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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technological revolution. These are only a handful of the major changes that affect family offices and fundamentally threatening their structures and practices, writes Farnoush Farsiar for EU Today.

Family offices are catering more and more to the mobile, younger generation. Every client, no matter their age, are more inclined to invest through online trading. This has resulted in a greater desire to invest in personal assets. Customers do not would like to be excluded of the decision-making process regarding the discretionary portfolios they are required to make.

These changes take place in a critical time of the economic and political crisis. Offices that attempt to keep their current practices will soon be relegated by the people they were established to advise. They must adapt to a more entrepreneur-like approach in investment management to offer UHNWIs the best value.

Family offices vary hugely in size and scope, however regardless of this, they should prioritise agility as well as streamlining their processes rather than striving to be specialists at everything. Customers will appreciate a smaller team of advisors who are capable of quickly adapting to new technologies, as well as hiring external experts whenever needed. These changes will require the blurring of lines between family offices and private banking The most successful companies will be those that maintain the trust and loyalty of their clients. confidence of a family-owned business whilst remaining in the forefront of new technology and deals to source.

It is essential to be able to draw on traditional, network-based and reputation-based strategies for deal sourcing. Online tools can also be utilized to spot opportunities and deals. Private offices and wealth managers that have a highly skilled staff can implement online deal sourcing platforms. This is in contrast with cumbersome banks, which are ensconced within bureaucracy. The platform lets dealmakers easily review and access a range of deals simultaneously which could save them time and money.

https://brexitregulations.net/tag/london/ and other dashboard services such as Wealthica are also revolutionizing how family offices communicate directly with their customers. These services consolidate investments in a way that is automated from multiple sources, and put clients in daily communications with their investments. This is an enormous improvement on the days of wealth managers who only provide periodic updates regarding the progress of their clients' money.

They're not tools for anything else they're the method wealth managers have to improve their effectiveness and speed. The strategy which underpins their investment strategy is the most important aspect. It is crucial to mix the traditional and the innovative. For instance you should continue searching for real estate deals, while also looking into investing in areas that aren't as well-known, such as food security or climate science. Impact investing has certainly "arrived" in the family office industry. According to the UBS Global Family Office Report 2018, a third of family-owned businesses are engaged in impact investing, with most expecting to expand their involvement in the near future. While there are some challenges with this particular area like measuring the impact and conducting due diligence the younger generation of HNWIs and UHNWIs will expect their family offices to be able identify and secure these types of investments. My own firm, Plato Capital, is a boutique investment bank which is based on the expertise of its founders, including family offices, large banks and the tech industry, to provide investment advice with an emphasis on the entrepreneurial. Our clients are able to successfully deal with risk and earn the best returns on their capital thanks to our local network.

Wealth managers of all types are able to succeed during turbulent times, by mixing the old and the new by adjusting and making a risk with their structures and methods.
Here's my website: https://www.instagram.com/farnoushhamidian/