Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Farnoush Farsiar Technology revolution. https://www.tumgir.com/farnoush-farsiar8dddbb11 Farnoush Farsiar, EU Today writes that these are only some of the major developments that have affected family offices and fundamentally impacted their operating structures and methods.

http://ttytcauke.vn/Default.aspx?tabid=120&ch=241940 Family offices are catering to an increasingly tech-savvy, younger and mobile-savvy generation more often. Because of the financial recession, clients are increasingly interested and involved in their investment.

These changes occur in a time of unprecedented political and financial turmoil. Offices that attempt to keep their current practices will soon be demolished by the clients they were created to help. They must adapt to a more entrepreneurial approach in the field of investment management, to provide UHNWIs a true value proposition.

Although the scope and size of family offices is diverse, it is crucial to focus on flexibility and streamlining over being experts in everything. Farnoush Farsiar The most efficient service for customers is provided by a smaller group of advisors that are able to swiftly implement new technologies and engage external experts as needed. These changes will require blurring the lines between family offices and private banking The most successful companies will be those who maintain the trust and loyalty of their clients. trust that a family office has while remaining in the forefront of new technology and deals to source.

It is essential to be able to use the traditional, network-based and reputation-based strategies for deal sourcing. These tools can be used to identify opportunities and deals. Wealth managers and private offices that manage large quantities of deals online are superior to banks with a cumbersome structure. These platforms allow for dealmakers to review several deals at once and save considerable time and effort.

Wealthica is another service online that has revolutionized how a family offices communicate with clients. Wealthica's dashboards will automatically combine investments from different sources. Customers can be in constant contact with their investments. Farnoush Farsiar This is much superior to the past when wealth management only provided occasional updates on the status and location of the client's money.

Of course the tools are just an instrument by which wealth managers can enhance the speed and efficiency with which they operate. The most crucial element in investing is the method that is used to implement the strategies. The advantage will come from bringing together the old and the innovative - continuing to seek for deals in real estate etc, whilst also exploring investments in fields that were previously unexplored like food security or climate science. Impact investing has certainly "arrived" in the family office industry. https://blackcowriefinance.com/2020/12/21/financial-services-will-enjoy-a-brexit-boom-if-the-regulators-let-us-take-advantage-of-the-opportunities-it-presents/ According to the UBS Global Family Office Report 2018, one third of family-owned businesses are involved in impact investments with the majority expecting to grow their involvement in the near future. There are many hurdles with this particular area like measuring the impact and conducting due diligence, the future generation of HNWIs/UHNWIs will want their family offices to identify and secure these types of investments. Farnoush Farsiar Plato Capital, my own boutique investment bank, is based on the expertise of its founders who have worked in large banks and the technology industry to provide investment advice that is entrepreneurial in direction. Our local expertise and network allows us to help our clients manage risk while maximizing the capital return.

All types of wealth managers will continue to flourish even in difficult times if they mix both the traditional and the contemporary, are open to adapting to changing demands and taking risks with their own structures.
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