Notes

How can firms that manage wealth be prepared for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technological transformation. https://www.abcmoney.co.uk/2022/08/30/farnoush-farsiar-on-building-a-women-lead-business-in-dubai/ Farnoush Farsiar writes for EU Today that these are only some of the major changes that impact family offices and fundamentally threaten their operational structures.

Family offices cater to a growing number of younger, mobile and tech-savvy generations. Because of the economic crisis, everyone is now more interested and involved in their investments.

These changes, which occur during a time of unmatched economic and political turmoil are a sign of the demise of the traditional family office model that is based on fees. If an office tries to maintain its old practices, they will find it abandoned by the very people they meant to advise. They must be flexible and innovative in managing investments to give UHNWIs with a true value proposition.

While the scope and size of family offices can be different, it's important that they prioritize efficiency and speed rather than being experts in everything. Clients will receive a better service if they have less advisors who are able to implement new technologies quickly and also bring in specialists from outside whenever needed. Farnoush Farsiar These changes will result in the blurring of family offices and private banking. The most successful firms will keep the trust and respect of family offices, while staying on top of trends in technology adoption and sourcing deals.

Success will be born of the capacity to profit from more traditional, traditional, network- and reputation-based approaches to deal sourcing, while also employing online strategies to find deals and opportunities. Farnoush Farsiar Wealth managers and private offices that have a highly skilled staff can implement online deal platform for sourcing. It is in stark contrast to the cumbersome banks, which are ensconced within bureaucracy. They allow dealmakers to review and access a huge number of deals at one time - a substantial saving of time and money.

Farnoush Farsiar Wealthica and other online services are also changing how family offices interact with clients. They automate the consolidation of investment portfolios across various sources and bring clients into regular contact with their portfolios. It's a way from the days when wealth managers would only give periodic updates on their clients' investments.

These tools aren't the only method wealth managers can improve effectiveness and speed of their operations. https://www.tumgir.com/farnoush-farsiar8dddbb11 Their investment strategy is the most important element. Again, the edge is in bringing together traditional and new - continuing to scout for deals in real estate while also considering investments in areas that have not been explored before like climate science or food security. The UBS Global Family Office Report 2018 found that impact investing is now the most talked about topic in family offices. About a third of family offices participate in the type of investing that they are involved in and many anticipate getting involved more in the near future. https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf There are many issues in this area, including the challenge in assessing impact and conducting due diligence. However the next generation of UHNWIs and HNWIs are likely to expect family offices to determine and secure investments in this area. Plato Capital, my own boutique investment bank, draws on the experiences of its founders, who are from large banks as well as the technology industry to provide investment advice that is entrepreneurial in direction. Our local expertise and connections allow us to help our clients successfully reduce risk while increasing their capital gains.

Wealth managers can thrive in turbulent times by mixing the past with the present, adapting to the needs of the young generation and taking risks with their own structures.
Read More: https://www.tumgir.com/farnoush-farsiar8dddbb11