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How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. http://diletant.games/user/Farnoush.Farsiar7cddbb11/ Technological revolution. Farnoush Farsiar, EU Today writes that these are just a few of many key changes that have affected family offices, and in the end threatened their structures and practices.

Family offices serve an increasingly tech-savvy, younger and mobile-savvy generation more often. The financial crisis and the rise of democratisation and online trading have made clients more attracted to their investment choices. They want greater control and understanding and don't want the discretionary portfolio management mandates of their clients in a jiffy.

The changes are occurring in a critical time of the economic and political chaos. If an office attempts to maintain its old practices, they'll be relegated by the very people they meant to advise. Farnoush Farsiar Instead, they need to adjust and adopt a more entrepreneurial approach to investment management and create an authentic value offering for UHNWIs.

Family offices are diverse in their dimensions and their scope. But, they must be able to focus on scalability and streamlining their services, not trying to become experts in every field. Customers will appreciate a smaller group of advisors that can quickly implementing new technologies and also the hiring of external experts as needed. These changes will require blurring the lines between private banking and family offices, successful firms will be those that can maintain the loyalty and level of trust that a family office has while staying ahead of the curve with the sourcing of deals and embracing technology.

The ability to use both traditional, reputation-based and network-based methods for deal sourcing will lead to the success. However, you can also use online methods to discover deals and opportunities. Wealth managers and private offices that have a highly skilled staff can implement online deal sources platforms. This is in contrast to the cumbersome banks, which are ensconced within bureaucracy. Farnoush Farsiar Dealmakers can examine and review a vast amount of deals at a time, resulting in a significant savings of time and resources.

Another online service that's changing the way family offices communicate with their clients is Wealthica. The Wealthica dashboard service automatically collects investments from multiple sources and brings clients into regular contact. It's a far cry from the past when wealth managers would only provide occasional updates about the progress of clients' money.

They aren't the only way that wealth managers can boost effectiveness and speed of their operations. Farnoush Farsiar The investment strategies they employ is the most important element. The key to success is to combine traditional and new. You will continue to seek out deals in real property, and also explore investments that were previously not explored, like food security and climate science. Farnoush Farsiar Impact investing has certainly 'arrived' within the family office sector. According to the UBS Global Family Office Report 2018 revealed that one-third of family officers are engaged in impact investing. A lot of people are planning to take part in the future. Although there are many challenges with this particular area like the measurement of the impact of investments and conducting due diligence, the future generation of HNWIs/UHNWIs will want their family offices to be able identify and secure these types of investments. Plato Capital, which I created as an investment bank, is a company that is focused on entrepreneurs. Our network and personal knowledge of the local region allows our clients to reduce risk and increase their capital returns.

Farnoush Farsiar Wealth managers can thrive in turbulent times by blending the past and the future by adapting to the changing needs of the younger generation, and taking risks with their own structures.
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