Notes

How can wealth management firms be prepared for turbulent times? [Farnoush Farsiar]
Generational shifts Global mobility. https://fnote.net/notes/V26ycf Technological transformation. https://brexitcentral.com/author/farnoush-farsiar/ Farnoush Farsiar from EU Today writes about these key changes that impact family offices and fundamentally threatening the operational structures and procedures.

Increasingly, family offices cater to the young technologically-savvy, mobile generation. Everyone, regardless of age, have become more attracted, regardless of their financial status in managing their personal investment portfolios. This means that they want more involvement and information, not just the services of a portfolio manager.

Farnoush Farsiar These changes are coming at a time where there an unprecedented economic and political turmoil. They also signal the end to the family office model that is fee-based. If an office attempts to maintain its old practices, they'll be relegated by those they meant to advise. They need to change and become more entrepreneurial in their approach to managing investments and provide a genuine benefit proposition to UHNWIs.

Family offices vary hugely in dimensions and scope, but regardless of that, they must be focusing on agility and streamlining their service instead of striving to be specialists at everything. Clients would appreciate a smaller staff of advisors that can quickly adopting new technologies and also the hiring of external experts whenever needed. Since these changes require the blurring of the line between family offices and private banking, successful firms will be those that can maintain the loyalty and trust that a family office has while staying ahead of the curve in sourcing deals and adopting technology.

Farnoush Farsiar You will succeed if you are able to leverage traditional networks, reputation- and network-based strategies for dealsourcing. You can also do this by making use of online tools to identify deals and opportunities. https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/ Wealth managers can utilize deal sourcing sites online to discover deals and opportunities. They are much easier than banks that are large and cumbersome that are entangled in big-firm bureaucracy. They allow dealmakers to review and access a huge number of deals at one time - a substantial saving of time and resources.

Wealthica is another online platform that has revolutionized the way family offices communicate with clients. Wealthica's dashboard services will automatically combine investments from different sources. Farnoush Farsiar Clients are able to have daily contact with their investment portfolios. This is far more efficient than where wealth management would only provide periodic updates regarding the condition and status of their clients money.

These tools aren't the only way that wealth managers can increase the efficiency and speed up their processes. The way they invest matters the most. The secret to success is mixing traditional and new. You are likely to continue looking for deals in real property, as well as exploring opportunities to invest that aren't explored before, like food security and climate science. Impact investing has certainly "arrived" within the family office industry. According to the UBS Global Family Office Report 2018 one-third of family businesses are currently involved in impact investment and the majority of them are planning to grow their involvement in the near future. Farnoush Farsiar While there are some challenges with this particular area like measuring the impact and conducting due diligence, future generation of HNWIs/UHNWIs will want their family offices to determine and secure these kinds of investments. Plato Capital, which I founded, is an investment bank which focuses on entrepreneurs. Our clients are able to control risk and receive the best returns on their investment due to our local network.

https://rentry.co/uu75q Wealth managers of all kinds will continue to flourish in turbulent times when they blend the old and the modern and are willing to adjust to the changing needs of the market and are willing to take risk with their own structures.
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