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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. Farnoush Farsiar writes for EU Today that these are just some of the major changes that affect family offices and pose a serious threat to their structures of operation.

Family offices cater to the increasingly mobile, tech-savvy and younger generations. Everyone, regardless of their age, are more inclined to invest through trading on the internet. This has resulted in an increased interest in personal investments. Farnoush Farsiar Customers do not wish to be left out of the decision-making process for the discretionary portfolios they are required to make.

These changes occur in a critical time of the economic and political chaos. Offices that try to keep their traditional methods may discover that they are not being used by the very people they were created to help. They must be flexible and creative when managing investments in order to offer UHNWIs with a value proposition.

While family offices can differ in both size and scope, they should prioritize agility over the desire to be experts in all areas. https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ Clients will benefit from a lesser number of advisors who are capable of quickly implementing new technology and also bringing in experts as needed. These changes will result in the blurring of the lines between family offices and private banking. Successful firms will maintain the trust and respect of family offices and stay ahead of the curve in the adoption of technology and the sourcing of deals.

It is important to be able to draw on the traditional, network-based and reputation-based strategies for deal sourcing. These tools can be utilized to spot opportunities and deals. Wealth managers and private offices which can handle large amounts of deals online are far more effective than banks that are cumbersome. These platforms allow dealmakers to examine and review a vast amount of deals at a time, resulting in a significant savings of time and resources.

https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf Wealthica and other dashboard services like Wealthica are also revolutionizing the way family offices communicate directly with their customers. Farnoush Farsiar They consolidate investment seamlessly from multiple sources and allow clients to be in constant contact with their investment portfolios. This is an enormous improvement over the previous system of wealth managers only providing periodic updates regarding the progress of their clients' money.

They are just that: they allow wealth managers to boost their effectiveness and speed. The investment strategies they employ is the most important element. In the end, the advantage will come from bringing together the traditional and the modern - continuing to search for deals in real estate and other areas as well as exploring investment opportunities in previously unexplored fields like climate science or food security. The UBS Global Family Office Report 2018 showed that impact investing is becoming a mainstream topic in family offices. Farnoush Farsiar One third of these family offices participate in this kind of investment and many expect to get involved more in the near future. There are a few issues in the field, such as the difficulty of measuring the impact of investments as well as due diligence HNWIs/UHNWIs of the future will require family officers to be able to find the right investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders, who have worked in large banks, as well as in the technology industry. Farnoush Farsiar Plato Capital provides investment advice that focuses on the entrepreneurial. Our local knowledge and connections allow us to assist our clients manage risk while maximizing their capital returns.

Wealth managers of all ages can thrive in turbulent times by mixing old and newideas, quickly adapting to changing needs, and being open to taking chances with their own structures.
My Website: https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/