Notes

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

Family offices cater to an increasingly tech-savvy, younger and mobile generation more often. All clients, regardless of their age, are attracted to investing via online trading. This has resulted in a greater enthusiasm for personal investments. The clients do not want to be left out of the process of deciding on discretionary portfolio requirements.

The changes are happening in a period of is unprecedented political and economic instability. These changes also signal the end of the model of family offices that are fee-based. Offices that attempt to keep their existing methods will soon be demolished by the clients they were established to advise. They have to adapt and be more entrepreneurial with their approach to investment management, to provide a real value proposition to UHNWIs.

Family offices come in all sizes and styles. But they need to prioritize efficiency and agility in addition to simplifying the process. Customers will get better service when they are able to employ fewer advisors who can quickly implement new technologies and bring in external specialists as required. Since the lines between family and private banking are blurring the most successful firms will have a smaller group of advisors who are able to quickly implement new technology and also bring on external experts when needed. This will allow the firm to offer an enhanced service to clients.

Your success will be contingent on your ability to access traditional networks, reputation-based, and network-based sources of deal source. It is also possible to make use of online tools and methods to find deals or opportunities. Wealth managers can make use of deal sourcing websites to find deals and opportunities. They're much simpler than large, cumbersome banks that are entangled in big-firm bureaucracy. Farnoush Farsiar This platform allows dealmakers to easily access and evaluate many deals simultaneously, which can save them time and money.

https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Wealthica and other dashboards such as Wealthica are also changing the way family offices communicate directly with their clients. Farnoush Farsiar These dashboards consolidate investments in a way that is automated from multiple sources, and allow clients to be in constant communication with their investment portfolios. This is a huge improvement from the past when wealth managers only providing periodic information on the state of their clients' funds.

Of course the tools are just that - the means that wealth managers can improve their efficiency and speed at that they function. The method they use to make investment strategy is the most important aspect. Again, the edge comes from combining the old and the modern - continuing to search for deals in real estate and other areas while also considering investments in areas that have not been explored before, such as climate science or food security. The UBS Global Family Office Report 2018 showed that impact investing has become a mainstream topic in family offices. A third of family offices participate in this kind of investment and many expect to get more involved in the coming years. Although there are certainly issues in this area, such as difficulties in monitoring impact and executing due diligence, the upcoming generation of HNWIs and UHNWIs will anticipate family offices to be able to identify and secure these kinds of investments. My own firm, Plato Capital, is an investment bank that is boutique and is based on the expertise of its founders in family offices, big banks, and in the tech industry to offer advice on investment with particular attention to the entrepreneurial. Farnoush Farsiar Our clients are able to make maximum returns and manage risks through our own network.

Farnoush Farsiar Wealth managers can flourish during turbulent times through mixing the past with the present and adapting to the demands of the new generation and taking risks by establishing their own structure.
Homepage: https://www.cbetta.com/director/farnoush-farsiar-aidi-2