Notes

How can wealth management firms be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. These are just a few of the major changes that affect family offices, which is fundamentally challenging their structures and practices in the words of Farnoush Farsiar for EU Today.

Family offices cater to a growing amount of mobile, younger and tech-savvy generations. Due to the financial crisis, everyone is increasingly interested and involved in their investments.

These changes come at a time where there an unprecedented economic and political instability. These changes also signal the end to the fee-based family offices model. If family offices keep their current practices and methods, they could discover that the people they were created to advise will abandon them. Instead, they should adjust and adopt a more creative approach to investment management and create an authentic worth proposition for UHNWIs.

Although the size and scope of family offices can be diverse, it is crucial that they prioritize flexibility and streamlining over being experts in everything. A smaller group of advisors that can swiftly adopt the latest technologies and bring on board external experts when needed will ultimately provide a more valuable service to customers. https://twitter.com/brexitcentral/status/1151733390485467136 will require that the boundaries between private and family office banks blur. The most successful firms retain the loyalty and trust of their family office , while being in the forefront in terms of technology and sourcing deals.

The capability to utilize both traditional, reputation-based and network-based methods of deal sourcing can lead to the success. But, you may also make use of online methods to locate opportunities and deals. Deal sourcing platforms online are just one tool that wealth managers and agile private offices are able to easily set up instead of large cumbersome banks, who are burdened by bureaucratic bureaucracy of large firms. This platform allows dealmakers to easily review and access a range of deals at once which could save them time and money.

Another online service that is changing how family offices interact with their clients is Wealthica. The dashboard service automatically consolidates investment from multiple sources and brings clients into daily communication. It's a vast improvement back to the days when wealth managers only provided occasional updates about the progress of the clients' investments.

These tools are not the only way that wealth managers can boost the efficiency and speed up their processes. The strategy which underpins their investments is , in the end, the most crucial factor. The secret to success is mixing traditional methods with new ones. You will continue to seek out deals in real estate, and will also be looking at investments in previously unexplored areas like food security or climate science. The UBS Global Family Office Report 2018 showed that impact investing has become an increasingly popular topic within family offices. One third of these family offices participate in this kind of investment and many expect to get more involved in the near future. There are definitely challenges in this field, including difficulty in monitoring impact and executing due diligence, the coming generation of HNWIs and UHNWIs will expect family offices to be able find and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the expertise of its founders who worked for large banks as well as the technology industry. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our connections and experience in the local area allows our clients to manage risk effectively and maximize their capital return.

Wealth managers of all ages can thrive in turbulent times by mixing old and modern, adjusting quickly to the changing demands, and being open to taking chances with their own structures.
Read More: https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/