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How can wealth management firms 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 that are fundamentally changing their operating structures and practices, writes Farnoush Farsiar for EU Today.

Family offices are increasingly catering to the mobile, younger generation. Everyone, regardless of age, are becoming more attracted, regardless of their financial situation, in managing their own investment portfolios. That means they want more information and involvement and not just an investment manager to manage.

Farnoush Farsiar The changes take place during a time of severe political and economic instability. If they continue to follow the old ways and practices, they'll be relegated by the people they were designed to serve. They need to change and become more entrepreneurial in their investment management approach, to provide a real value proposition for UHNWIs.

Family offices vary hugely in their size and scale, but irrespective of this they should prioritise agility as well as streamlining their processes instead of striving to be specialists in all things. https://www.reddit.com/r/ukpolitics/comments/cepfsc/the_doommongers_are_wrong_after_brexit_london/ Customers will enjoy better service if they are able to employ fewer advisors who can quickly implement new technologies and also bring in specialists from outside as needed. These changes have led to the blurring of distinctions between family and private banking offices. Successful firms will continue to maintain the trust of family offices and the trust they receive while being ahead of the curve in sourcing deals and implementing the latest technologies.

It is crucial to be able draw upon the old-fashioned, network-based, and reputation-based strategies for deal sourcing. Online tools can also be utilized to spot deals and opportunities. Deal sourcing platforms on the internet are just one tool which wealth managers and flexible private offices are able to easily set up as opposed to large cumbersome banks, who are ensnared in bureaucratic red tape. Farnoush Farsiar These platforms allow dealmakers to access and evaluate a large number of deals at one time, resulting in a significant savings of time and money.

Wealthica and other dashboard services like Wealthica are also changing the way family offices interact directly with their clients. These dashboards consolidate investments in a way that is automated from multiple sources, and put clients in daily communications with their investments. This is an enormous improvement from the past when wealth managers who only provide periodic updates on the status of their clients’ money.

These tools are not the only way wealth managers can improve the efficiency and speed up their processes. The most important factor is their investment strategy. The key to success is to combine traditional methods with new ones. It is likely that you will continue to search for deals on real estate and also explore investments that were previously not explored like food security or climate science. Farnoush Farsiar Impact investing has certainly "arrived" within the family office industry. According to the UBS Global Family Office Report 2018 one-third of family-owned businesses are involved in impact investments and the majority of them are planning to grow the amount of involvement they have in the coming years. There are some issues with this particular field, for instance, challenges in measuring impact and conducting due diligence. But, the next generation UHNWIs and HNWIs will expect family offices to be able to identify and secure these investments. Plato Capital, my own boutique investment bank, is based on the experiences of its founders, who are from large banks and in the technology industry to offer investment guidance that is entrepreneurial in direction. Our clients are able to successfully deal with risk and earn the most value for their capital due to our network of local experts.

Anyone who is a wealth manager can thrive in turbulent times by blending traditional and modern, adjusting quickly to new demands and being open to taking chances with their own structures. Farnoush Farsiar
Read More: https://www.reddit.com/r/ukpolitics/comments/cepfsc/the_doommongers_are_wrong_after_brexit_london/