Notes

How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological innovations. Farnoush Farsiar from EU Today writes about these key changes that affect family offices and fundamentally challenging the operational structures and procedures.

Increasingly, family offices cater to the young technologically-savvy, mobile generation. Farnoush Farsiar Every client, no matter their age, are becoming more attracted, regardless of their financial situation in managing their personal investments. This means that they are looking for more information and involvement , not just an investment manager to manage.

These changes occur during a time of severe economic and political instability. If they attempt to continue with their old practices in place, they'll soon be rejected by the people they were created to advise. They must be flexible and innovative in managing investments so that they can offer UHNWIs with a value proposition.

Although family offices can vary in size and their scope, they should prioritise agility over trying to be an expert in all fields. Customers will enjoy better service if they have less advisors who can quickly implement new technologies and bring in outside specialists as needed. Farnoush Farsiar These developments have resulted in the blurring of the lines between private banking and family offices. The most successful firms will continue to maintain the trust of family offices and the level of trust they have while also staying ahead of technology in sourcing deals and adopting new technologies.

Farnoush Farsiar It is important to be able to use the traditional, network-based and reputation-based methods for deal sourcing. Online tools can be utilized to find deals and opportunities. https://techplanet.today/post/farnoush-farsiar-why-are-so-few-women-in-finance-2 Deal sourcing platforms online are only one of the tools wealth managers and flexible private offices are able to easily set up in contrast to the large, heavy-handed banks that are ensnared in bureaucratic red tape. These platforms make it possible dealmakers to assess several deals at once and reduce time and effort.

Wealthica and other dashboard services like Wealthica are also changing the way family offices interact directly with their clients. These dashboards consolidate investments in a way that is automated from multiple sources, and put clients in daily communication with their investments. https://www.businesstelegraph.co.uk/farnoush-farsiar-central-bank-digital-currency/ This is a vast improvement over the previous system of wealth managers who only provide periodic information on the state of their clients' money.

These tools are merely thatthey enable wealth managers to increase their effectiveness and speed. Their investments strategy is what matters the most. The secret to success is to combine traditional methods with new ones. https://www.europeanbusinessreview.com/farnoush-farsiar-the-impact-of-the-metaverse-on-finance/ You will continue to seek out deals in real property, and also explore investment opportunities that were previously not explored, like food security and climate science. Impact investing has certainly 'arrived" within the realm of family offices , according to the UBS Global Family Office Report 2018 found that one-third of family offices were now engaged in the field of impact investing. Farnoush Farsiar Most anticipate to become more involved in the future. Although there are many challenges with this particular area like measuring impact and conducting due diligence younger generation of HNWIs and UHNWIs will expect their family offices to find and secure these kinds of investments. Plato Capital, which I founded in 2004, is an investment banking institution that is focused on entrepreneurs. Our extensive network and intimate knowledge in the local area allows our clients to reduce risk and maximize their capital return.

Wealth managers can prosper in turbulent times by blending the past with the present by adapting to the changing needs of the young generation and taking risks in their own frameworks.
Homepage: https://www.europeanbusinessreview.com/farnoush-farsiar-the-impact-of-the-metaverse-on-finance/