Notes

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

In a growing number, family-owned businesses cater to the young and more technologically adept generation. Farnoush Farsiar Due to the financial crisis, all clients are increasingly interested and involved in their investment.

The changes are occurring at a moment of unprecedented political and financial turmoil. If the offices attempt to keep their current practices and methods, they could realize that the individuals they were created to help will leave them. They must adapt to a more entrepreneur-like approach in the field of investment management, to provide UHNWIs an authentic value proposition.

Family offices come in all sizes and types. They must prioritize efficiency and speed, as well as streamlining the service. Customers will appreciate a lower number of advisors adept at quickly implementing new technology and also bringing in experts as needed. These changes make it necessary for the lines between family office and private bank blur. The most successful firms maintain the trust and loyalty of their family offices while being in the forefront when it comes to technology and sourcing deals.

The success will come from an ability to capitalise on more traditional, network and reputation-based strategies for deal sourcing as well as using online tools to identify deals and opportunities. Private offices and wealth managers with a flexible staff can set up online deal sources platforms. This is in contrast with cumbersome banks that are in bureaucracy. Dealmakers can access and evaluate large numbers of deals simultaneously, which is a significant time and resource saving.

Wealthica and other dashboards such as Wealthica are also revolutionizing the way family offices interact 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 investment portfolios. https://brexitcentral.com/author/farnoush-farsiar/ This is a huge improvement from the past when wealth managers who only provide periodic information on the state of their clients' money.

https://www.privatebankerinternational.com/comment/fintech-opportunity-wealth-management/ These tools are able to aid wealth managers increase effectiveness and speed. The primary factor is the investment strategy they employ. The secret to success is to combine traditional and new. You will continue to search for deals in real estate, and also explore investments that aren't explored before like food security or climate science. Impact investing has definitely "arrived" in the family office industry. According to the UBS Global Family Office Report 2018, one third of family-owned businesses are engaged in impact investing and the majority of them are planning to grow the amount of involvement they have in the coming years. There are a few issues in this particular field, for instance, difficulties in measuring impact or performing due diligence. Farnoush Farsiar https://dribbble.com/farnoush-farsiar3bccdd33 However the next generation of UHNWIs and HNWIs will expect the family office to locate and secure these types of investments. Plato Capital is a boutique bank that provides advice on investing. https://www.techregister.co.uk/farnoush-farsiar-explains-how-fintech-is-changing-finance/ It draws on the knowledge of its founders from large family offices, banks and in the tech industry to offer entrepreneurial investment guidance. Our network and personal knowledge of the local region allows our clients to effectively manage risk and maximize their capital return.

Wealth managers can thrive in turbulent times by blending the past and the future by adapting to the changing needs of the younger generation, and making a risk by establishing their own structure.
Homepage: https://www.privatebankerinternational.com/comment/fintech-opportunity-wealth-management/