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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technological innovations. These are only a handful of the most significant changes that are affecting family offices and fundamentally threatening their structure and methods, writes Farnoush Farsiar for EU Today.

Family offices cater to the increasingly mobile, tech-savvy and younger generation. All clients, regardless their age, have become attracted, regardless of their financial status, in managing their own investments. This means they seek out more information and involvement and not just an investment manager to manage.

Farnoush Farsiar These changes occur in a critical time of the economic and political turmoil. Offices who try to maintain their existing methods will soon be demolished by the clients they were created to help. http://energyua.com/user/Farnoush.Farsiar9Lffcc33/ They need to change and become more entrepreneurial with their approach to investment management in order to offer a true value proposition for UHNWIs.

Family offices differ in terms of their dimensions and their size and. However, they should be able to focus on scalability and streamlining their services, not trying to become experts in every area. Customers will appreciate a smaller team of advisors who are capable of quickly adapting to new technologies, as well as bringing on board external specialists when required. This will mean the blurring between family office and private banking. The most successful firms will keep the trust and respect of family offices while staying ahead of the curve in the adoption of technology and sourcing deals.

The ability to employ both traditional, reputation-based and network-based methods for deal sourcing will lead to the success. Farnoush Farsiar But, you can make use of online tools to locate deals and opportunities. Online deal sourcing platforms are just one of the tools wealth managers and agile private offices can readily install in contrast to the large, bankers who are ensnared in bureaucratic red tape. Dealmakers can review and access a huge variety of deals at the same time, which is a significant saving of time and money.

Farnoush Farsiar Wealthica and other services on the internet have also changed the way family offices communicate with their clients. They automatically consolidate the investments of a variety of sources and allow clients to be in daily contact with the portfolios. This is a far contrast to the past when wealth managers would only give periodic updates on their clients' performance.

They aren't the only method wealth managers can improve the efficiency and speed of their work. The most crucial element to consider when investing is the method that is used to implement the strategies. The best approach is to blend the traditional and the modern. That means that you will continue to search for bargains on real estate however, you should also look into investments in other areas such as the science of climate change or food security. Impact investing has definitely arrived in the world of family offices. the UBS Global Family Office Report 2018 revealed that a third of family offices are involved in impact investing and the majority expect to be more involved in the near-future. Farnoush Farsiar While there are undoubtedly problems in this area, such as the difficulty of monitoring impact and executing due diligence, the next generation of HNWIs and UHNWIs are expected to anticipate family offices to be able to find and secure these types of investments. Plato Capital, which I founded, is an investment bank that is focused on entrepreneurs. Our extensive network and intimate knowledge in the local area allows our clients to manage risk effectively and maximize their capital return.

All types of wealth managers are able to continue to prosper in turbulent times if they mix the old and the modern and are open to the changing needs of the market and are willing to take risk with their own structures.
My Website: http://74novosti.ru/user/Farnoush-Farsiar8Lffaa33/