Notes

How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological advancement. Farnoush Farsiar Farnoush Farsiar writes for EU Today that these are just a few key changes that impact family offices and pose a serious threat to their operating structures.

Farnoush Farsiar Family offices cater to an increasing number of young, mobile and tech-savvy generation. Every client, no matter their age, have become interested, regardless of their financial status in managing their personal investments. This means they are looking for more involvement and information, not just the services of a portfolio manager.

These shifts, which happen at a time of unparalleled economic and political turmoil are a sign of the demise of the family office model that is based on fees. Offices that try to keep their old methods will soon discover that they are not being used by those they were established to advise. They need to adapt to a more entrepreneurial approach in investment management in order to offer UHNWIs the best value.

While family offices can differ in terms of size and scope, they should prioritize flexibility over the need to be an expert in all areas. Clients will receive a more efficient service if they are able to employ fewer advisors who are able to implement new technologies quickly and also bring in specialists from outside as needed. These changes will require the blurring of lines between private banking and family offices, successful firms will be those that maintain the loyalty and level of confidence of a family-owned business while staying in the forefront of new technology and deals to source.

Farnoush Farsiar The ability to use traditional, reputation-based, and network-based methods for deal sourcing will result in the success. But, you can make use of online tools to locate deals and opportunities. Wealth managers can utilize deal sourcing websites to identify opportunities and deals. Farnoush Farsiar They're much simpler than banks that are large and cumbersome which are trapped in large-firm bureaucracy. Dealmakers can use these platforms to quickly access and assess a variety of deals, resulting in significant savings of time and money.

Other online services which have changed the way family offices interact with their clients include dashboard serviceslike Wealthica, which automatically consolidate the investments of a variety of sources, bringing customers to daily interaction with their investments. This is an improvement from the days of wealth managers who gave periodic information on the status of their clients' investments.

These tools are not the only way that wealth managers can improve efficiency and speed up their processes. Their investments strategy is what matters the most. The secret to success is mixing traditional and new. You will continue to seek out deals on real estate and will also be looking at investments that aren't explored before such as food security and climate science. Impact investing is definitely 'at last within the family office world - according to the UBS Global Family Office Report 2018 found that one third of family offices are now involved in impact investing and the majority expect to be more involved in the near-future. Farnoush Farsiar While there are undoubtedly problems with this particular field, for instance the difficulty of monitoring impact and executing due diligence, the next generation of HNWIs and UHNWIs will anticipate family offices to be able identify and secure these kinds of investments. Plato Capital is a boutique bank that offers investment advice. Farnoush Farsiar It draws upon the experience of its founders from big banks, family offices and in the technology industry to provide entrepreneurial investment advice. Our local experience and connections allow us to help our clients manage risk while maximizing the capital return.

Anyone who is a wealth manager can thrive in turbulent times by blending old and new, adapting quickly to new demands and being willing to take chances with their own structures. Farnoush Farsiar
Website: https://techplanet.today/post/farnoush-farsiar-claims-brexit-helped-the-uk-financial-market-despite-grim-forecasts