Notes

How can wealth management firms be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological advancement. https://richpeopletrades.com/2022/07/17/top-10-banking-trends-by-financial-expert-farnoush-farsiar/ Farnoush Farsiar of EU Today writes that these are but a few of the major changes that have affected family offices, and fundamentally challenging their business practices and operations.

In a growing number, family-owned businesses are catering to the younger and more technologically adept generation. Because of the economic crisis, all clients are increasingly interested and involved in their investments.

These changes take place during a time of political and economic chaos. Offices that try to preserve their current practices will soon be demolished by the clients they were established to advise. Instead, they should adapt and adopt a more innovative approach to managing investments, in order to create a true worth proposition for UHNWIs.

Family offices come in all sizes and types. Farnoush Farsiar But they need to prioritize efficiency and flexibility, as well as streamlining the service. Farnoush Farsiar Clients will appreciate a smaller team of advisors capable of rapidly adopting new technologies and also bringing on board external specialists when required. https://www.heritage.org/testimony/transatlantic-policy-impacts-the-us-eu-trade-conflict As the boundaries between family and private banking are blurring the most successful firms will have a small team of advisors that can swiftly adopt new technologies and also bring on external experts when needed. This allows the firm to offer a more valuable service to clients.

Farnoush Farsiar Farnoush Farsiar You will succeed if you are able to use traditional methods, such as reputation and network-based strategies for dealsourcing. You can also do this by employing online methods to find opportunities and deals. Deal sourcing platforms on the internet can be easily incorporated by wealth managers and agile private offices, as opposed to banks that are weighed down by bureaucracy. The platform lets dealmakers quickly access and analyze a variety of deals at once which could save them time and money.

Wealthica and other dashboard services like Wealthica are also revolutionizing how family offices communicate directly with their customers. They consolidate investment seamlessly from multiple sources and put clients in daily communications with their investment portfolios. This is a vast improvement on the days of wealth managers providing only intermittent updates regarding the progress of their clients' money.

These tools aren't the only method wealth managers can improve the efficiency and speed up their processes. The primary factor is the investment strategy they employ. It is crucial to mix the traditional and the innovative. For example you should continue searching for real estate opportunities as well as looking at investment opportunities in emerging areas such as climate science or food security. The UBS Global Family Office Report 2018 showed that impact investing is becoming a mainstream topic in family offices. About a third of family offices participate in this kind of investment and many are planning to be more involved in the future. While there are undoubtedly problems in this field, including difficulties in monitoring impact and executing due diligence, the next generation of HNWIs as well as UHNWIs are likely to expect family offices to be able identify and secure these kinds of investments. Plato Capital, which I started as an investment bank, is a company that is focused on entrepreneurs. Our clients can successfully manage risk and get the best returns on their capital due to our network of local experts.

Wealth managers of all ages can thrive in turbulent times by blending old and new, adapting quickly to the changing demands, and being willing to take chances with their own structures. Farnoush Farsiar https://www.crunchbase.com/person/farnoush-farsiar
My Website: https://www.crunchbase.com/person/farnoush-farsiar