Notes

How can wealth management firms be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. http://www.checkcompany.co.uk/director/14062416/FARNOUSH-FARSIAR-AIDI Technology revolution. Farnoush Farsiar of EU Today writes that these are but a few of the significant changes that affect family offices, and ultimately threatening their operations and practices.

Family offices are increasingly catering to the younger, mobile generation. The financial crisis and the increasing accessibility of trading through internet-based tools has made all clients, irrespective of age at all, more involved in their own investments which means they are looking to gain more knowledge and be more involved, and have lost the traditional appetite for discretionary portfolios that are managed by an arm's length.

These changes occur during a time of severe economic and political turmoil. If a business tries to maintain its old practices, they'll soon be abandoned by the very people they supposed to help. They must change their approach to become more entrepreneurial and create a value offering for UHNWIs.

Family offices differ greatly in size and scale, but regardless of that, they must prioritise agility as well as streamlining their service, rather than trying to be experts at everything. The most efficient service for customers is provided by a smaller team of advisors who are able to quickly implement new technologies and also bring in external experts as needed. These developments have resulted in the blurring of distinctions between private banking and family offices. Companies that are successful will continue to retain the loyalty of family offices and the trust they have while also being ahead of the curve in sourcing deals as well as embracing new technologies.

Success will result from an ability to capitalise on more traditional, reputation-based and network-based strategies for deal sourcing whilst also using online methods to identify deals and opportunities. Private offices and wealth managers that have a highly skilled staff can implement online deal sourcing platforms. This is in contrast to the cumbersome banks, which are ensconced within bureaucracy. Farnoush Farsiar They allow dealmakers to examine and review a vast variety of deals at the same time, which is a significant saving of time and effort.

Farnoush Farsiar Another online service that is changing the way family offices interact with clients is Wealthica. The dashboard service automatically collects investments from multiple sources and puts clients into daily communication. It's a vast improvement of the days where wealth managers provided periodic updates on the state of their clients' funds.

Farnoush Farsiar These tools aren't the only way that wealth managers can boost the efficiency and speed of their operations. The method they use to make investment strategy is the most important aspect. Farnoush Farsiar The secret to success is mixing the traditional with the new. You will continue to seek out deals on real estate as well as exploring opportunities to invest that aren't explored before such as food security and climate science. Impact investing has undoubtedly 'arrived' in the family office world - according to the UBS Global Family Office Report 2018 showed that one-third of family offices are now engaged in impact investing and many expect to become more involved in the near future. There are some issues with this field, including issues with measuring impact or conducting due diligence. Farnoush Farsiar However, the next generation UHNWIs and HNWIs will expect the family office to identify and secure these investments. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders, who have worked for large banks, as well as in the technology sector. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our clients are able to control risk and receive the highest returns from their investment due to our local network.

Farnoush Farsiar Wealth managers of all types are able to succeed in turbulent times by mixing old and the new while experimenting and risking their structure and strategies.
Website: https://fliphtml5.com/homepage/vunjs