Notes

How wealth management firms can be ready for turbulent times? [Farnoush Farsiar]
Generational shifts Global mobility. Technology transformation. Farnoush Farsiar from EU Today writes about these key changes that affect family offices and fundamentally threatening operating structures and practices.

Farnoush Farsiar Family offices cater to a growing number of younger, mobile and tech-savvy generation. Because of the financial crisis, all clients are becoming more involved and interested in their investment.

Farnoush Farsiar These changes are coming in a period of an unprecedented level of economic and political turmoil. These changes also mark the end of the fee-based family offices model. Offices that try to preserve their existing methods will soon be demolished by the clients they were created to help. Instead, they should adjust and adopt a more entrepreneurial approach to investment management and create a true value offering for UHNWIs.

Family offices come in a variety of sizes and styles. But they need to prioritize efficiency and speed in addition to simplifying the process. https://www.heritage.org/testimony/transatlantic-policy-impacts-the-us-eu-trade-conflict Clients can benefit from a smaller number of advisors skilled at implementing rapid changes to technologies and calling in specialists when required. Farnoush Farsiar Since these changes require blurring the lines between private banking and family office The most successful companies will be those that can maintain the loyalty and trust of a family office while remaining ahead of the curve in sourcing deals and adopting technology.

It is a good idea if you can leverage traditional methods, such as reputation and network-based methods of dealsourcing, while employing online methods to find deals and opportunities. Wealth managers can use deal sourcing websites to identify opportunities and deals. They're much more convenient than banks that are large and cumbersome which are trapped in large-firm bureaucracy. Dealmakers can access and evaluate large numbers of deals simultaneously, which is a significant savings in time and resources.

Other online services which are changing the way family offices interact with their clients include dashboards, like Wealthica which instantly consolidates the investments of a variety of sources, bringing customers in daily contact with their investments. It's which is a vast improvement over the days of wealth managers who gave periodic information on the status of their customers' funds.

These tools aren't just tools they're the tools that wealth managers can improve their efficiency and speed. The most important factor is their investment strategy. In the end, the advantage is in bringing together the old and the modern - continuing to search for deals in real estate while also considering investments in previously unexplored fields like food security or climate science. The UBS Global Family Office Report 2018 revealed that impact investing has become the most talked about topic in family offices. About a third of family offices are involved with this kind of investment and many are planning to be more involved in the coming years. There are many hurdles in this area like measuring impact and conducting due diligence the next generation HNWIs/UHNWIs will expect their family offices to identify and secure these types of investments. My own firm, Plato Capital, is a boutique investment bank which is based on the expertise of its founders in family offices, banks, and the tech industry to offer investment advice with a an emphasis on the entrepreneurial. Farnoush Farsiar Our clients are able to maximize their returns and control risks through our own network.

Wealth managers of all kinds can succeed during turbulent times, by mixing old with the new by adjusting and making a risk with their structures and methods.
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