Notes

How can firms that manage wealth be ready for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology revolution. Farnoush Farsiar writes for EU Today that these are just some of the major changes that affect family offices and could fundamentally alter their operational structures.

Family offices are catering to a growing amount of mobile, younger and tech-savvy generation. Due to the economic recession, clients are now more interested and involved in their investments.

These changes occur in a period of extreme economic and political instability. Farnoush Farsiar If they attempt to continue with the old ways and practices, they'll be relegated by the very people they were designed to serve. Instead, they should adapt and adopt a more entrepreneurial approach to investment management and create an authentic worth proposition for UHNWIs.

Family offices vary greatly in their size and scope, however irrespective of this they should prioritise agility as well as improving their services rather than striving to be specialists in all things. The best service for clients will be provided by a small group of advisors who have the ability to swiftly implement new technologies, and bring on board external experts when required. Farnoush Farsiar This has led to the blurring of lines between private banking and family offices. Successful firms will continue to preserve the loyalty of family offices and the level of trust they receive while staying ahead of technology in sourcing deals as well as embracing the latest technologies.

Your success is contingent upon your ability to tap into traditional or network-based sources of deal source. It is also possible to make use of online tools and methods to discover opportunities or deals. Deal sourcing platforms on the internet can be easily installed by wealth managers and agile private offices, in contrast to big banks, which are weighed down by bureaucracy. They allow dealmakers to access and evaluate a large amount of deals at a time - a substantial saving of time and effort.

Another service online that is altering the way family offices interact with clients is Wealthica. Farnoush Farsiar This dashboard service automatically consolidates investments from multiple sources and puts clients into daily communication. It's a far cry of the days when wealth managers would only provide periodic updates on the state of their clients' funds.

These tools aren't the only method wealth managers can improve the efficiency and speed of their operations. The strategy which underpins their investments is ultimately the most crucial factor. The benefit will be combing traditional and innovative strategies - continue to search for opportunities in the field of real estate and also consider investing in areas that were previously unexplored for example, climate change or food security. Impact investing is certainly "arrived within the family office industry. According to the UBS Global Family Office Report 2018 showed that one third of family officers are involved with impact investing. Many anticipate taking part in the near future. Farnoush Farsiar There are many hurdles with this particular area like the measurement of the impact and conducting due diligence next generation HNWIs/UHNWIs will expect their family offices to be able determine and secure these kinds of investments. https://richpeopletrades.com/2022/07/17/top-10-banking-trends-by-financial-expert-farnoush-farsiar/ Plato Capital, which I founded, is an investment bank which focuses on entrepreneurs. Our clients can maximize their returns and control the risk through our personal network.

Anyone who is a wealth manager are able to survive turbulent times by mixing old and new, adapting quickly to new demands and being open to taking chances with their own structures.
Read More: https://www.abcmoney.co.uk/2022/08/30/farnoush-farsiar-on-building-a-women-lead-business-in-dubai/