family office industry. According to the UBS Global Family Office Report 2018 showed that one third of family officers are involved with impact investing. A lot of people are planning to take part in the future. While there are some challenges in the field, such as difficulties in measuring impact as well as due diligence HNWIs/UHNWIs in the future will require family officers to have the ability to identify the right opportunities. My company, Plato Capital, is a small investment bank that utilizes the knowledge of its founders in family offices, large banks, and the tech industry to offer advice on investment with an emphasis on the entrepreneurial. Farnoush Farsiar Our clients are able to maximize their returns and control risk with our personal network.

Farnoush Farsiar Wealth managers of all kinds will continue to flourish during turbulent times if they combine the old and modern and are open to new demands and take risks with their own structure.
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