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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational shifts Global mobility. Technological advancement. Farnoush Farsiar writes for EU Today that these are just a few key changes that will affect family offices and could fundamentally alter their operational structures.

Family offices are geared towards the technologically advanced, mobile and younger generations. The economic crisis and the democratisation of trading through online tools have created a new generation of clients, regardless of age and interests, more interested in their investments and want to gain more knowledge and involvement in their investments, and have lost the old fashioned desire for discretionary portfolio mandates managed at distance.

Farnoush Farsiar The changes are occurring in a critical time of political and economic crisis. Offices that try to keep their old methods will soon discover that they are not being used by the very people they were created to help. Farnoush Farsiar They must be flexible and innovative in managing investments in order to give UHNWIs with a true value proposition.

While family offices can differ in both size and their scope, they should prioritise flexibility over the need to be an expert in all fields. Clients will receive a better service if they are able to employ fewer advisors who can implement new technologies quickly and also bring in specialists from outside as needed. Since the lines between private and family banking are blurred, the best firms will have a smaller group of advisors who are able to quickly implement new technology and bring on board external specialists when required. This will enable them to provide the best service to customers.

The ability to use both traditional, reputation-based and network-based methods of deal sourcing will result in success. But, you may make use of online tools to discover opportunities and deals. Online deal sourcing platforms can be easily incorporated by wealth managers and agile private offices, as opposed to big banks, which are weighed down by bureaucracy. This platform lets dealmakers quickly access and analyze a variety of deals at the same time and save time and money.

Other services online that are changing how family offices interact with their clients include dashboard serviceslike Wealthica, which automatically consolidate the investments of a variety of sources, bringing customers to daily interaction with their investments - an improvement from the days when wealth managers gave periodic updates on the state of their customers' funds.

These tools do exactly tools that allow wealth managers to boost their efficiency and speed. The strategy which underpins their investments is ultimately the most important aspect. The best strategy will combine the traditional and the modern. This means you should continue looking for bargains on real estate but you can also consider investing in sectors like food security or climate science. https://www.abcmoney.co.uk/2022/08/30/farnoush-farsiar-on-building-a-women-lead-business-in-dubai/ Impact investing is definitely 'at last in the family office world - according to the UBS Global Family Office Report 2018 revealed that a third of family offices are now active in impact investing, and many expect to become more active in the near-future. While there are undoubtedly problems in this field, including the difficulty of monitoring impact and executing due diligence, the upcoming generation of HNWIs and UHNWIs will anticipate family offices to be able to identify and secure these kinds of investments. https://www.techregister.co.uk/farnoush-farsiar-explains-how-fintech-is-changing-finance/ Plato Capital is a boutique bank that provides investment advice. It draws upon the expertise of its founders in large banks, family offices as well as the technology industry to provide entrepreneurial investment advice. Our clients are able to make maximum returns and manage risk with our personal network.

Farnoush Farsiar Blending the old with the new, while adjusting to the needs of the new generation, and being prepared to risk their own strategies and structures Wealth managers of all kinds can be successful and relevant even in the midst of challenging times.
My Website: https://www.abcmoney.co.uk/2022/08/30/farnoush-farsiar-on-building-a-women-lead-business-in-dubai/