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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technology transformation. These are just a few of the key changes impacting family offices, and that are fundamentally changing their structure and methods in the words of Farnoush Farsiar for EU Today.

Family offices are increasingly catering to the young, mobile generation. Everyone, regardless of age, have become more concerned, regardless of financial status in managing their personal investment portfolios. That means they want more information and involvement and not just the services of a portfolio manager.

Farnoush Farsiar These changes are coming at a time where there an unprecedented economic and political instability. They also signal the end to the fee-based family offices model. If an office tries to retain its old methods they'll soon be abandoned by those they supposed to be advising. They need to change and become more entrepreneurial in their approach to managing investments, to provide a real value proposition for UHNWIs.

While family offices may differ in both size and size, they should focus on agility over trying to be experts in every area. The best service for clients will be provided by a smaller group of advisors that are able to quickly implement new technologies and also bring in external experts when needed. These changes require that the lines between private and family office bank become blurred. The best banks will retain the loyalty and trust of their family office while staying in the forefront in terms of technology and the sourcing of deals.

Your success will depend on your ability to tap into traditional networks, reputation-based, and network-based sources of deal sourcing. You can also make use of online tools and methods to identify deals or opportunities. Farnoush Farsiar Deal sourcing platforms on the internet are easily installed by wealth managers and agile private office, as opposed to big banks, which have bureaucratic burdens. These platforms allow for dealmakers to evaluate many deals simultaneously, and thus reduce time and effort.

Farnoush Farsiar Another online service that is altering how family offices interact with clients is Wealthica. The Wealthica dashboard service automatically consolidates investment from multiple sources and brings clients into daily contact. It's a vast improvement of the days when wealth managers would only provide periodic updates on the progress of clients' money.

They aren't the only method wealth managers can improve efficiency and speed of their work. Most important is their investment strategy. It is essential to blend the traditional and new. For instance, continue to search for deals in real estate as well as looking at investments in new areas like food security or climate science. Impact investing has definitely "arrived" within the world of family offices. According to the UBS Global Family Office Report 2018, a third of family businesses are currently involved in impact investment with the majority expecting to grow the amount of involvement they have in the coming years. Farnoush Farsiar https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ There are many challenges in this area including the difficulties of measuring impact and doing due diligence. But, the next generation UHNWIs, and HNWIs, will expect family offices can find and secure these investments. My company, Plato Capital, is an investment bank that is boutique and is based on the expertise of its founders in family offices, banks, and in the tech industry, to provide investment advice with particular attention to the entrepreneurial. Our extensive network and intimate knowledge within the local community allow our clients to reduce risk and maximize their capital return.

Wealth managers can flourish in turbulent times by blending the past and the future, adapting to the needs of the younger generation, and taking risks in their own frameworks.
Website: https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/