Notes

How wealth management businesses can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. Farnoush Farsiar writes for EU Today that these are only a few key changes that affect family offices and pose a serious threat to their operational structures.

Family offices serve a younger, tech-savvy, and mobile-savvy generation more frequently. Every client, no matter their age, have become concerned, regardless of financial status, in managing their own investments. This means that they are looking for more information and involvement and not just a portfolio manager to manage.

Farnoush Farsiar These changes come at a time where there is unprecedented political and economic turmoil. Farnoush Farsiar These changes also signal the end of the fee-based family offices model. If they try to keep the old ways and practices, they'll be relegated by the very people they were designed to serve. They have to adapt and be more entrepreneurial in their approach to managing investments in order to offer a true benefit proposition to UHNWIs.

https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar While the scope and size of family offices is different, it's important to focus on efficiency and speed rather than being experts in all things. Customers will enjoy better service when they have less advisors who are able to implement new technologies quickly and also bring in specialists from outside whenever required. These changes will require the blurring of the lines between family offices and private banking. The most successful firms will keep the trust and respect of family offices and stay ahead of the curve with technology and purchasing deals.

It is important to be able to use the traditional, network-based and reputation-based strategies for deal sourcing. Online tools can be utilized to spot opportunities and deals. Online deal sourcing platforms can be easily incorporated by wealth managers and a flexible private offices, in contrast to big banks, which are burdened with bureaucracy. Farnoush Farsiar Dealmakers can access and evaluate large numbers of deals simultaneously, which is a significant savings in time and resources.

Wealthica is another online service that has revolutionized how a family office interacts with clients. Wealthica's dashboard services automate the consolidation of investments from different sources. Clients can keep in touch with their investments. This is far superior to the past where wealth management would only provide occasional updates on the condition and status of their clients money.

Of course they are only tools - the methods by which wealth managers can improve the speed and efficiency with which they operate. Their investment strategy is the most crucial element. The best approach is to blend the old and the new. This means you should continue looking for deals in real estate, but also consider investing in areas like climate science or food security. The UBS Global Family Office Report 2018 revealed that impact investing is becoming a mainstream topic in family offices. About a third of family offices participate in the type of investing that they are involved in and many expect to get involved more in the future. There are some issues with this particular field, for instance, challenges in measuring impact and performing due diligence. Farnoush Farsiar But, the next generation UHNWIs and HNWIs are likely to expect a family offices to be able to identify and secure these investments. Plato Capital is a boutique bank that offers investment advice. Farnoush Farsiar It draws upon the experience of its founders in large banks, family offices and in the tech industry to offer entrepreneurial investment advice. Our local experience and network allows us to help our clients successfully control risk while maximising the capital return.

All types of wealth managers are able to continue to prosper during turbulent times when they blend the old and modern and are open to new demands and take risks with their own structures.
Here's my website: https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar