Notes

How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. Farnoush Farsiar of EU Today notes these are only a few of the major changes that have affected family offices, and ultimately impacting their practices and operations.

Increasingly, family offices are catering to the younger and more technologically adept generation. All clients, regardless their age, have become concerned, regardless of financial status, in managing their own investments. https://www.crunchbase.com/person/farnoush-farsiar That means they want more information and involvement and not just an investment manager to manage.

The changes take place at a time of extreme economic and political turmoil. If they attempt to continue with the old ways in place, they'll soon be rejected by the people they were created to advise. Instead, they should adapt and adopt a more creative approach to investment management and create the best value proposition for UHNWIs.

Farnoush Farsiar While family offices can differ in terms of size and size, they should focus on agility over the desire to be an expert in every area. Farnoush Farsiar Clients will appreciate a smaller team of advisors that can quickly adapting to new technologies, and bringing on board external specialists as needed. Farnoush Farsiar Since the lines between private and family banking are blurring the most successful firms will have a smaller team of advisors who can quickly adopt new technologies and work with external experts when needed. This allows them to provide the best service to customers.

It is important to be able to draw on the old-fashioned, network-based, and reputation-based methods for deal sourcing. These tools can be utilized to find opportunities and deals. Wealth managers and private offices that have a highly skilled staff can implement online deal sourcing platforms. This is in contrast to the cumbersome banks, which are ensconced within bureaucracy. Farnoush Farsiar These platforms allow for dealmakers to evaluate multiple deals simultaneously and make it easier to save time and energy.

Another online service that's altering the way family offices communicate with their clients is Wealthica. This dashboard service automatically consolidates investment from multiple sources and brings clients into regular contact. It's a far cry of the days when wealth managers only provided periodic updates on the state of the clients' investments.

Of course the tools are just that - the means to help wealth managers improve the speed and efficiency with the way they work. Their investment strategy is the most important element. It is important to combine the old and the new. For example keep searching for real estate deals as well as looking at investments in new areas like climate science or food security. Impact investing has certainly "arrived" within the world of family offices. Farnoush Farsiar According to the UBS Global Family Office Report 2018, one third of family-owned businesses are engaged in impact investing, with most expecting to grow their involvement in the near future. There are a myriad of issues with this area including the difficulties in assessing impact and conducting due diligence. However, the next generation UHNWIs, and HNWIs, will be expecting family offices to find and secure these investments. https://www.crunchbase.com/person/farnoush-farsiar My firm, Plato Capital, is a small investment bank that utilizes the knowledge of its founders in family offices, banks, and the tech industry to offer advice on investment with a focus on the entrepreneurial. Our local experience and networks allow us to help our clients effectively control risk while maximising their capital returns.

Wealth managers of every type will continue to flourish in turbulent times if they mix both the traditional and the contemporary and are open to changing demands and taking risks with their own structure.
Here's my website: https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/