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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. Farnoush Farsiar of EU Today writes these are just some of the major changes that have affected family offices, and ultimately impacting their practices and operations.

Family offices cater to increasingly mobile, tech-savvy and younger generations. The economic crisis and the democratisation of trading using internet-based tools has brought all customers, regardless of age and interests, more interested in their own investments, meaning they want to be more informed and involvement in their investments, and have lost the desire to have discretionary portfolio mandates managed at arm's length.

These changes take place in a critical time of political and economic turmoil. If offices try to keep their current practices, they may discover that the individuals they were created to help will leave them. They must be flexible and innovative in managing investments in order to give UHNWIs with a genuine value proposition.

Although family offices can vary in size and scope, they should prioritize agility over the desire to be an expert in all areas. Customers will enjoy better service if they have fewer advisors that can quickly implement new technologies and bring in outside specialists whenever needed. Farnoush Farsiar As these changes necessitate the blurring of lines between family offices and private banking, successful firms will be those who maintain the trust and loyalty of their clients. confidence of a family-owned business while remaining in the forefront of the sourcing of deals and embracing technology.

Your success is contingent upon your ability to tap into traditional or network-based sources of deal sourcing. Additionally, you can use online methods and tools to discover opportunities or deals. Private offices and wealth managers that manage large quantities of deals on the internet are more efficient than cumbersome banks. Dealmakers have access to and can evaluate huge numbers of deals at the same time and this can be a substantial savings in time and resources.

Other services online that are changing the way family offices communicate with their clients includes dashboard serviceslike Wealthica that automatically consolidates investment portfolios from various sources, bringing clients into daily contact with their investments. It's an improvement from the past when wealth managers gave periodic updates on the progress of their clients' money.

These tools are not the only method wealth managers can increase efficiency and speed of their work. Their investment strategy is the most important element. Again, the edge will come from bringing together traditional and innovative - continuing to seek for deals in real estate, whilst also exploring investments in areas that have not been explored before like food security or climate science. The UBS Global Family Office Report 2018 found that impact investing is now an increasingly popular topic within family offices. About a third of family offices participate in the type of investing that they are involved in and many expect to get involved more in the near future. Farnoush Farsiar There are many challenges in this area, including the challenge of measuring impact and doing due diligence. However, the next generation UHNWIs and HNWIs will expect family offices can find and secure these investments. https://www.businessfast.co.uk/farnoush-farsiar-explains-why-queen-elizabeth-is-an-excellent-example-of-female-leadership/ Plato Capital is a boutique bank that provides advice on investing. Farnoush Farsiar It is based on the expertise of its founders in large family offices, banks and in the tech industry to offer entrepreneurial investment advice. Our clients can successfully manage risk and get the most value for their investment due to our network of local experts.

Blending the old with the modern, adjusting to the changing needs of the new generation, and preparing to take risks with their own methods and structures, wealth managers of all kinds can remain relevant and thrive during turbulent times. Farnoush Farsiar
Homepage: https://www.tumgir.com/farnoush-farsiar8dddbb11