Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technological revolution. Farnoush Farsiar from EU Today discusses these major changes that impact family offices and fundamentally threatening operational structures and procedures.

Increasingly, family offices are catering to the younger, more tech-savvy and mobile generation. https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/ Every client, no matter their age, are interested in investing through trading online. This has resulted in increasing enthusiasm for personal investments. The clients do not want to be left out of the process of deciding on discretionary portfolio mandates.

These changes are coming at a time where there is unprecedented political and economic instability. They also signal the end of the fee-based family offices model. Farnoush Farsiar Offices that try to preserve their current practices will soon be demolished by the clients they were founded to advise. They need to adapt to a more entrepreneurial approach in investment management to offer UHNWIs an authentic value proposition.

Although family offices can vary in terms of size and scope, they should prioritize flexibility over the need to be an expert in all fields. https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ Customers will get more efficient service if they have less advisors who are able to implement new technologies quickly and bring in external specialists whenever required. This will mean the blurring between family office and private banking. The most successful firms will keep the trust and respect of family offices, while staying on top of trends in technology and sourcing deals.

https://brexitcentral.com/author/farnoush-farsiar/ It is crucial to be able to use the traditional, network-based and reputation-based methods for deal sourcing. Online tools can be utilized to find deals and opportunities. Farnoush Farsiar Wealth managers and private offices with agile staff can install online deal platform for sourcing. It is in stark contrast to the cumbersome banks, which are ensconced within bureaucracy. Farnoush Farsiar Dealmakers can access and evaluate large numbers of deals simultaneously, which is a significant time and resource saving.

Other services online that have changed how family offices interact with their clients includes dashboard services, such as Wealthica, which automatically consolidate investments from a range of sources, bringing customers in daily contact with their investments. This is which is a vast improvement over the days when wealth managers provided only intermittent updates on the progress of their customers' money.

Of course the tools are just that - the means to help wealth managers increase the speed and efficiency with which they operate. The investment strategies they employ is the most crucial aspect. The key to success is to combine traditional methods with new ones. The company are likely to continue looking for deals in real estate, and will also be looking at investment opportunities that were previously not explored like food security or climate science. Impact investing has definitely arrived in the world of family offices - the UBS Global Family Office Report 2018 showed that one-third of family offices are engaged in impact investing and many expect to become more active in the near future. There are many hurdles in this field including measuring the impact of investments and conducting due diligence the younger generation of HNWIs and UHNWIs will expect their family offices to determine and secure these kinds of investments. My own firm, Plato Capital, is a small investment bank that is based on the expertise of its founders, including family offices, big banks, and in the tech industry to offer advice on investment with an emphasis on the entrepreneurial. Our network and personal knowledge in the local area allows our clients to manage risk effectively and increase their capital returns.

All types of wealth managers are able to continue to prosper even in difficult times if they combine the old and modern, are open to adapting to the changing needs of the market and are willing to take risks with their own structure.
Website: https://trungtamytehoavang.com.vn/question/farnoush-farsiar-discusses-how-women-business-leaders-face-the-challenges-3/