Notes

How wealth management firms can be prepared for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology revolution. Farnoush Farsiar of EU Today notes these are only a few of the major changes that affect family offices, and fundamentally threatening their operations and practices.

Family offices cater to the younger, more tech-savvy and mobile generation more often. Farnoush Farsiar Everyone, regardless of their age, are interested in investing through trading on the internet. This has led to an increased enthusiasm for personal investments. Clients no longer want to be left out of the process of deciding on discretionary portfolio mandates.

These changes occur during a time of the economic and political turmoil. If they attempt to continue with their old practices in place, they'll soon be rejected by the very people they were created to advise. They must be flexible and creative when managing investments in order to give UHNWIs with a genuine value proposition.

While the scope and size of family offices are different, it's important to focus on agility and streamlining rather than being experts in everything. A smaller group of advisors that can swiftly implement the latest technologies and bring in external specialists when necessary will ultimately provide a more valuable service to clients. These changes will require the blurring between family office and private banking. Farnoush Farsiar Companies that succeed will be able to maintain the trust and respect of family offices and stay ahead of the curve in the adoption of technology and sourcing deals.

Farnoush Farsiar Your success will be contingent on your capability to tap into traditional, network-based, and reputation-based sources of deal source. You can also utilize online methods and tools to discover opportunities or deals. Wealth managers and private offices that have a highly skilled staff can implement online deal platform for sourcing. This is in contrast to the cumbersome banks that are ensconced in bureaucracy. Dealmakers can utilize these platforms to review and access a range of deals, which results in significant savings of time and resources.

Wealthica and other dashboard services such as Wealthica are also changing how family offices communicate directly with their customers. These services consolidate investments in a way that is automated from multiple sources, and bring clients into daily communications with their investments. This is a huge improvement from the past when wealth managers providing only intermittent updates regarding the progress of their clients' money.

Farnoush Farsiar Of course, these tools are just an instrument to help wealth managers increase the efficiency and speed with the way they work. http://star-ton.com/user/Farnoush.Farsiar2Lffbb33/ Their investment strategy is the most crucial aspect. The most effective strategy is to combine the traditional and the modern. http://www.drugoffice.gov.hk/gb/unigb/www.nidsfacts.com/forums/users/farnoush-farsiar6addbb33/ That means that you can continue to look for deals on real estate however, you should also look into investments in other sectors like food security or climate science. Impact investing has certainly 'arrived within the family office industry. Farnoush Farsiar According to the UBS Global Family Office Report 2018 found that a third of family officers are engaged in impact investing. Many anticipate taking part in the near future. Although there are some issues regarding the field like the difficulty of measuring impact as well as due diligence HNWIs/UHNWIs in the future will expect family officers to be able to find the right investment opportunities. Plato Capital, which I created as an investment bank, is a company that focuses on entrepreneurs. Our local experience and network allows us to help our clients successfully control risk while maximising the capital return.

Farnoush Farsiar Farnoush Farsiar Through blending the traditional with the new, while adjusting to the changing needs of the young generation, and being prepared to risk their own strategies and structures Wealth managers of all kinds are able to remain relevant and thrive during difficult times.
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