Notes

How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technological revolution. Farnoush Farsiar Farnoush Farsiar of EU Today notes these are only a few of the significant changes that affect family offices, and ultimately threatening their operations and practices.

Family offices cater to the more mobile, tech-savvy and younger generations. Every client, no matter their age, have become more interested, regardless of their financial status in managing their personal investment portfolios. This means they seek out more information and involvement , not just the services of a portfolio manager.

These changes take place at a crucial time in the economic and political turmoil. Farnoush Farsiar If family offices keep their current practices and methods, they could discover that the individuals they were created to assist will not be able to keep them. They must change and be more entrepreneurial in their investment management approach, to provide a real value proposition for UHNWIs.

Farnoush Farsiar While family offices can differ in size and scope, they should prioritize agility over trying to be experts in all fields. Customers will appreciate a smaller team of advisors capable of rapidly adapting to new technologies, as well as the hiring of external experts as needed. These changes will require the blurring of lines between private banking and family office The most successful companies will be those that maintain the loyalty and confidence of a family-owned business while staying in the forefront of new technology and deals to source.

The ability to use traditional, reputation-based, and network-based methods for deal sourcing will result in successful outcomes. But, you can also use online methods to discover opportunities and deals. Wealth managers can make use of deal sourcing websites to identify opportunities and deals. They're much more convenient than the large, cumbersome banks who are stuck in large-firm bureaucracy. Dealmakers can utilize these platforms to review and access a range of deals, which results in substantial savings of time and resources.

Wealthica and other services on the internet have also changed the way family offices interact with their clients. They automatically consolidate investment portfolios across various sources and bring clients into regular contact with their investment. It's a cry away from the days when wealth managers could only give periodic information on their clients' investments.

These tools are not the only way that wealth managers can increase the efficiency and speed of their work. Their investment strategy is the most important element. The best approach is to blend both the old and new. This means you will continue to search for opportunities on real estate however, you should also look into investments in other sectors like food security or climate science. 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/ Impact investing has certainly 'arrived in the family office sector. The UBS Global Family Office Report 2018 showed that one third of family members are actively involved in impact investing. Many expect to take part in the future. There are some issues with this particular field, for instance, issues with measuring impact or conducting due diligence. Farnoush Farsiar However the next generation of UHNWIs and HNWIs are likely to expect a the family office to identify and secure these investments. Plato Capital, which I created as an investment bank, is a company that focuses on entrepreneurs. Our clients are able to make maximum returns and manage risks through our own network.

Through blending the traditional with the new, while adjusting to the demands of the young generation, and being prepared to risk their own strategies and structures, wealth managers of all kinds can remain relevant and thrive even in the midst of turbulent times.
Here's my website: https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/