Notes

How wealth management businesses can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Farnoush Farsiar Global mobility. Technology revolution. Farnoush Farsiar, EU Today writes that these are just some of the major developments that have affected family offices and fundamentally threatened their operational structures and practices.

Farnoush Farsiar Farnoush Farsiar Family offices cater to more mobile, tech-savvy and younger generations. Farnoush Farsiar Because of the economic recession, clients are becoming more involved and interested in their investment.

These changes take place during a time of the economic and political chaos. Offices that try to keep their previous methods will be relegated to the very individuals they were established to advise. They must change and be more entrepreneurial in their approach to managing investments, to provide a real benefit proposition to UHNWIs.

Family offices differ in their dimensions and their scope. But, they must be able to focus on scalability and streamlining their offerings, not trying to be experts in every subject. Clients would appreciate a smaller staff of advisors capable of rapidly adapting to new technologies, and also bringing on board external specialists when required. These new technologies make it necessary for the lines between private and family offices bank blur. The best banks will maintain the trust and loyalty of their family office , while staying in the forefront when it comes to technology and finding deals.

It is crucial to be able to use the old-fashioned, network-based, and reputation-based methods for deal sourcing. These tools can be utilized to find deals and opportunities. Wealth managers and private offices that manage large quantities of deals online are superior to banks with a cumbersome structure. Dealmakers can utilize these platforms to swiftly access and assess a variety of deals, which results in significant savings in time and money.

Farnoush Farsiar Wealthica and other online services are also changing how family offices interact with their clients. They automate the consolidation of investment portfolios across various sources, and put clients in daily contact with the investments. This is a far cry away from when wealth managers were able to give periodic updates to their clients' performance.

Of course, these tools are just tools - the methods that wealth managers can improve the speed and efficiency with the way they work. The most crucial aspect in investing is the method that is used to implement them. The best strategy will combine the old and the new. This means you should continue looking for deals on real estate but you can also consider investing in sectors like climate science or food security. Impact investing has certainly 'arrived in the family office sector. The UBS Global Family Office Report 2018 found that a third of family officers are actively involved in impact investing. Many anticipate taking part in the near future. There are definitely challenges in this area, such as difficulties in measuring impact and conducting due diligence, the upcoming generation of HNWIs and UHNWIs are expected to anticipate family offices to be able find and secure these types of investments. Plato Capital, which I started as an investment bank, is a company that focuses on entrepreneurs. Our local knowledge and networks allow us to assist our clients manage risk while maximizing the capital return.

Farnoush Farsiar Through blending the traditional with the modern, adjusting to the needs of the young generation and being prepared to be risk-averse with their own methods and structures, wealth managers of all kinds are able to remain relevant and thrive during turbulent times.
Website: https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/