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How can firms that manage wealth prepare for turbulent times [Farnoush Farsiar]
Generational shifts Global mobility. Technology-driven change. These are just a few of the most significant changes that are affecting family offices and fundamentally threatening their structures and practices, writes Farnoush Farsiar for EU Today.

Increasingly, family offices cater to the young and more technologically adept generation. The financial crisis, along with the democratisation and trading online have led to clients becoming more keen on their investment choices. Farnoush Farsiar Farnoush Farsiar They are seeking more control and knowledge, and no longer have the desire to have discretionary portfolios that are managed at arm's reach.

Farnoush Farsiar These changes come at a time when there an unprecedented economic and political instability. They also mark the end of the fee-based family offices model. If they try to keep their old practices, they will be abandoned by the people they were designed to serve. They must be flexible and creative when managing investments in order to provide UHNWIs with a genuine value proposition.

https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/ https://www.reddit.com/r/ukpolitics/comments/cepfsc/the_doommongers_are_wrong_after_brexit_london/ Family offices come in various sizes and styles. They must prioritize efficiency and flexibility, as well as streamlining the service. Customers will appreciate a smaller team of advisors that can quickly adopting new technologies and also hiring external experts when required. These developments have resulted in the blurring of lines between family and private banking offices. Successful firms will continue to maintain the loyalty of family offices and the level of trust they receive while keeping up with the latest technology in sourcing deals and adopting the latest technologies.

Your success will depend on your capability to tap into traditional networks, reputation-based, and network-based sources of deal sources. You can also utilize online methods and tools to identify deals or opportunities. Deal sourcing platforms on the internet can be easily installed by wealth managers and agile private offices, in contrast to large banks which have bureaucratic burdens. This platform lets dealmakers quickly access and analyze a variety of deals simultaneously, which can save them time and money.

Wealthica and other services on the internet are also changing how family offices communicate with their clients. They automatically consolidate investments across a variety of sources and bring clients into daily contact with the investments. It's a cry away from when wealth managers would only offer periodic information on their clients' performance.

These tools aren't just tools they're the method wealth managers have to improve their effectiveness and speed. The most crucial element in investing is the method that is used to implement these tools. The secret to success is mixing traditional and new. The company will continue to seek out deals in real property, and will also be looking at investments that were previously not explored, like food security and climate science. Impact investing has definitely 'arrived" in the world of family office - UBS Global Family Office Report 2018, which revealed that one-third of family office were involved in impact investing. The majority of them anticipate to become more involved in the future. There are a few issues in this area, such as challenges in measuring impact and performing due diligence. However, the next generation UHNWIs and HNWIs will expect the family office to locate and secure these types of investments. My firm, Plato Capital, is a small investment bank that utilizes the knowledge of its founders, in family offices, big banks and the tech industry, to offer advice on investment with an emphasis on the entrepreneurial. Our network and personal knowledge of the local region allows our clients to effectively manage risk and increase their capital returns.

Blending the old with the new, adapting to the changing needs of the new generation, and being prepared to be risk-averse with their own structures and techniques, wealth managers of all kinds are able to remain relevant and thrive during difficult times.
Here's my website: https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/