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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technological change. Farnoush Farsiar writes for EU Today that these are just a handful of major changes that will affect family offices and fundamentally threaten their operational structures.

Family offices cater to a growing number of younger, mobile and tech-savvy generations. Every client, no matter their age, are interested in investing through trading on the internet. This has resulted in a greater enthusiasm for personal investments. The clients do not wish to be left out of the process of deciding on discretionary portfolio mandates.

These changes, which come at a time of unparalleled political and economic instability are a sign of the end of the traditional fee-based family office model. If offices try to continue using their current methods however, they might discover that the people they were created to assist will not be able to keep them. https://www.privatebankerinternational.com/author/farnoushfarsiar/ Instead, they need to adapt and adopt a more creative approach to investment management, in order to create a true worth offering for UHNWIs.

https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Although the size and scope of family offices can be varied, it is important that they focus on flexibility and streamlining over being experts in all things. Clients will receive a better service if they have less advisors who can implement new technologies quickly and bring in outside specialists when required. These changes require that the lines between private and family office bank become blurred. The best banks will maintain the trust and loyalty of their family office , while being ahead of the curve in technology and finding deals.

Farnoush Farsiar Your success is contingent upon your ability to tap into traditional or network-based sources of deal source. You can also use online methods and tools to find deals or opportunities. Wealth managers and private offices that can manage large numbers of deals on the internet are more effective than banks that are cumbersome. These platforms allow dealmakers to access and evaluate a large variety of deals at the same time, which is a significant saving of time and effort.

Other online services that are changing how family offices interact with their clients include dashboard services, such as Wealthica that automatically consolidates investment portfolios from various sources, bringing clients in daily contact with their investments. It's an improvement from the past when wealth managers offered only periodic information on the status of their customers' investments.

These tools are merely that: they allow wealth managers to increase their effectiveness and speed. The most crucial element in investing is the method that is used to implement them. It is essential to blend the old and the new. For instance keep searching for real estate deals, while also looking into investments in new areas like food security or climate science. Farnoush Farsiar Impact investing has certainly 'arrived in the family office sector. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ The UBS Global Family Office Report 2018 found that a third of family members are involved in impact investing. A lot of people are planning to take part in the near future. While there are some challenges in the field, such as the difficulty of quantifying impact as well as due diligence HNWIs/UHNWIs in the future will require family officers to have the ability to identify the right investment opportunities. Farnoush Farsiar Plato Capital, my own boutique investment bank, draws on the experiences of its founders from large banks and the technology industry to provide investment advice that is entrepreneurial in the focus. Our clients can successfully control risk and receive the best returns on their capital thanks to our local network.

Through blending the traditional with the new, while adjusting to the demands of the younger generation, and being prepared to take risks with their own strategies and structures, wealth managers of all kinds can stay relevant and prosper during challenging times.
My Website: https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar