Notes

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

Family offices cater to an increasingly tech-savvy, younger and mobile-savvy generation more often. Everyone, regardless of age, have become more interested, regardless of their financial status and in managing their own investments. This means that they want more involvement and information, not just an investment manager to manage.

These changes happen in a period of extreme economic and political turmoil. Offices that try to keep their previous methods will find they are abandoned by the very people they were created to help. Farnoush Farsiar They need to adapt to a more entrepreneur-like approach in investment management in order to offer UHNWIs a true value proposition.

Farnoush Farsiar Family offices are available in various dimensions and types. However, they must prioritize efficiency and agility, as well as improving the efficiency of their services. Customers will get better service if they have less advisors who are able to implement new technologies quickly and bring in outside specialists as required. These changes will result in the blurring between family office and private banking. Companies that succeed will be able to maintain the trust and respect of family offices while staying ahead of the curve with technology adoption and sourcing deals.

Your success will depend on your ability to tap into traditional, network-based, and reputation-based sources of deal source. Farnoush Farsiar It is also possible to make use of online tools and methods to discover opportunities or deals. Farnoush Farsiar https://londonlovesbusiness.com/farnoush-farsiar-on-the-legacy-of-queen-elizabeth-ii-for-women-in-leadership/ Wealth managers and private offices with agile staff can install online deal platform for sourcing. This is in contrast to cumbersome banks, which are ensconced within bureaucracy. Dealmakers are able to access and analyze huge numbers of deals at the same time, which is a significant time and resource saving.

Wealthica and other online services are changing the way family offices communicate with their clients. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Farnoush Farsiar They automate the consolidation of investments across a variety of sources and bring clients into regular contact with their portfolios. It's a cry away from the days when wealth managers could only provide intermittent updates to their clients' progress.

The tools can be utilized to help wealth managers improve effectiveness and speed. The most crucial element to consider when investing is the method that is used to implement the strategies. Again, the edge is in bringing together the old and the modern - continuing to search for deals in real estate as well as exploring investment opportunities in areas that have not been explored before, such as climate science or food security. https://www.businessfast.co.uk/farnoush-farsiar-explains-why-queen-elizabeth-is-an-excellent-example-of-female-leadership/ Impact investing has certainly 'arrived in the family office industry. According to the UBS Global Family Office Report 2018 found that a third of family members are involved in impact investing. Many expect to take part in the near future. While there are undoubtedly problems in this area, such as difficulties in monitoring impact and executing due diligence, the next generation of HNWIs as well as UHNWIs will anticipate family offices to be able find and secure these types of investments. My company, Plato Capital, is a boutique investment bank which utilizes the knowledge of its founders, in family offices, large banks, and in the tech industry to offer advice on investment with an emphasis on the entrepreneurial. Our local experience and connections allow us to help our clients effectively control risk while maximising the capital return.

Blending the old with the new, while adjusting to the demands of the younger generation, and being prepared to risk their own structures and techniques, wealth managers of all kinds can remain relevant and thrive even in the midst of difficult times.
Here's my website: https://resolute-daffodil-wp7wnm.mystrikingly.com/blog/farnoush-farsiar-queen-elizabeth-ii-s-contribution-to-inclusion-and-diversity