Notes

How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological change. Farnoush Farsiar of EU Today writes that these are but a few of the major changes that are affecting family offices, and fundamentally challenging their business practices and operations.

Family offices are increasingly catering to the younger, mobile generation. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Every client, no matter their age, are becoming more concerned, regardless of financial situation and in managing their own investment portfolios. That means they want more involvement and information, not just a portfolio manager to manage.

The changes take place at a time of extreme political and economic instability. If they try to keep their old practices, they will be abandoned by the very people they were designed to serve. Instead, they need to adjust and adopt a more innovative approach to managing investments, in order to create an authentic worth offering for UHNWIs.

Family offices are available in all sizes and styles. However, they must prioritize efficiency and flexibility in addition to improving the efficiency of their services. Customers will appreciate a smaller team of advisors capable of rapidly implementing new technologies and also the hiring of external experts whenever needed. These developments make it necessary for the lines between family office and private banks blur. The best firms will keep the trust and loyalty of their family office , while being ahead of the curve when it comes to technology and finding deals.

Your success will depend on your ability to access traditional or network-based sources of deal sources. It is also possible to use online methods and tools to discover opportunities or deals. Online deal sourcing platforms are easily installed by wealth managers and a flexible private office, as opposed to banks that have bureaucratic burdens. These platforms make it possible dealmakers to assess multiple deals simultaneously and reduce time and effort.

Wealthica is another online platform which has changed the way a family offices communicate with clients. Wealthica's dashboard services automate the consolidation of investments from different sources. Clients are able to have daily contact with their investment portfolios. This is a lot better than the days when wealth management only provided periodic updates regarding the progress and whereabouts of the client's money.

https://www.cbetta.com/director/farnoush-farsiar-aidi-2 They aren't the only method wealth managers can improve the efficiency and speed of their work. The strategy which underpins their investments is ultimately the most important factor. https://www.privatebankerinternational.com/author/farnoushfarsiar/ It is essential to blend the traditional and new. For instance you should continue searching for real estate opportunities and also look into investments in new areas like climate science or food security. Impact investing has certainly "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, one third of family businesses are currently involved in impact investments and the majority of them are planning to grow their involvement in the near future. While there are undoubtedly problems in this area, such as the difficulty of monitoring impact and executing due diligence, the coming generation of HNWIs and UHNWIs are likely to anticipate family offices to be able identify and secure these kinds of investments. Farnoush Farsiar Plato Capital, which I created as an investment bank, is a company that is focused on entrepreneurs. Our clients are able to control risk and receive the highest returns from their investment due to our network of local experts.

Wealth managers of all kinds can continue to thrive in turbulent times if they mix both the traditional and the contemporary and are open to changing demands and taking risks with their own structure.
Website: https://www.cbetta.com/director/farnoush-farsiar-aidi-2