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How can firms that manage wealth prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. These are only a handful of the key changes impacting family offices and fundamentally threatening their operational structure and methods as reported by Farnoush Farsiar for EU Today.

More often, family offices cater to the young and more technologically adept generation. Farnoush Farsiar The economic crisis and the democratisation of trading through online platforms have brought all customers, regardless of age and interests, more interested in their own investment portfolios which means they are looking to gain more knowledge and involvement in their investments and have lost the desire to have discretionary portfolio mandates managed at arm's length.

These changes happen at a time of extreme political and economic instability. Farnoush Farsiar If a business tries to maintain its old practices, they'll soon be abandoned by those they supposed to help. Farnoush Farsiar They need to adapt to a more entrepreneurial approach in investment management to offer UHNWIs the best value.

Family offices vary in their size and size and. But, they must be able to focus on agility and streamlining their services and not try to be experts in every area. The best service for clients will be provided by a smaller group of advisors that are able to swiftly implement new technologies, and bring on board external experts as needed. These developments have resulted in the blurring of the lines between private banking and family offices. Farnoush Farsiar Successful firms will continue to maintain the loyalty of family offices as well as the level of trust they have while also staying ahead of technology in sourcing deals as well as embracing new technology.

Your success is contingent upon your ability to tap into traditional, network-based, and reputation-based sources of deal source. https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 You can also utilize online methods and tools to find deals or opportunities. Online deal sourcing platforms can be easily incorporated by wealth managers and a flexible private offices, in contrast to banks that are burdened with bureaucracy. Dealmakers can make use of these platforms to swiftly review and access a range of deals, which results in significant savings of time and resources.

Wealthica and other dashboard services like Wealthica are also changing the way family offices interact directly with their clients. They consolidate investment in a way that is automated from multiple sources, and bring clients into 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.

The tools can be utilized to aid wealth managers increase efficiency and speed. The strategy which underpins their investments is ultimately the most crucial factor. The most effective strategy is to combine the old and the new. Farnoush Farsiar This means you will continue to search for opportunities on real estate but also consider investing in areas such as the science of climate change or food security. The UBS Global Family Office Report 2018 showed that impact investing is now an increasingly popular topic within family offices. About a third of family offices are involved in the type of investing that they are involved in and many are planning to be involved more in the coming years. There are a few issues in this particular field, for instance, issues with measuring impact or conducting due diligence. However, the next generation UHNWIs and HNWIs are likely to expect a the family office to find and secure these kinds investments. Plato Capital, which I started as an investment bank, is a company that is focused on entrepreneurs. Our local knowledge and network allows us to assist our clients effectively control risk while maximising their capital gains.

Wealth managers of all types are able to succeed in turbulent times by mixing the old with the new while experimenting and taking risks with their structures and techniques.
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