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How can wealth management firms be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological change. Farnoush Farsiar Farnoush Farsiar These are only a handful of the major changes that affect family offices, and that are fundamentally changing their operational structures and practices, writes Farnoush Farsiar for EU Today.

Increasingly, family offices are catering to the younger and more technologically adept generation. The economic crisis and the democratisation of trading using internet-based tools has made all clients, irrespective of age, more interested in their own investment portfolios which means they are looking to have more knowledge and more involvement as well as losing the desire to have discretionary portfolios that are managed by distance.

These changes happen at a time of extreme economic and political turmoil. Offices who try to maintain their old methods are likely to be demolished by the clients they were founded to advise. They need to be flexible and innovative in managing investments so that they can provide UHNWIs with a value proposition.

Although the scope and size of family offices can be diverse, it is crucial that they focus on agility and streamlining rather than being experts in all things. Farnoush Farsiar Customers will appreciate a lower number of advisors who are capable of quickly implementing new technologies and calling in specialists whenever they are required. Farnoush Farsiar Since these changes require blurring the lines between private banking and family offices, successful firms will be those that can maintain the loyalty and level of trust of a family office while remaining ahead of the curve with sourcing deals and adopting technology.

Your success will be contingent on your ability to access traditional or network-based sources of deal sourcing. Additionally, you can utilize online methods and tools to discover opportunities or deals. Farnoush Farsiar Wealth managers can make use of deal sourcing sites online to discover deals and opportunities. They're much simpler than large, cumbersome banks which are trapped in large-firm bureaucracy. This platform allows dealmakers to easily review and access a range of deals at the same time which could save them time and money.

Wealthica is another service online that has revolutionized the way family offices communicate with clients. Wealthica's dashboards automatically consolidate investments from various sources. Customers can have daily contact with their investment portfolios. This is much better than the days when wealth management provided only occasional updates on the progress and whereabouts of the client's money.

The tools can be utilized to aid wealth managers increase effectiveness and speed. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ The primary factor is the investment strategy they employ. The best strategy will combine the old and the new. This means that you can continue to look for opportunities in real estate, but also explore investments in sectors like climate science or food security. Impact investing has certainly 'arrived" within the realm of family offices - UBS Global Family Office Report 2018, which revealed that one-third of family office were engaged in impact investing. Most expect to be more involved in the near future. There are many hurdles in this area like the measurement of the impact and conducting due diligence, future generation of HNWIs/UHNWIs will want their family offices to be able to identify and secure these types of investments. Plato Capital, my own boutique investment bank, is based on the experience of its founders from large banks and in the technology industry to offer investment guidance that is entrepreneurial in the focus. Farnoush Farsiar Our local expertise and networks allow us to assist our clients reduce risk while increasing their capital gains.

Wealth managers of all kinds can succeed in turbulent times by mixing the old and the new while experimenting and taking risks with their structures and strategies.
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