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How can firms that manage wealth be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Farnoush Farsiar Technological change. https://suite.endole.co.uk/insight/people/25691618-farnoush-farsiar-aidi Farnoush Farsiar from EU Today discusses the major changes that affect family offices and fundamentally threatening the working structures and practices.

In a growing number, family-owned businesses cater to the young, more tech-savvy and mobile generation. Everyone, regardless of age, have become attracted, regardless of their financial status and in managing their own investment portfolios. That means they want more information and involvement , not just an investment manager to manage.

The changes are occurring at a time of unprecedented financial and political instability. If a business tries to keep its old ways of doing business, they'll be relegated by those they supposed to be advising. They must be flexible and creative when managing investments so that they can give UHNWIs with a genuine value proposition.

Farnoush Farsiar Family offices differ in dimensions and their size and. Farnoush Farsiar However, they should be able to concentrate on agility and streamlining their services rather than trying to become experts in every field. Customers will get more efficient service if they have less advisors who are able to implement new technologies quickly and bring in external specialists whenever required. These changes have led to the blurring of lines between private banks and family offices. Farnoush Farsiar Companies that are successful will continue to maintain the trust of family offices and the trust they have while also staying ahead of technology in sourcing deals and adopting the latest technologies.

The ability to employ both traditional, reputation-based and network-based methods for deal sourcing will result in successful outcomes. However, you can also use online methods to locate opportunities and deals. Deal sourcing platforms online are easily installed by wealth managers as well as agile private offices, in contrast to large banks which have bureaucratic burdens. Dealmakers can utilize these platforms to quickly review and access a range of deals. Farnoush Farsiar This results in substantial savings of time and money.

Other online services that have changed how family offices interact with their clients includes dashboard services, such as Wealthica that automatically consolidates investment portfolios from various sources, bringing clients into daily contact with their investments - which is a vast improvement over the days of wealth managers who gave periodic information on the status of their clients' money.

Farnoush Farsiar These tools are merely thatthey enable wealth managers to boost their effectiveness and speed. The most crucial element in investing is the method that is used to implement them. The best strategy will combine the traditional and the modern. That means that you should continue looking for opportunities on real estate but you can also consider investing in sectors like climate science or food security. Impact investing is definitely "arrived" in the world of family office - UBS Global Family Office Report 2018 found that one-third of family office were involved in impact investing. Most expect to be more involved in future. Farnoush Farsiar While there are some challenges with the field such as difficulties in measuring impact and due diligence, the HNWIs and UHNWIs of the future will expect family officers to be able to find these opportunities. Plato Capital, my own boutique investment bank, draws on the experience of its founders who have worked in large banks and in the technology industry to provide investment advice that is entrepreneurial in direction. Our clients are able to maximize their returns and control the risk through our personal network.

All types of wealth managers can be successful in turbulent times by mixing old and the new, adapting and making a risk with their structures and techniques.
Read More: https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times