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How wealth management businesses can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology advancement. https://twitter.com/brexitcentral/status/1151733390485467136 Farnoush Farsiar from EU Today discusses these major changes that affect family offices and fundamentally challenging the operating structures and practices.

Family offices are catering more and more to the younger, mobile generation. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times The economic crisis and the democratisation of trading through online platforms have made all clients, irrespective of age and interests, more interested in their investments and want to be more informed and involvement in their investments, and have lost the traditional appetite for discretionary portfolios that are managed by an arm's length.

These changes take place at a crucial time in the economic and political crisis. Offices that attempt to continue their traditional methods may be relegated to those they were established to advise. Instead, they should adjust and adopt a more creative approach to investment management to develop a true value proposition for UHNWIs.

Family offices are available in various sizes and types. Farnoush Farsiar But they need to prioritize efficiency and agility and simplifying the process. Customers will benefit from a smaller amount of advisors capable of quickly implementing new technologies and bringing in specialists when required. These changes will require blurring the lines between private banking and family office the most successful companies will be those who maintain the loyalty and level of trust that a family office has whilst remaining ahead of the curve in new technology and deals to source.

It is a good idea if you can leverage traditional, network- and reputation-based approaches to dealsourcing while also employing online methods to find opportunities and deals. Farnoush Farsiar Deal sourcing platforms online are just one of the tools which wealth managers and flexible private offices are able to easily set up in contrast to the large, bankers who are mired in large-firm bureaucracy. They allow dealmakers to examine and review a vast amount of deals at a time - a substantial saving of time and effort.

Farnoush Farsiar Wealthica is another service online that has revolutionized the way family office interacts with clients. Wealthica's dashboards automatically consolidate investments from various sources. Customers can keep in touch with their investments. This is a lot superior to the past where wealth management would only provide periodic updates regarding the status and location of the client's money.

They aren't the only way wealth managers can boost effectiveness and speed up their processes. The most crucial aspect to consider when investing is the strategy that underpins them. In the end, the advantage is in bringing together traditional and innovative - continuing to seek out opportunities in real estate while also considering investments in fields that were previously unexplored, such as climate science or food security. Impact investing has certainly "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 the majority expecting to expand their involvement in the near future. There are many challenges in this area, including the challenge of determining impact and performing due diligence. But, the next generation UHNWIs, and HNWIs, will expect family offices can identify and secure such investments. Plato Capital is a boutique bank that offers investment advice. It is based on the experience of its founders in big banks, family offices and the tech industry to offer entrepreneurial investment advice. Our clients are able to achieve maximum returns and reduce risks through our own network.

Wealth managers of all kinds will continue to flourish during turbulent times if they mix the old and the modern and are willing to adjust to changing demands and taking risk with their own structures.
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