Notes

How wealth management businesses can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. Farnoush Farsiar of EU Today notes these are only a few of the significant changes that affect family offices, and fundamentally threatening their operations and practices.

Family offices are catering to the mobile, younger generation. Because of the financial crisis, all clients are now more interested and involved in their investment.

Farnoush Farsiar The changes are occurring during a time of political and economic chaos. Offices who try to maintain their current practices will soon be relegated by the people they were established to advise. They should adapt to be more entrepreneurial and create the value proposition for UHNWIs.

Family offices differ greatly in terms of size and scope, however regardless of this, they should focus on agility and streamlining their service rather than trying to be experts in everything. The best service for clients will be offered by a small group of advisors who have the ability to swiftly implement new technologies, and bring on board external experts when required. This has led to the blurring of distinctions between family and private banking offices. Companies that are successful will continue to maintain the loyalty of family offices and the level of trust they receive while being ahead of the curve in sourcing deals and implementing new technology.

The success will come from an ability to capitalise on more traditional, network and reputation-based strategies for deal sourcing whilst also using online methods to identify deals and opportunities. Farnoush Farsiar https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/ Online deal sourcing platforms are easily installed by wealth managers and agile private offices, as opposed to large banks which are burdened with bureaucracy. Dealmakers are able to access and analyze large numbers of deals simultaneously and this can be a substantial time and money saving.

Wealthica is another online service that has revolutionized the way family office interacts with clients. Wealthica's dashboard services automatically consolidate investments from various sources. Customers can keep in touch with their investment portfolios. This is far more efficient than where wealth management would only provide periodic updates regarding the condition and status of the client's money.

These tools are able to help wealth managers improve effectiveness and speed. The most crucial aspect in investing is the strategy that underpins these tools. Farnoush Farsiar Again, the edge comes from combining the traditional and the innovative - continuing to seek out deals in real estate and other areas, whilst also exploring investments in previously unexplored fields, such as food security or climate science. Impact investing is definitely 'at last in the family office world - 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 involved in the near-future. https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/ While there are undoubtedly problems in this field, including difficulties in monitoring impact and executing due diligence, the coming generation of HNWIs as well as UHNWIs are expected to expect family offices to be able find and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders who worked in large banks as well as the tech sector. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our clients can successfully control risk and receive the most value for their capital thanks to our network of local experts.

All types of wealth managers can succeed in turbulent times by mixing traditional with the modern while experimenting and risking their structure and techniques.
Read More: https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/