Notes

How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological advancement. Farnoush Farsiar writes for EU Today that these are just some of the major changes that impact family offices and could fundamentally alter their operating structures.

Family offices cater to increasingly mobile, tech-savvy and younger generation. The financial crisis and the increasing accessibility of trading through internet-based tools has created a new generation of clients, regardless of age and interests, more interested in their own investment portfolios which means they are looking to be more informed and be more involved as well as losing the old fashioned desire for discretionary portfolio mandates managed at distance.

These changes are coming at a time where there an unprecedented level of economic and political instability. These changes also signal the end to the fee-based family offices model. Farnoush Farsiar Offices that try to preserve their old methods are likely to be abandoned by the individuals they were founded to advise. Farnoush Farsiar They should adapt to be more entrepreneurial and provide an attractive offering for UHNWIs.

Family offices vary greatly in their dimensions and scope, but regardless of this, they should focus on agility and streamlining their service rather than striving to be specialists in all things. Clients will receive a better service when they are able to employ fewer advisors who are able to implement new technologies quickly and also bring in specialists from outside whenever needed. Because the lines between family and private banking have been blurred The best banks will have a smaller group of advisors that can swiftly adopt new technologies and also bring on external experts when needed. This will enable them to provide the best service to their clients.

The capability to utilize both traditional, reputation-based and network-based methods for deal sourcing can lead to successful outcomes. But, you can also make use of online methods to locate opportunities and deals. Farnoush Farsiar Private offices and wealth managers with agile staff can install online deal platform for sourcing. It is in stark contrast to the cumbersome banks, which are ensconced within bureaucracy. These platforms allow dealmakers to assess multiple deals simultaneously and make it easier to save time and energy.

Wealthica and other dashboard services like Wealthica are also revolutionizing how family offices communicate directly with their customers. They consolidate investment automatically from multiple sources and bring clients into daily communications with their investment portfolios. This is a huge improvement on the days of wealth managers only providing periodic information on the state of their clients' funds.

Farnoush Farsiar http://www.checkcompany.co.uk/director/14062416/FARNOUSH-FARSIAR-AIDI Of course the tools are just that - the means to help wealth managers enhance the efficiency and speed with that they function. https://www.crunchbase.com/person/farnoush-farsiar The primary factor is the investment strategy they employ. The advantage will be in mixing traditional and innovative strategies - continue to search out deals in realty and also consider investing in previously unexplored areas for example, food security or climate change. Impact investing has certainly "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, a third of family businesses are engaged in impact investing with the majority expecting to increase the amount of involvement they have in the coming years. There are a myriad of issues with this area, including the challenge of measuring impact and doing due diligence. But the next generation of UHNWIs and HNWIs are likely to expect family offices to determine and secure investments in this area. Plato Capital, which I created as an investment bank, is a company that focuses on entrepreneurs. Our clients are able to achieve maximum returns and reduce the risk through our personal network.

Wealth managers of any age can survive in turbulent times by mixing old and newideas, quickly adapting to the changing demands, and being willing to take chances with their own systems.
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