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How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational changes Global mobility. Technology-driven change. Farnoush Farsiar from EU Today writes about these key changes that affect family offices and fundamentally threatening the operational structures and procedures.

Increasingly, family offices cater to the young technologically-savvy, mobile generation. Every client, no matter their age, are interested in investing through trading online. This has resulted in increasing enthusiasm for personal investments. Customers do not want to be left out of the decision-making process for the discretionary portfolios they are required to make.

These changes come at a moment of unprecedented financial and political turmoil. If they attempt to continue with their old practices, they will be abandoned by the very people they were created to advise. They must adapt to a more entrepreneurial approach in investment management to offer UHNWIs an authentic value proposition.

While family offices may differ in both size and their scope, they should prioritise agility over the desire to be experts in all areas. Clients can benefit from a lesser amount of advisors skilled at implementing rapid changes to technology and also bringing in experts when needed. Since these changes require the blurring of lines between family offices and private banking the most successful companies will be those that maintain the loyalty and level of trust that a family office has while remaining ahead of the curve with the sourcing of deals and embracing technology.

You will succeed if you are able to leverage traditional, network- and reputation-based strategies for dealsourcing. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times You can also do this by making use of online tools to identify deals and opportunities. Farnoush Farsiar Wealth managers can use online deal sourcing platforms to identify opportunities and deals. They're much more convenient than the large, cumbersome banks which are trapped in large-firm bureaucracy. These platforms make it possible for dealmakers to evaluate multiple deals simultaneously and reduce time and effort.

Other online services which have changed the way family offices interact with their clients include dashboards, like Wealthica that automatically consolidates investments from a range of sources, bringing clients in daily contact with their investments. It's an improvement from the past when wealth managers provided only intermittent updates on the progress of their clients' investments.

Of course the tools are just that - the means by which wealth managers can enhance their efficiency and speed at which they operate. Farnoush Farsiar The strategy that underpins their investment strategy is the most important aspect. The advantage will be in combining traditional and new strategies. https://www.businessfast.co.uk/farnoush-farsiar-explains-why-queen-elizabeth-is-an-excellent-example-of-female-leadership/ Continue to seek out deals in realty and also consider investing in previously unexplored areas, such as the effects of climate change and food security. Farnoush Farsiar Impact investing has definitely 'arrived" within the realm of family office - UBS Global Family Office Report 2018 found that a third of family offices were engaged in the field of impact investing. Many expect to be more involved in the near future. While there are some challenges regarding the field like the difficulty of measuring impact as well as due diligence HNWIs/UHNWIs of the future will require family members to have the ability to identify these investments. Plato Capital, which I founded as an investment bank, is a company that focuses on entrepreneurs. Our connections and experience in the local area allows our clients to effectively manage risk and maximize their capital return.

Wealth managers can flourish during turbulent times through blending past with the present by adapting to the changing needs of the young generation and taking risks by establishing their own structure.
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