Notes

How wealth management firms can be ready for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological change. Farnoush Farsiar of EU Today writes that these are but a few of the major changes that have affected family offices and fundamentally impacting their practices and operations.

Family offices cater to a growing number of young, mobile and tech-savvy generations. The economic crisis and the democratisation of trading through online tools have created a new generation of clients, regardless of age and interests, more interested in their investments and want to have more knowledge and be more involved and have lost the old fashioned desire for discretionary portfolios that are managed by distance.

Farnoush Farsiar These changes come in a time of unprecedented political and financial turmoil. If an office tries to keep its old ways of doing business, they will find it abandoned by the very people they supposed to be advising. Instead, they must adapt and adopt a more innovative approach to managing investments to develop a true value offering for UHNWIs.

https://farangmart.co.th/author/farnoush-farsiar6hddcc33/ Family offices vary hugely in terms of size and scale, but regardless of this, they should focus on agility and streamlining their service rather than striving to be specialists in all things. https://arto-usolie.ru/user/Farnoush.Farsiar6jaabb33/ Customers would appreciate a smaller staff of advisors that can quickly implementing new technologies as well as bringing on board external specialists when required. Farnoush Farsiar Since these changes require blurring the lines between private banking and family office, successful firms will be those who maintain the loyalty and level of confidence of a family-owned business while remaining ahead of the curve with the sourcing of deals and embracing technology.

You'll be successful if can leverage traditional, network- and reputation-based methods of dealsourcing, while using online methods for identifying opportunities and deals. Deal sourcing platforms online are easily installed by wealth managers and a flexible private offices, as opposed to large banks which are burdened with bureaucracy. Dealmakers have access to and can evaluate large numbers of deals simultaneously this is a huge time and money saving.

Other online services which have changed how family offices interact with their clients include dashboard serviceslike Wealthica which instantly consolidates investment portfolios from various sources, bringing customers into daily contact with their investments. https://escatter11.fullerton.edu/nfs/show_user.php?userid=3760420 This is which is a vast improvement over the days when wealth managers offered only periodic updates on the state of their customers' funds.

These tools are only that, they're the means that wealth managers can improve their effectiveness and speed. https://www.inventables.com/users/bitschherrera5640 The way they invest matters the most. The advantage comes from combining the old and the innovative - continuing to seek out deals in real estate and other areas as well as exploring investment opportunities in previously unexplored fields, such as climate science or food security. Impact investing has definitely "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018 one-third of family businesses are currently engaged in impact investing and the majority of them are planning to grow their involvement in the near future. There are certain problems with this particular field, for instance, challenges in measuring impact and conducting due diligence. But, the next generation UHNWIs and HNWIs will want their family office to be able locate and secure these types of investments. Plato Capital is my boutique investment bank. Farnoush Farsiar Plato Capital draws from the expertise of its founders who worked for large banks as well as the tech sector. Plato Capital provides investment advice that focuses on the entrepreneurial. Farnoush Farsiar Our clients are able to successfully control risk and receive the highest returns from their capital thanks to our local network.

Wealth managers of every type are able to continue to prosper in turbulent times if they combine the old and the modern, are open to adapting to the changing needs of the market and are willing to take risks with their own structure.
My Website: https://www.inventables.com/users/bitschherrera5640