Notes

How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/ . Farnoush Farsiar from EU Today writes about these key changes that impact family offices and are fundamentally threatening operational structures and procedures.

Family offices are catering more and more to the younger, mobile generation. All clients, regardless of their age, are attracted to investing via trading online. This has resulted in increasing desire to invest in personal assets. The clients do not want to be left out of the decision-making process for discretionary portfolio requirements.

These changes, which come at a time of unparalleled economic and political instability will bring the end of the traditional family office model that is based on fees. If an office attempts to maintain its old practices, they will find it abandoned by those they supposed to help. They need to be agile and creative in managing investments in order to provide UHNWIs with a genuine value proposition.

Family offices differ greatly in size and scope, however irrespective of this they should be focusing on agility and streamlining their service, rather than striving to be specialists at everything. A smaller group of advisors that can swiftly adopt the latest technology and add external specialists when required will ultimately provide better service to customers. These developments will require that the boundaries between private and family office bank blur. The best firms will maintain the trust and loyalty of their family office while staying in the forefront in technology and finding deals.

It is a good idea if you can leverage traditional methods, such as reputation and network-based strategies for dealsourcing. You can also do this by using online methods for identifying opportunities and deals. Wealth managers can make use of deal sourcing sites online to discover deals and opportunities. They're much simpler than banks that are large and cumbersome which are trapped in large-firm bureaucracy. Dealmakers can make use of these platforms to quickly review and access a range of deals. This results in significant savings of time and funds.

Other online services that have changed the way family offices interact with their customers include dashboard serviceslike Wealthica, which automatically consolidate investment portfolios from various sources, bringing customers to daily interaction with their investments - which is a vast improvement over the days when wealth managers offered only periodic updates on the state of their clients' funds.

These tools can be used to assist wealth managers in improving their effectiveness and speed. The investment strategies they employ is the most important element. The advantage will be in mixing traditional and innovative strategies. Continue to seek out deals in realty, but also look into investing in previously unexplored areas like the effects of climate change and food security. Impact investing has undoubtedly 'arrived in the world of family offices - according to the UBS Global Family Office Report 2018 showed that one-third of family offices are active in impact investing, and most expect to become more involved in the near-future. While there are some challenges with this particular area, such as the measurement of the impact and conducting due diligence, the future generation of HNWIs/UHNWIs will want their family offices to find and secure these kinds of investments. Plato Capital, which I created, is an investment bank which focuses on entrepreneurs. Our clients are able to make maximum returns and manage the risk through our personal network.

https://www.ukphonebook.com/telephone-directory/people-by-outer/NW8?page=45 of all kinds are able to continue to prosper in turbulent times if they mix the old and modern, are open to adapting to changing demands and taking risks with their own structure.
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