Notes

How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology transformation. Farnoush Farsiar of EU Today notes these are only a few of the major changes that affect family offices, and fundamentally threatening their operations and practices.

In a growing number, family-owned businesses cater to the young, more tech-savvy and mobile generation. The financial crisis as well as the rise of democratisation and online trading have made clients more keen on their investment choices. Farnoush Farsiar Farnoush Farsiar They seek more control and information, and no longer are they looking for discretionary portfolios that are managed within reach.

These shifts, which happen during a time of unmatched political and economic instability will bring the demise of the family office model that is based on fees. If family offices maintain their current strategies however, they might discover that the people they were created to advise will abandon them. They must be flexible and innovative in managing investments in order to offer UHNWIs with a genuine value proposition.

Although the size and scope of family offices are diverse, it is crucial that they prioritize flexibility and streamlining over being experts in everything. Clients will receive a better service if they are able to employ fewer advisors who can quickly implement new technologies and bring in outside specialists when needed. This will mean the blurring of family offices and private banking. The most successful firms will keep the trust and respect of family offices, while staying on top of trends in technology and sourcing deals.

You will succeed if you are able to leverage traditional networks, reputation- and network-based methods of dealsourcing, while making use of online tools to identify deals and opportunities. Deal sourcing platforms on the internet can be easily incorporated by wealth managers as well as agile private offices, as opposed to banks that are burdened with bureaucracy. Dealmakers can review and access a huge amount of deals at a time - a substantial saving of time and resources.

Wealthica is another service online which has changed the way a family office interacts with clients. Wealthica's dashboard services automate the consolidation of investments from different sources. Customers can be in constant contact with their investment portfolios. This is far superior to the past when wealth management only provided periodic updates regarding the condition and status of the money they had earned for their clients.

They're not tools for anything else they're the method that wealth managers can improve their efficiency and speed. The way they invest is most important. It is important to combine the traditional and new. https://kwafoo.coe.neu.edu:7788/git/farnoush.farsiar9lffaa11 Farnoush Farsiar For instance you should continue searching for real estate deals and also look into investments in new areas like food security or climate science. Impact investing has certainly 'arrived in the family office sector. http://photointeriorpro.ru/user/Farnoush.Farsiar7dbbbb33/ The UBS Global Family Office Report 2018 found that a third of family officers are involved in impact investing. Many expect to take part in the coming years. Although there are many challenges with this particular area like measuring the impact of investments and conducting due diligence, next generation HNWIs/UHNWIs will expect their family offices to be able to determine and secure these kinds of investments. Plato Capital, which I created as an investment bank, is a company which focuses on entrepreneurs. Our local expertise and network allows our clients to successfully control risk and earn the best profits from their capital.

Farnoush Farsiar Wealth managers can flourish during turbulent times through mixing the past and the future and adapting to the demands of the new generation and making a risk in their own frameworks.
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