Notes

How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational shifts Global mobility. https://ae.linkedin.com/in/farnoush-farsiar-b1583b66 . Farnoush Farsiar of EU Today notes these are only a few of the major changes that have affected family offices and fundamentally impacting their practices and operations.

Family offices cater to the technologically advanced, mobile and younger generation. All clients, regardless of their age, are interested in investing through online trading. This has resulted in an increased interest in personal investments. Clients no longer would like to be excluded of the decision-making process regarding the discretionary portfolios they are required to make.

These changes occur at a time of unprecedented political and financial turmoil. Offices that attempt to keep their current practices will soon be demolished by the clients they were established to advise. Instead, they must adjust and adopt a more creative approach to investment management and create the best value offering for UHNWIs.

Family offices vary in dimensions and their the scope. They should be able to focus on agility and streamlining their services and not try to become experts in each area. Clients can benefit from a lesser number of advisors who are capable of quickly implementing new technologies and bringing in specialists whenever they are required. This will mean the blurring of the lines between family offices and private banking. The most successful firms will keep the trust and loyalty of family offices, while staying on top of trends in technology adoption and sourcing deals.

The ability to use both traditional, reputation-based and network-based methods for deal sourcing will result in the success. But, you can make use of online tools to find deals and opportunities. Wealth managers and private offices with a flexible staff can set up online deal sources platforms. This is in contrast to cumbersome banks that are in bureaucracy. Dealmakers can access and evaluate a large number of deals at one time, resulting in a significant savings of time and money.

Wealthica and other dashboard services like Wealthica are also changing the way family offices communicate directly with their clients. These services consolidate investments in a way that is automated from multiple sources, and allow clients to be in constant communication with their investments. This is a vast improvement over the previous system of wealth managers who only provide periodic updates on the status of their clients’ money.

They are just that: they allow wealth managers to boost their efficiency and speed. The most important factor is their investment strategy. Again, the edge will come from bringing together the old and the modern - continuing to search out deals in real estate and other areas as well as exploring investment opportunities in fields that were previously unexplored, such as food security or climate science. Impact investing has definitely "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, one third of family-owned businesses are involved in impact investment, with most expecting to grow the amount of involvement they have in the coming years. While there are undoubtedly problems in this area, such as difficulty in monitoring impact and executing due diligence, the next generation of HNWIs and UHNWIs will expect family offices to be able identify and secure these kinds of investments. My firm, Plato Capital, is an investment bank that is boutique and utilizes the knowledge of its founders, in family offices, big banks, and the tech industry, to provide investment advice with particular attention to the entrepreneurial. Our clients can successfully deal with risk and earn the highest returns from their investment due to our network of local experts.

Through blending https://professionalparaplanner.co.uk/is-ai-a-threat-to-family-offices-and-wealth-managers/ with the new, while adjusting to the changing needs of the young generation and being prepared to take risks with their own strategies and structures Wealth managers of all kinds can be successful and relevant during difficult times.
Homepage: https://politicalemails.org/messages/13222