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How can firms that manage wealth be prepared for turbulent times [Farnoush Farsiar]
Generational shifts Global mobility. Technology revolution. Farnoush Farsiar from EU Today writes about these key changes that impact family offices and fundamentally threatening the operational structures and procedures.

Farnoush Farsiar Farnoush Farsiar Family offices cater to the younger, more tech-savvy and mobile generation more frequently. The economic crisis and the democratisation of trading using online tools have created a new generation of clients, regardless of age, more interested in their investments, meaning they want to have more knowledge and more involvement and have lost the desire to have discretionary portfolios that are managed by distance.

These changes come at a moment of unprecedented political and financial instability. Farnoush Farsiar Offices that attempt to keep their old methods are likely to be relegated by the people they were created to help. They must be flexible and innovative in managing investments to offer UHNWIs with a value proposition.

Family offices vary hugely in their size and scope, however regardless of this, they should focus on agility and improving their services instead of striving to be specialists in all things. A smaller group of advisors who can quickly introduce the latest technology and add external specialists when required will provide better service to clients. As the boundaries between family and private banking have been blurred The best banks will have a smaller team of advisors who are able to quickly implement new technology and also bring on external specialists when necessary. This will allow them to provide the best service to clients.

It is important to be able draw upon the old-fashioned, network-based, and reputation-based strategies for deal sourcing. Online tools can also be utilized to spot deals and opportunities. Private offices and wealth managers that have a highly skilled staff can implement online deal platform for sourcing. It is in stark contrast to the cumbersome banks, which are ensconced within bureaucracy. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Farnoush Farsiar Dealmakers can utilize these platforms to access and assess a variety of deals. This results in substantial savings of time and resources.

Other online services that are changing the way family offices interact with their clients includes dashboard serviceslike Wealthica which instantly consolidates the investments of a variety of sources, bringing customers to daily interaction with their investments. It's a far cry from the days of wealth managers who offered only periodic updates on the state of their clients' funds.

These tools do exactly tools that allow wealth managers to increase their efficiency and speed. The strategy which underpins their investments is , in the end, the most crucial factor. It is essential to blend the old and the new. For example keep searching for deals in real estate as well as looking at investing in areas that aren't as well-known, such as climate science or food security. The UBS Global Family Office Report 2018 showed that impact investing is becoming the most talked about topic in family offices. Farnoush Farsiar One third of these family offices participate in this type of investing and many anticipate getting more involved in the near future. While there are some challenges in this area, such as the measurement of the impact and conducting due diligence future generation of HNWIs/UHNWIs will want their family offices to determine and secure these kinds of investments. Plato Capital is my boutique investment bank. Farnoush Farsiar Plato Capital draws from the experiences of its founders who have worked in large banks and the technology sector. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our personal local knowledge and connections allow our clients to manage risk and make optimal returns on their capital.

Farnoush Farsiar Wealth managers of any age are able to survive turbulent times by blending old and new, adapting quickly to changing needs, and being willing to take chances with their own structures.
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