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How wealth management businesses can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technological advancement. Farnoush Farsiar Farnoush Farsiar from EU Today discusses these major changes that impact family offices and fundamentally challenging the operating structures and practices.

Family offices serve an increasingly tech-savvy, younger and mobile-savvy generation more frequently. Every client, no matter their age, are more interested in investing through trading online. This has led to a greater enthusiasm for personal investments. Customers do not wish to be left out of the decision-making process for discretionary portfolio mandates.

These shifts, which happen at a time of unparalleled economic and political instability, herald the demise of the family office model that is based on fees. If they attempt to continue with their old practices, they will be abandoned by the very people they were designed to serve. Instead, they must adjust and adopt a more creative approach to investment management and create the best worth offering for UHNWIs.

Although family offices can vary in size and scope, they should prioritize agility over the desire to be experts in all fields. The best customer service is provided by a small group of advisors that are able to swiftly implement new technologies and also bring in external experts when required. Since these changes require the blurring of the line between private banking and family office The most successful companies will be those that can maintain the trust and loyalty of their clients. trust of a family office while remaining ahead of the curve with the sourcing of deals and embracing technology.

You'll be successful if can leverage traditional methods, such as reputation and network-based strategies for dealsourcing. You can also do this by employing online methods to find opportunities and deals. Farnoush Farsiar 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 that are in bureaucracy. Dealmakers can use these platforms to review and access a range of deals. This results in significant savings in time and funds.

https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/ Wealthica and other services on the internet are changing the way family offices interact with their clients. They automate the consolidation of the investments of a variety of sources and bring clients into daily contact with their investment. It's a contrast to the past the days when wealth managers could only provide intermittent information on their clients' investments.

Of course the tools are just an instrument by which wealth managers can improve the speed and efficiency with which they operate. The most important factor is the investment strategy they employ. Again, the edge comes from combining traditional and new - continuing to scout out deals in real estate etc while also considering investments in areas that have not been explored before, such as food security or climate science. Impact investing has definitely "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018 one-third of family-owned businesses are involved in impact investments, with most expecting to increase the amount of involvement they have in the coming years. Although there are certainly issues in this field, including difficulties in measuring impact and carrying out due diligence, the next generation of HNWIs as well as UHNWIs are expected to expect family offices to be able identify and secure these kinds of investments. Farnoush Farsiar My company, Plato Capital, is a boutique investment bank which draws on the experience of its founders, including family offices, large banks, and the tech industry, to provide investment advice with particular attention to the entrepreneurial. Our clients are able to successfully deal with risk and earn the highest returns from their capital due to our network of local experts.

Wealth managers of all kinds are able to succeed during turbulent times, by mixing the old with the new while experimenting and risking their structure and methods.
Read More: https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/