Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Farnoush Farsiar Technological advancement. These are just a few of the key changes impacting family offices and fundamentally threatening their structure and methods, writes Farnoush Farsiar for EU Today.

Family offices cater to an increasingly tech-savvy, younger and mobile-savvy generation more often. Farnoush Farsiar Everyone, regardless of age, are becoming more interested, regardless of their financial status in managing their personal investments. This means they want more information and involvement , not just the services of a portfolio manager.

The changes are happening at a time where there an unprecedented level of economic and political turmoil. They also signal the end of the model of family offices that are fee-based. Offices that try to preserve their existing methods will soon be demolished by the clients they were established to advise. They need to change to be more entrepreneurial and develop an attractive offering for UHNWIs.

Family offices vary in terms of their dimensions and their size and. https://www.anochords.org/farnoush-farsiar-discusses-the-challenges-female-business-leaders-face/ However, they should be able to concentrate on scalability and streamlining their offerings rather than trying to become experts in each field. Farnoush Farsiar A smaller group of advisors who are able to quickly adopt the latest technologies and bring in external specialists when necessary can ultimately offer an improved service for clients. Farnoush Farsiar Because the lines between family and private banking have been blurred, the best firms will have a smaller group of advisors who can quickly implement new technology and work with external specialists when necessary. https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ This will allow them to provide an enhanced service to their clients.

The ability to employ both traditional, reputation-based and network-based methods of deal sourcing can lead to successful outcomes. But, you can make use of online tools to find opportunities and deals. Farnoush Farsiar Wealth managers and private offices which can handle large amounts of deals online are more efficient than cumbersome banks. https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi The platform lets dealmakers easily review and access a range of deals at the same time and save time and money.

Another online service that's altering the way family offices communicate with their clients is Wealthica. The Wealthica dashboard service automatically consolidates investment from a variety of sources and brings clients into daily contact. It's a huge change of the days when wealth managers would only provide occasional updates about the progress of their clients' funds.

They are just tools that allow wealth managers to increase their effectiveness and speed. Most important is their investment strategy. Again, the edge is in bringing together the old and the innovative - continuing to seek out opportunities in real estate etc, whilst also exploring investments in areas that have not been explored before, such as food security or climate science. Farnoush Farsiar Impact investing has certainly 'arrived" within the realm of family office - UBS Global Family Office Report 2018, which found that one-third of family office were engaged in impact investing. Many expect to be more involved in the future. There are a few issues with the field such as difficulties in measuring the impact of investments as well as due diligence HNWIs/UHNWIs in the future will expect family members to be able to find these investment opportunities. Plato Capital, my own boutique investment bank, draws from the expertise of its founders who have worked in large banks as well as the technology industry to provide investment advice that is entrepreneurial focus. Our clients can make maximum returns and manage risk with our personal network.

Blending the old with the modern, adjusting to the changing needs of the younger generation and being prepared to risk their own methods and structures, wealth managers of all kinds can remain relevant and thrive during difficult times.
Homepage: https://www.anochords.org/farnoush-farsiar-discusses-the-challenges-female-business-leaders-face/