Notes

How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology-driven change. Farnoush Farsiar writes for EU Today that these are only some of the major changes that will affect family offices and could fundamentally alter their operational structures.

Family offices are geared towards the technologically advanced, mobile and younger generations. Everyone, regardless of age, are becoming more attracted, regardless of their financial status, in managing their own investment portfolios. That means they are looking for more involvement and information, not just the services of a portfolio manager.

These changes come in a period of is unprecedented political and economic instability. These changes also mark the end of the fee-based family offices model. If they continue to follow the old ways, they will be abandoned by the people they were designed to serve. They need to adapt to a more entrepreneurial style in investment management in order to offer UHNWIs a true value proposition.

Family offices differ in their dimensions and their size and. They should be able to concentrate on scalability and streamlining their services and not try to be experts in each field. Clients will appreciate a smaller team of advisors capable of rapidly adapting to new technologies, and the hiring of external experts when required. Since the lines between private and family banking have been blurred the most successful firms will have a small team of advisors who can quickly implement new technology and also bring on external specialists when necessary. This will enable them to provide the best service to their clients.

Farnoush Farsiar It is important to be able to use the traditional, network-based and reputation-based strategies for deal sourcing. These tools can be used to identify deals and opportunities. Private offices and wealth managers that manage large quantities of deals online are far superior to banks with a cumbersome structure. Dealmakers can examine and review a vast number of deals at one time - a substantial saving of time and resources.

https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Another online service that is changing how family offices interact with their clients is Wealthica. Farnoush Farsiar The Wealthica dashboard service automatically consolidates investments from multiple sources and puts clients into regular contact. Farnoush Farsiar Farnoush Farsiar It's a vast improvement from the past where wealth managers provided occasional updates about the progress of the clients' investments.

Farnoush Farsiar Of course they are only an instrument that wealth managers can enhance the efficiency and speed with that they function. The method they use to make investments is ultimately the most important aspect. The secret to success is mixing the traditional with the new. You will continue to seek out deals in real property, and also explore investments in previously unexplored areas like food security or climate science. https://www.heritage.org/testimony/transatlantic-policy-impacts-the-us-eu-trade-conflict The UBS Global Family Office Report 2018 found that impact investing is now the most talked about topic in family offices. About a third of family offices participate in this type of investing and many are planning to be involved more in the coming years. There are many issues in this area including the difficulties of determining impact and performing due diligence. But, the next generation UHNWIs, and HNWIs, are likely to expect family offices to determine and secure investments in this area. Farnoush Farsiar Plato Capital, which I founded as an investment bank, is a company that is focused on entrepreneurs. Our extensive network and intimate knowledge of the local region allows our clients to effectively manage risk and maximize their capital return.

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