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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological innovation. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and fundamentally threatening operational structures and procedures.

Family offices are catering more and more to the mobile, younger generation. Every client, no matter their age, are becoming more concerned, regardless of financial situation, in managing their own investments. Farnoush Farsiar This means that they want more information and involvement and not just an investment manager to manage.

Farnoush Farsiar The changes take place in a period of extreme political and economic instability. If they continue to follow their old methods and practices, they'll be relegated by the very people they were designed to help. They must change and be more innovative with their approach to investment management in order to offer a true value proposition to UHNWIs.

Farnoush Farsiar Family offices vary in terms of their size and scope. They should be able to focus on agility and streamlining their services and not try to become experts in each area. Clients will appreciate a smaller team of advisors who are capable of quickly adopting new technologies and also bringing on board external specialists as needed. Farnoush Farsiar These developments will require that the boundaries between private and family office banks blur. Farnoush Farsiar The most successful firms maintain the trust and loyalty of their family office , while staying in the forefront when it comes to technology and the sourcing of deals.

Your success will depend on your ability to tap into traditional, network-based, and reputation-based sources of deal sources. Additionally, you can make use of online tools and methods to identify deals or opportunities. Wealth managers and private offices that can manage large numbers of deals online are far more efficient than cumbersome banks. Dealmakers can utilize these platforms to quickly review and access a range of deals, resulting in significant savings of time and money.

Wealthica and other online services are also changing how family offices communicate with their clients. They consolidate investment portfolios across various sources and allow clients to be in daily contact with the investments. This is a way from the days when wealth managers would only give periodic information on their clients' performance.

These tools are not the only way that wealth managers can increase efficiency and speed up their processes. The most crucial aspect to consider when investing is the strategy that supports the strategies. The secret to success is combining the traditional with the new. The company will continue to search for deals in real estate, and also explore investment opportunities in previously unexplored areas, like food security and climate science. Impact investing has definitely 'arrived" within the realm of family offices , according to the UBS Global Family Office Report 2018, which revealed that one-third of family offices were engaged in impact investing. Most expect to be more involved in the near future. There are many hurdles with this particular area like measuring the impact of investments and conducting due diligence the younger generation of HNWIs and UHNWIs will expect their family offices to be able to find and secure these kinds of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders who been employed in major banks and the technology industry. Plato Capital provides investment advice that focuses on the entrepreneurial. Our local knowledge and networks allow us to assist our clients successfully manage risk while maximizing the capital return.

Anyone who is a wealth manager can thrive in turbulent times by blending traditional and newideas, quickly adapting to new demands and being willing to take chances with their own systems.
My Website: https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi