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How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological innovations. These are just a few of the most significant changes that are affecting family offices and fundamentally threatening their operational structure and methods, writes Farnoush Farsiar for EU Today.

Farnoush Farsiar https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ Increasingly, family offices cater to the young, more tech-savvy and mobile generation. Everyone, regardless of their age, are more attracted to investing via trading online. This has resulted in increasing enthusiasm for personal investments. The clients do not wish to be left out of the decision-making process regarding the discretionary portfolios they are required to make.

These changes occur at a moment of unprecedented financial and political instability. Offices that attempt to continue their traditional methods may find they are abandoned by those they were established to advise. They must be flexible and innovative in managing investments in order to give UHNWIs with a genuine value proposition.

Family offices vary greatly in terms of size and scale, but regardless of that, they must prioritise agility as well as streamlining their processes rather than trying to be experts in everything. A smaller team of advisors who are able to quickly introduce the latest technology and add external specialists when required will ultimately provide better service to clients. Farnoush Farsiar Since these changes require blurring the lines between family offices and private banking The most successful companies will be those who maintain the loyalty and level of trust of a family office while staying in the forefront of sourcing deals and adopting technology.

Farnoush Farsiar It is essential to be able draw upon the traditional, network-based and reputation-based methods of deal sourcing. Online tools can be used to identify deals and opportunities. Wealth managers and private offices which can handle large amounts of deals online are more effective than banks that are cumbersome. Dealmakers can use these platforms to swiftly browse and evaluate a variety of deals, resulting in substantial savings of time and money.

Farnoush Farsiar Wealthica is another online platform that has revolutionized the way family office interacts with clients. Wealthica's dashboards automatically consolidate investments from various sources. Customers can be in constant contact with their investment portfolios. This is far better than the days when wealth management only provided occasional updates on the progress and whereabouts of their clients money.

They aren't the only method wealth managers can boost effectiveness and speed up their processes. The investment strategies they employ is the primary aspect. The secret to success is combining traditional methods with new ones. It is likely that you will continue to seek out deals in real property, and will also be looking at investment opportunities that were previously not explored such as food security and climate science. Impact investing has certainly 'arrived' within the family office industry. According to the UBS Global Family Office Report 2018 showed that one third of family officers are involved with impact investing. Many anticipate taking part in the near future. There are a myriad of issues with this field including the difficulty of measuring impact and doing due diligence. However the next generation of UHNWIs, and HNWIs, will expect family offices can determine and secure investments in this area. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders who worked in large banks as well as the technology sector. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our clients can make maximum returns and manage risks through our own network.

By blending the old and the modern, adjusting to the needs of the new generation and being prepared to be risk-averse with their own methods and structures Wealth managers of all types can remain relevant and thrive during difficult times.
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