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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Farnoush Farsiar Global mobility. Technological innovations. Farnoush Farsiar, EU Today writes that these are just some of the major developments that have affected family offices and fundamentally impacted their operating structures and methods.

Farnoush Farsiar Family offices serve the younger, more tech-savvy and mobile-savvy generation more often. Everyone, regardless of age, have become more concerned, regardless of financial status and in managing their own investments. This means they seek out more information and involvement , not just a portfolio manager to manage.

The changes are occurring at a crucial time in political and economic crisis. If the offices attempt to keep their current practices, they may realize that the individuals they were created to help will leave them. They must adapt to a more entrepreneur-like approach in investment management in order to offer UHNWIs a true value proposition.

Family offices vary hugely in size and scope, however regardless of that, they must be focusing on agility and improving their services, rather than trying to be experts at everything. Clients will appreciate a smaller team of advisors capable of rapidly implementing new technologies and also hiring external experts as needed. These developments will require that the boundaries between private and family offices bank blur. The best banks will retain the loyalty and trust of their family office while staying in the forefront in terms of technology and sourcing deals.

It is crucial to be able to draw on the traditional, network-based and reputation-based methods of deal sourcing. Online tools can be used to identify opportunities and deals. Farnoush Farsiar Online deal sourcing platforms are just one tool which wealth managers and flexible private offices can easily install in contrast to the large, heavy-handed banks that are burdened by bureaucratic bureaucracy of large firms. This platform allows dealmakers to easily access and evaluate many deals at the same time which could save them time and money.

Wealthica and other dashboard services such as Wealthica are also changing the way family offices interact directly with their clients. These services consolidate investments in a way that is automated from multiple sources, and allow clients to be in constant communications with their investments. This is a huge improvement from the past when wealth managers providing only intermittent updates regarding the progress of their clients' money.

These tools are merely tools that allow wealth managers to increase their effectiveness and speed. The most crucial element to consider when investing is the strategy that supports these tools. The most effective strategy is to combine both the old and new. That means that you can continue to look for deals on real estate however, you should also look into investments in other sectors like climate science or food security. Impact investing has definitely "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, one third of family-owned businesses are involved in impact investment with the majority expecting to expand the amount of involvement they have in the coming years. Farnoush Farsiar There are certain problems with this field, including challenges in measuring impact and conducting due diligence. However the next generation of UHNWIs and HNWIs will want their family offices to be able to identify and secure these investments. My company, Plato Capital, is a boutique investment bank which draws on the experience of its founders, including family offices, big banks and the tech industry, to provide investment advice with an emphasis on the entrepreneurial. https://brexitcentral.com/author/farnoush-farsiar/ Our personal local knowledge and network allows our clients to manage risk and achieve optimal returns on their capital.

All types of wealth managers are able to continue to prosper in turbulent times if they combine the old and the modern, are open to adapting to changing demands and taking risks with their own structures.
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