Notes

How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes Global mobility. Technology revolution. Farnoush Farsiar from EU Today writes about these key changes that impact family offices and fundamentally threatening the operating structures and practices.

https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf Family offices are increasingly catering to the mobile, younger generation. The financial crisis and the increasing accessibility of trading via online tools have brought all customers, regardless of age at all, more involved in their own investment portfolios, meaning they want to be more informed and be more involved, and have lost the traditional appetite for discretionary portfolios, which are managed with an arm's length.

The changes are occurring at a time of unprecedented financial and political turmoil. Offices that try to preserve their old methods are likely to be abandoned by the individuals they were established to advise. Farnoush Farsiar Instead, they must adjust and adopt a more entrepreneurial approach to investment management, in order to create an authentic worth proposition for UHNWIs.

Family offices vary in size and size and. But, they must be able to concentrate on efficiency and streamlining their services and not try to become experts in every field. https://store.nwbbc.com/activity/p/22473/ Clients will appreciate a lower number of advisors capable of quickly implementing new technology and also bringing in experts when required. These new technologies make it necessary for the lines between family office and private bank become blurred. The best firms will maintain the trust and loyalty of their family offices while staying ahead of the curve when it comes to technology and finding deals.

Success will result from an ability to capitalise on more traditional, reputation-based and network-based approaches to deal sourcing, while also employing online strategies to identify deals and opportunities. Deal sourcing platforms on the internet are only one of the tools that wealth managers and flexible private offices can readily install as opposed to large heavy-handed banks that are burdened by bureaucratic bureaucracy of large firms. This platform lets dealmakers easily review and access a range of deals simultaneously which could save them time and money.

Wealthica is another service online that has revolutionized how a family offices interact with their clients. Wealthica's dashboard features will automatically combine investments from different sources. Farnoush Farsiar Customers can be in constant contact with their investments. This is far superior to the past when wealth management provided only periodic updates about the status and location of their clients money.

These tools are merely thatthey enable wealth managers to improve their efficiency and speed. Farnoush Farsiar The most crucial aspect to consider when investing is the strategy that supports the strategies. It is crucial to mix the old and the new. For instance you should continue searching for real estate deals and also look into investment opportunities in emerging areas such as food security or climate science. Farnoush Farsiar Impact investing has certainly 'arrived within the family office sector. According to the UBS Global Family Office Report 2018 found that a third of family members are actively involved in impact investing. A lot of people are planning to take part in the future. There are many challenges in this area, including the challenge in assessing impact and conducting due diligence. However the next generation of UHNWIs and HNWIs will be expecting family offices to find and secure these investments. Plato Capital is a boutique bank that provides advice on investing. It is based on the expertise of its founders in large family offices, banks and the tech industry to offer entrepreneurial investment guidance. Our network and personal knowledge of the local region allows our clients to manage risk effectively and maximize their capital return.

Wealth managers of all types can succeed during turbulent times, by mixing old with the new, adapting and making a risk with their structures and methods.
Homepage: https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf