Notes

How wealth management firms can be ready for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology innovations. Farnoush Farsiar, EU Today writes that these are only a few of many key changes that have affected family offices and fundamentally impacted their operational structures and methods.

Family offices serve an increasingly tech-savvy, younger and mobile generation more frequently. Farnoush Farsiar Because of the financial recession, clients are becoming more involved and interested in their investments.

These changes occur in a time of unprecedented financial and political turmoil. If offices try to maintain their current strategies and methods, they could realize that the people they were set up to assist will not be able to keep them. They will need to adjust to a more entrepreneur-like approach in investment management in order to offer UHNWIs an authentic value proposition.

Family offices vary hugely in dimensions and scope, but regardless of that, they must be focusing on agility and streamlining their service instead of striving to be specialists in everything. Farnoush Farsiar The best service for clients will be provided by a small group of advisors who are able to swiftly implement new technologies and also bring in external experts when required. This has led to the blurring of distinctions between family and private banking offices. Successful firms will continue to maintain the loyalty of family offices as well as the level of trust they have while also keeping up with the latest technology in sourcing deals and implementing new technology.

It is crucial to be able to draw on traditional, network-based and reputation-based methods of deal sourcing. These tools can be utilized to find opportunities and deals. Wealth managers and private offices with agile staff can install online deal sources platforms. https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/ This is in contrast with cumbersome banks that are in bureaucracy. https://twitter.com/brexitcentral/status/1151733390485467136 These platforms make it possible for dealmakers to evaluate multiple deals simultaneously and make it easier to save time and energy.

Wealthica is another service online that has revolutionized how a family offices communicate with clients. Wealthica's dashboard features will automatically combine investments from different sources. Customers can keep in touch with their investment portfolios. This is much superior to the past when wealth management only provided periodic updates about the progress and whereabouts of the client's money.

Farnoush Farsiar These tools are only that, they're the means that wealth managers can improve their efficiency and speed. The investment strategies they employ is the most crucial aspect. Again, the edge comes from combining the traditional and the new - continuing to scout out opportunities in real estate etc while also considering investments in previously unexplored fields, such as climate science or food security. Impact investing has definitely arrived' in the family office world - the UBS Global Family Office Report 2018 found that one third of family offices are now involved in impact investing and most expect to become more active in the near future. While there are some challenges with this particular area like measuring the impact of investments and conducting due diligence the next generation HNWIs/UHNWIs will expect their family offices to be able find and secure these kinds of investments. Plato Capital, my own boutique investment bank, draws from the experiences of its founders who have worked in large banks and the technology industry to offer investment advice that is entrepreneurial the focus. Our network and personal knowledge within the local community allow our clients to reduce risk and maximize their capital return.

Blending the old with the new, while adjusting to the changing needs of the new generation and being prepared to take risks with their own methods and structures Wealth managers of all kinds are able to stay relevant and prosper even in the midst of turbulent times.
Homepage: https://www.cbetta.com/director/farnoush-farsiar-aidi-2