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How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological advancement. These are just a few of the key changes impacting family offices and fundamentally threatening their operating structures and practices, writes Farnoush Farsiar for EU Today.

Family offices are geared towards the technologically advanced, mobile and younger generation. Due to the financial crisis, all clients are now more interested and involved in their investment.

These changes take place in a critical time of the economic and political chaos. If a business tries to retain its old methods they'll soon be abandoned by the very people they were supposed to help. Instead, they need to change and adopt an entrepreneurial approach to investment management, in order to create an authentic value offering for UHNWIs.

While the scope and size of family offices can be varied, it is important that they focus on flexibility and streamlining over being experts in every aspect. https://fliphtml5.com/homepage/vunjs A smaller team of advisors who are able to quickly implement new technologies and bring on board external specialists when required will provide an improved service for clients. This has led to the blurring of lines between private banking and family offices. Companies that are successful will continue to retain the loyalty of family offices and the trust they receive while being ahead of the curve in sourcing deals and adopting new technologies.

The success will come from the ability to capitalize on more traditional, traditional, network- and reputation-based methods of deal sourcing as well as using online tools to identify deals and opportunities. Wealth managers can use online deal sourcing platforms to find deals and opportunities. They're much more convenient than large, cumbersome banks who are stuck in large-firm bureaucracy. This platform allows dealmakers to easily access and evaluate many deals at once and save time and money.

Wealthica and other online services have also changed the way family offices communicate with their clients. They consolidate the investments of a variety of sources and allow clients to be in daily contact with the investment. It's a contrast to the past the days when wealth managers could only provide intermittent updates to their clients' investments.

Farnoush Farsiar They are just thatthey enable wealth managers to boost their efficiency and speed. Their investments strategy is what matters the most. It is important to combine the traditional and new. For example you should continue searching for real estate deals, while also looking into investing in areas that aren't as well-known, such as climate science or food security. Impact investing is definitely 'at last in the family office world - the UBS Global Family Office Report 2018 found that one third of family offices are now involved in impact investing and many expect to become more involved in the near future. Farnoush Farsiar Although there are certainly issues with this particular field, for instance difficulties in monitoring impact and executing due diligence, the upcoming generation of HNWIs and UHNWIs are likely to anticipate family offices to be able identify and secure these kinds of investments. My own firm, Plato Capital, is a small investment bank that is based on the expertise of its founders, in family offices, big banks, and in the tech industry, to offer advice on investment with particular attention to the entrepreneurial. Our clients are able to successfully deal with risk and earn the highest returns from their capital thanks to our local network.

Farnoush Farsiar Farnoush Farsiar Wealth managers can prosper during turbulent times through mixing the past with the present, adapting to the needs of the new generation and taking risks with their own structures.
Website: https://www.aacc21stcenturycenter.org/forums/users/farnoush-farsiar8eddcc33/