Notes

How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology advancement. Farnoush Farsiar of EU Today writes these are just some of the major changes that affect family offices and fundamentally threatening their operations and practices.

More often, family offices are catering to the younger technologically-savvy, mobile generation. The financial crisis, along with the rise of democratisation and online trading have led to clients becoming more attracted to their investment choices. Farnoush Farsiar They are seeking more control and information and don't have the desire to have discretionary portfolio mandates handled in a jiffy.

These changes take place during a time of the economic and political crisis. If they try to keep the old ways, they will be abandoned by the people they were designed to help. Farnoush Farsiar They must change their approach to become more entrepreneurial and create a value offering for UHNWIs.

Family offices are diverse in their size and size and. But, they must be able to concentrate on efficiency and streamlining their services rather than trying to be experts in each area. The best service for clients will be provided by a small group of advisors that are able to rapidly implement new technology and also bring in external experts when required. This has led to 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 receive while being ahead of the curve in sourcing deals and implementing new technologies.

Farnoush Farsiar You'll be successful if 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 deals and opportunities. Deal sourcing platforms online are just one tool that wealth managers and flexible private offices are able to easily set up as opposed to large cumbersome banks, who are burdened by bureaucratic bureaucracy of large firms. Dealmakers can make use of these platforms to browse and evaluate a variety of deals. This results in substantial savings of time and resources.

Wealthica and other dashboards like Wealthica are also revolutionizing the way family offices communicate directly with their clients. These services consolidate investments seamlessly from multiple sources and allow clients to be in constant contact with their investment portfolios. This is a huge improvement from the past when wealth managers who only provide periodic information on the state of their clients’ money.

These tools do exactly that: they allow wealth managers to boost their efficiency and speed. Their investment strategy is the primary element. The advantage will come from bringing together the traditional and the new - continuing to scout out opportunities in real estate etc while also considering investments in fields that were previously unexplored like food security or climate science. Farnoush Farsiar Impact investing is definitely "arrived" within the realm of family offices , according to the UBS Global Family Office Report 2018 found that one-third of family office were now involved in impact investing. The majority of them expect to be more involved in the near future. https://www.businesstelegraph.co.uk/farnoush-farsiar-central-bank-digital-currency/ While there are some challenges in the field, such as difficulties in quantifying impact and due diligence, the HNWIs and UHNWIs of the future will require family members to be able to locate these investments. Plato Capital, which I founded as an investment bank, is a company which focuses on entrepreneurs. Our local experience and networks allow us to assist our clients control risk while maximising their capital gains.

Wealth managers can thrive during turbulent times through blending past and the future by adapting to the changing needs of the young generation and taking risks with their own structures.
Here's my website: https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/