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How wealth management companies can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Farnoush Farsiar Technology revolution. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and fundamentally threatening the working structures and practices.

More often, family offices cater to the young technologically-savvy, mobile generation. Because of the financial crisis, everyone is now more interested and involved in their investments.

Farnoush Farsiar The changes are happening at a time where there an unprecedented level of economic and political instability. These changes also signal the end of the model of family offices that are fee-based. If family offices maintain their current strategies however, they might discover that the individuals they were created to help will leave them. Farnoush Farsiar They need to be flexible and innovative in managing investments so that they can offer UHNWIs with a value proposition.

Although the scope and size of family offices can be diverse, it is crucial that they focus on flexibility and streamlining over being experts in every aspect. The best customer service will be offered by a smaller group of advisors who have the ability to swiftly implement new technologies and engage external experts when required. These changes have led to the blurring of distinctions between family and private banking offices. The most successful firms will continue to maintain the trust of family offices and the trust they enjoy while being ahead of the curve in sourcing deals as well as embracing new technologies.

Your success will be contingent on your ability to tap into traditional networks, reputation-based, and network-based sources of deal sources. https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ Farnoush Farsiar It is also possible to make use of online tools and methods to discover opportunities or deals. Private offices and wealth managers which can handle large amounts of deals online are more effective than banks that are cumbersome. This platform allows dealmakers to easily access and evaluate many deals at once, which can save them time and money.

Another online service that is revolutionizing how family offices interact with their clients is Wealthica. This dashboard service automatically collects investments from multiple sources and brings clients into regular contact. It's a vast improvement of the days where wealth managers provided periodic updates on the state of the clients' investments.

Of course the tools are just an instrument that wealth managers can enhance their efficiency and speed at the way they work. The most important factor to consider when investing is the method that is used to implement them. The advantage is in bringing together the traditional and the modern - continuing to search for deals in real estate and other areas, whilst also exploring investments in areas that have not been explored before like food security or climate science. The UBS Global Family Office Report 2018 revealed that impact investing has become the most talked about topic in family offices. A third of family offices participate in this type of investing and many are planning to be involved more in the near future. There are certain problems with this field, including challenges in measuring impact and performing due diligence. However the next generation of UHNWIs and HNWIs are likely to expect a family offices to be able to locate and secure these types of investments. Plato Capital, my own boutique investment bank, draws from the experiences of its founders who have worked in large banks and the technology industry to provide investment guidance that is entrepreneurial in direction. Our clients can achieve maximum returns and reduce the risk through our personal network.

All types of wealth managers can continue to thrive even in difficult times if they mix both the traditional and the contemporary, are open to adapting to changing demands and taking risks with their own structures.
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