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How can wealth management firms be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology transformation. Farnoush Farsiar from EU Today discusses these major changes that impact family offices and are fundamentally challenging the operational structures and procedures.

Family offices cater to a growing number of younger, mobile and tech-savvy generations. Farnoush Farsiar Farnoush Farsiar The financial crisis and the increasing accessibility of trading online and its democratisation have led to clients becoming more interested in their investments. Farnoush Farsiar They want more control and information and do not want the discretionary portfolio management mandates of their clients at arm's reach.

The changes are happening at a time where there an unprecedented economic and political turmoil. Farnoush Farsiar They also mark the end of the model of family offices that are fee-based. Offices that attempt to continue their previous methods will find they are abandoned by the very people they were established to advise. They must be agile and creative in managing investments to give UHNWIs with a value proposition.

Farnoush Farsiar Family offices are available in various sizes and types. However, they must prioritize efficiency and agility in addition to streamlining the service. Clients can benefit from a lesser number of advisors who are capable of quickly implementing new technology and also bringing in experts as they are required. https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 These changes will require the blurring between family office and private banking. Companies that succeed will be able to maintain the trust and respect of family offices while staying ahead of the curve in the adoption of technology and the sourcing of deals.

Success will result from an ability to capitalise on more traditional, traditional, network- and reputation-based approaches to deal sourcing, whilst also using online methods to find deals and opportunities. Online deal sourcing platforms are only one of the tools wealth managers and agile private offices can readily install instead of large cumbersome banks, who are ensnared in bureaucratic red tape. These platforms allow for dealmakers to evaluate many deals simultaneously, and thus reduce time and effort.

Wealthica is another online service which has changed the way a family offices interact with their clients. Wealthica's dashboards automatically consolidate investments from various sources. Clients can be in constant contact with their investments. This is a lot more efficient than when wealth management only provided periodic updates about the status and location of the client's money.

These tools are not the only method wealth managers can improve efficiency and speed of their work. The most important factor in investing is the strategy that underpins them. The best approach is to blend both the old and new. This means that you can continue to look for deals on real estate but also look into investments in other sectors like food security or climate science. Impact investing has undoubtedly 'arrived within the family office world - according to the UBS Global Family Office Report 2018 showed that one-third of family offices are now engaged in impact investing and the majority expect to be more active in the near future. Although there are some issues regarding the field like difficulty quantifying impact as well as due diligence the HNWIs and UHNWIs of the future will require family officers to have the ability to identify the right opportunities. Plato Capital is a boutique bank that offers investment advice. It draws on the experience of its founders from large banks, family offices and the technology industry to provide entrepreneurial investment advice. Our clients can maximize their returns and control the risk through our personal network.

Wealth managers of every type are able to continue to prosper during turbulent times if they mix both the traditional and the contemporary, are open to adapting to new demands and take risks with their own structure.
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