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How can wealth management firms prepare to face turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology-driven change. Farnoush Farsiar Farnoush Farsiar writes for EU Today that these are only some of the major changes that will affect family offices and pose a serious threat to their operational structures.

Family offices cater to an increasing number of young, mobile and tech-savvy generations. Farnoush Farsiar In the wake of the economic crisis, everyone is now more interested and involved in their investment.

The changes are occurring in a critical time of the economic and political turmoil. Offices which try to maintain their old methods will soon discover that they are not being used by the very people they were founded to assist. They must change their approach to become more entrepreneurial and create a value offering for UHNWIs.

While family offices can differ in terms of size and scope, they should prioritize flexibility over the need to be an expert in every area. Clients will appreciate a smaller team of advisors that can quickly implementing new technologies and the hiring of external experts as needed. As these changes necessitate the blurring of the line between private banking and family offices the most successful companies will be those who maintain the loyalty and level of trust of a family office while staying ahead of the curve in new technology and deals to source.

It is important to be able draw upon traditional, network-based and reputation-based methods of deal sourcing. Online tools can also be utilized to find deals and opportunities. Deal sourcing platforms online can be easily installed by wealth managers and agile private office, as opposed to large banks which have bureaucratic burdens. Dealmakers can access and evaluate huge numbers of deals at the same time, which is a significant time and money saving.

Wealthica and other services on the internet have also changed the way family offices interact with clients. They consolidate investments across a variety of sources and bring clients into daily contact with the investment. This is a cry away from when wealth managers would only offer periodic information on their clients' performance.

https://www.indiegogo.com/individuals/34125297/ These tools aren't just tools they're the tools that wealth managers can improve their efficiency and speed. Farnoush Farsiar The most important factor in investing is the strategy that underpins them. In the end, the advantage comes from combining the old and the modern - continuing to search for deals in real estate, whilst also exploring investments in fields that were previously unexplored, such as climate science or food security. https://h3d.org/author/farnoush.farsiar1gddcc11/ Impact investing has certainly "arrived" in the family office industry. According to the UBS Global Family Office Report 2018 one-third of family 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. https://bbs.pku.edu.cn/v2/jump-to.php?url=http://kinecommunity.com/members/farnoush-farsiar2abbcc33/activity/18503/ There are many challenges in this area, including the challenge of measuring impact and doing due diligence. But the next generation of UHNWIs, and HNWIs, will be expecting family offices to identify and secure such investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders who been employed in major banks, as well as in the tech sector. Plato Capital provides investment advice that focuses on the entrepreneurial. Our clients are able to deal with risk and earn the best returns on their investment due to our network of local experts.

Wealth managers can prosper during turbulent times through blending past and the future and adapting to the demands of the young generation and making a risk in their own frameworks.
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