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How can wealth management companies be prepared for turbulent times [Farnoush Farsiar]
Generational changes Global mobility. Farnoush Farsiar Technology transformation. Farnoush Farsiar writes for EU Today that these are just a few key changes that will affect family offices and fundamentally threaten their operating structures.

Family offices are catering more and more to the younger, mobile generation. All clients, regardless their age, are becoming more attracted, regardless of their financial status, in managing their own investment portfolios. Farnoush Farsiar This means that they seek out more information and involvement and not just the services of a portfolio manager.

These changes, which come at a time of unparalleled economic and political turmoil, herald the demise of the fee-based family office model. If an office tries to keep its old ways of doing business, they will find it abandoned by those they meant to advise. They must change their approach to become more entrepreneurial and develop an attractive proposition for UHNWIs.

Family offices come in a variety of dimensions and types. However, they must prioritize efficiency and agility in addition to streamlining the service. Clients will appreciate a smaller group of advisors capable of rapidly adapting to new technologies, and hiring external experts whenever needed. Farnoush Farsiar These changes have led to the blurring of the lines between private banking and family offices. Farnoush Farsiar The most successful firms will continue to retain the loyalty of family offices as well as the trust they have while also keeping up with the latest technology in sourcing deals and implementing new technologies.

Your success will be contingent on your ability to tap into traditional networks, reputation-based, and network-based sources of deal source. You can also make use of online tools and methods to find deals or opportunities. Wealth managers can make use of deal sourcing websites to identify opportunities and deals. They are much easier than large, cumbersome banks that are entangled in big-firm bureaucracy. These platforms allow for dealmakers to review multiple deals simultaneously and save considerable time and effort.

Another online service that is altering the way family offices communicate with their clients is Wealthica. Farnoush Farsiar The dashboard service automatically collects investments from multiple sources and brings clients into regular communication. It's a far cry of the days when wealth managers would only provide periodic updates on the state of their clients' funds.

They aren't the only way that wealth managers can boost effectiveness and speed of their operations. The investment strategies they employ is the most important aspect. The most effective strategy is to combine both the old and new. This means that you should continue looking for opportunities on real estate but you can also explore investments in areas such as food security or climate science. Impact investing is definitely "arrived" within the realm of family office - UBS Global Family Office Report 2018, which revealed that one-third of family offices were engaged in the field of impact investing. Many anticipate to become more involved in the near future. Although there are certainly issues with this particular field, for instance difficulty in monitoring impact and executing due diligence, the next generation of HNWIs and UHNWIs are likely to expect family offices to be able to find and secure these types of investments. Farnoush Farsiar My company, Plato Capital, is an investment bank that is boutique and draws on the experience of its founders, in family offices, big banks, and in the tech industry to offer investment advice with a an emphasis on the entrepreneurial. Our clients can make maximum returns and manage risks through our own network.

Farnoush Farsiar Wealth managers can prosper during turbulent times through blending past with the present and adapting to the demands of the new generation and taking risks in their own frameworks.
Here's my website: https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/