Notes

How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology revolution. These are just a few of the major changes that affect family offices and fundamentally threatening their operational structures and practices in the words of Farnoush Farsiar for EU Today.

Family offices are catering to an increasingly tech-savvy, younger and mobile generation more frequently. The economic crisis and the democratisation of trading via online tools have brought all customers, regardless of age at all, more involved in their own investment portfolios and want to be more informed and more involvement as well as losing the old fashioned desire for discretionary portfolio mandates managed at distance.

These changes happen during a time of severe political and economic instability. If they continue to follow the old ways and practices, they'll be relegated by the very people they were designed to help. They will need to adjust to a more entrepreneurial approach in the field of investment management, to provide UHNWIs an authentic value proposition.

Family offices are available in various dimensions and types. But they need to prioritize efficiency and flexibility in addition to streamlining the service. https://skou-suhr.technetbloggers.de/farnoush-farsiar-explains-why-queen-elizabeth-is-a-great-example-of-female-leadership-1659525163 Clients will receive a better service if they have less advisors who are able to implement new technologies quickly and also bring in specialists from outside when needed. These changes will require blurring the lines between private banking and family offices the most successful companies will be those that can maintain the loyalty and confidence of a family-owned business while remaining in the forefront of new technology and deals to source.

https://maurer-teague.federatedjournals.com/farnoush-farsiar-discusses-how-women-business-leaders-face-the-difficulties-1659524775 The success will come from an ability to capitalise on more traditional, network and reputation-based strategies for deal sourcing while also employing online strategies to discover opportunities and deals. Wealth managers can make use of online deal sourcing platforms to find deals and opportunities. Farnoush Farsiar They are much easier than the large, cumbersome banks which are trapped in large-firm bureaucracy. These platforms allow dealmakers to access and evaluate a large number of deals at one time, which is a significant saving of time and resources.

Wealthica is another online service that has revolutionized how a family offices communicate with clients. Wealthica's dashboard services automatically consolidate investments from various sources. Clients are able to be in constant contact with their investment portfolios. This is far superior to the past where wealth management would only provide periodic updates about the progress and whereabouts of the money they had earned for their clients.

These tools are able to aid wealth managers increase effectiveness and speed. The most crucial element to consider when investing is the method that is used to implement these tools. Farnoush Farsiar The secret to success is combining traditional methods with new ones. The company will continue to search for deals in real estate, and will also be looking at opportunities to invest in previously unexplored areas such as food security and climate science. Farnoush Farsiar Impact investing has definitely arrived within the family office world - according to the UBS Global Family Office Report 2018 found that one third of family offices are engaged in impact investing and the majority expect to be more involved in the near future. https://lessontoday.com/profile/farnoush-farsiar6hffbb33/activity/1926812/ There are a few issues with the field such as difficulties in quantifying impact as well as due diligence HNWIs/UHNWIs of the future will expect family officers to be able to locate the right opportunities. Plato Capital is a boutique bank that offers investment advice. It draws on the expertise of its founders in large family offices, banks and in the technology industry to provide entrepreneurial investment advice. Our local expertise and connections allow our clients to successfully manage risk and make optimal return on their capital.

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