Notes

How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Farnoush Farsiar Technological revolution. Farnoush Farsiar writes for EU Today that these are just a handful of major changes that affect family offices and fundamentally threaten their structures of operation.

https://rekvizitai.vz.lt/en/company/lionsgate_procurement_services/farnoush_farsiar_direktore/ Family offices cater to increasingly mobile, tech-savvy and younger generations. Every client, no matter their age, are becoming more attracted, regardless of their financial status and in managing their own investments. That means they are looking for more involvement and information, not just a portfolio manager to manage.

The changes are occurring at a time of unprecedented political and financial turmoil. Offices that attempt to continue their traditional methods may find they are abandoned by the very individuals they were established to advise. They must change their approach to become more entrepreneurial and create a value proposition for UHNWIs.

Farnoush Farsiar Family offices come in a variety of sizes and types. However, they must prioritize efficiency and agility, as well as streamlining the service. Clients will receive a more efficient service if they have less advisors who are able to implement new technologies quickly and bring in outside specialists as required. As the boundaries between private and family banking are blurred The best banks will have a small team of advisors that can swiftly implement new technology and work with external specialists when necessary. Farnoush Farsiar This will allow them to provide the best service to customers.

The ability to use both traditional, reputation-based and network-based methods for deal sourcing will lead to success. But, you can also make use of online methods to locate deals and opportunities. Wealth managers and private offices which can handle large amounts of deals online are superior to banks with a cumbersome structure. This platform lets dealmakers quickly access and analyze a variety of deals at once, which can save them time and money.

Wealthica is another online platform which has changed the way a family offices interact with their clients. Wealthica's dashboards will automatically combine investments from different sources. Customers can keep in touch with their investments. This is much better than the days where wealth management would only provide periodic updates about the status and location of their clients money.

They aren't the only way that wealth managers can increase effectiveness and speed of their operations. The most crucial element in investing is the strategy that supports them. The most effective strategy is to combine the old and the new. That means that you can continue to look for bargains in real estate, but also explore investments in sectors like climate science or food security. 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 expand the amount of involvement they have in the coming years. Farnoush Farsiar There are definitely challenges in this field, including difficulty in measuring impact and carrying out due diligence, the next generation of HNWIs and UHNWIs are likely to anticipate family offices to be able identify and secure these kinds of investments. Plato Capital, my own boutique investment bank, draws from the expertise of its founders, who are from large banks and in the technology industry to offer investment advice that is entrepreneurial the focus. Our network and personal knowledge of the local region allows our clients to effectively manage risk and increase their capital returns.

Wealth managers can prosper in turbulent times by mixing the past and the future by adapting to the changing needs of the young generation and taking risks by establishing their own structure. Farnoush Farsiar
Website: https://www.privatebankerinternational.com/author/farnoushfarsiar/