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

In a growing number, family-owned businesses are catering to the younger and more technologically adept generation. All clients, regardless of their age, are attracted to investing via trading on the internet. This has resulted in an increased enthusiasm for personal investments. Clients no longer want to be left out of the decision-making process regarding the discretionary portfolios they are required to make.

These changes occur at a time of unprecedented financial and political turmoil. Offices that attempt to keep their old methods are likely to be relegated by the people they were founded to advise. They must change their approach to become more entrepreneurial and provide an attractive proposition for UHNWIs.

Family offices differ greatly in their dimensions and scope, but regardless of this, they should focus on agility and improving their services rather than trying to be experts in everything. Clients will appreciate a lower number of advisors who are skilled at implementing rapid changes to technology and also bringing in experts when they are required. These developments have resulted in the blurring of distinctions between private banks and family offices. Companies that are successful will continue to maintain the loyalty of family offices and the level of trust they have while also keeping up with the latest technology in sourcing deals and adopting the latest technologies.

It is crucial to be able to draw on the old-fashioned, network-based, and reputation-based strategies for deal sourcing. Online tools can also be utilized to spot deals and opportunities. Private offices and wealth managers that have a highly skilled staff can implement online deal platform for sourcing. Farnoush Farsiar It is in stark contrast to the cumbersome banks that are ensconced in bureaucracy. Dealmakers can use these platforms to browse and evaluate a variety of deals, which results in significant savings in time and resources.

Farnoush Farsiar Wealthica and other services on the internet are changing the way family offices interact with their clients. They consolidate investment portfolios across various sources, and put clients in daily contact with their investments. This is a contrast to the past when wealth managers were able to offer periodic updates on their clients' progress.

Of course they are only an instrument that wealth managers can enhance the efficiency and speed with that they function. The most important factor to consider when investing is the method that is used to implement the strategies. It is important to combine the old and the new. For instance keep searching for real estate deals and also look into investments in new areas like climate science or food security. Farnoush Farsiar Farnoush Farsiar Impact investing is definitely 'at last' in the world of family offices - according to the UBS Global Family Office Report 2018 found that one third of family offices are now involved in impact investing and many expect to become more active in the coming years. There are definitely challenges in this area, such as difficulty in measuring impact and carrying out due diligence, the upcoming generation of HNWIs as well as UHNWIs will anticipate family offices to be able to find and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders who have been employed in major banks as well as the tech industry. Farnoush Farsiar Plato Capital provides investment advice that focuses on the entrepreneurial. Our clients can successfully manage risk and get the most value for their capital due to our local network.

Wealth managers of all ages can thrive in turbulent times by mixing old and new, adapting quickly to changing needs, and being willing to take risks with their own structure.
Read More: https://www.cbetta.com/director/farnoush-farsiar-aidi-2