Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational shifts Global mobility. https://store.nwbbc.com/members/farnoush-farsiar8hccaa22/activity/22472/ Technology transformation. Farnoush Farsiar Farnoush Farsiar Farnoush Farsiar of EU Today writes that these are but a few of the major changes that are affecting family offices and fundamentally threatening their operations and practices.

Family offices cater to more mobile, tech-savvy and younger generation. The financial crisis, along with the rise of democratisation and online trading have made clients more interested in their investment choices. They seek more control and information and don't are they looking for discretionary portfolio mandates handled within reach.

These changes, which occur at a time of unparalleled economic and political turmoil will bring the end of the fee-based family office model. If the offices attempt to continue using their current methods, they may find that the very people they were created to advise will abandon them. They must be flexible and creative when managing investments to provide UHNWIs with a true value proposition.

While family offices can differ in both size and their scope, they should prioritise agility over trying to be experts in every area. A smaller team of advisors who are able to quickly introduce new technology and add external specialists when necessary will ultimately provide an improved service for clients. Farnoush Farsiar These changes will result in the blurring of family offices and private banking. The most successful firms will keep the trust and loyalty of family offices and stay ahead of the curve with technology adoption and purchasing deals.

It is essential to be able to draw on the traditional, network-based and reputation-based strategies for deal sourcing. These tools can be used to identify opportunities and deals. Wealth managers can use online deal sourcing platforms to identify opportunities and deals. They're much more convenient than banks that are large and cumbersome that are entangled in big-firm bureaucracy. Dealmakers can review and access a huge number of deals at one time, resulting in a significant savings of time and effort.

Another service online that is altering how family offices interact with their clients is Wealthica. This dashboard service automatically consolidates investment from multiple sources and brings clients into daily contact. It's a huge change from the past when wealth managers would only provide periodic updates on the progress of their clients' funds.

These tools aren't the only way that wealth managers can boost the efficiency and speed of their work. The most crucial element to consider when investing is the method that is used to implement the strategies. The advantage will be in mixing traditional and innovative strategies. Keep searching for opportunities in the field of real estate, but also look into investing in previously unexplored areas like climate change or food security. The UBS Global Family Office Report 2018 revealed that impact investing is becoming the most talked about topic in family offices. A third of family offices are involved in this type of investing and many expect to get involved more in the coming years. Although there are some issues with the field such as difficulties in measuring the impact of investments as well as due diligence HNWIs/UHNWIs of the future will want family officers to be able to locate the right opportunities. Plato Capital is a boutique bank that provides investment advice. It draws upon the knowledge of its founders in large banks, family offices and in the tech industry to offer entrepreneurial investment advice. Our local expertise and connections allow us to help our clients successfully reduce risk while increasing their capital gains.

Anyone who is a wealth manager can thrive in turbulent times by mixing old and new, adapting quickly to changing needs, and being willing to take risks with their own structure. Farnoush Farsiar
Here's my website: https://dribbble.com/farnoush-farsiar3haaaa33