Notes

How can wealth management companies be ready for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ Technology transformation. Farnoush Farsiar, EU Today writes that these are just a few of many key changes that have impacted family offices, and in the end threatened their structures and practices.

Family offices are catering to the younger, more tech-savvy and mobile generation more often. All clients, regardless of their age, are interested in investing through trading online. This has resulted in an increased desire to invest in personal assets. Farnoush Farsiar Customers do not wish to be left out of the decision-making process regarding discretionary portfolio mandates.

The changes are occurring in a time of unprecedented political and financial turmoil. Offices who try to maintain their existing methods will soon be relegated by the people they were created to help. They must change and be more entrepreneurial in their approach to managing investments in order to offer a true value proposition to UHNWIs.

Family offices vary hugely in dimensions and scope, but irrespective of this they should focus on agility and streamlining their service rather than striving to be specialists in everything. Clients will benefit from a smaller number of advisors skilled at implementing rapid changes to technologies and bringing in specialists as required. This has led to the blurring of distinctions between family and private banking offices. Successful firms will continue to retain the loyalty of family offices as well as the level of trust they enjoy while being ahead of the curve in sourcing deals and adopting the latest technologies.

It is important to be able draw upon traditional, network-based and reputation-based methods for deal sourcing. Online tools can be utilized to spot opportunities and deals. Farnoush Farsiar Wealth managers and private offices with a flexible staff can set up online deal platform for sourcing. It is in stark contrast to the cumbersome banks that are ensconced in bureaucracy. Farnoush Farsiar These platforms make it possible for dealmakers to evaluate many deals simultaneously, and thus make it easier to save time and energy.

Wealthica and other online services have also changed the way family offices interact with their clients. They automatically consolidate the investments of a variety of sources and allow clients to be in daily contact with the investments. It's a cry away from when wealth managers would only give periodic updates to their clients' progress.

These tools are not the only way that wealth managers can boost effectiveness and speed of their work. The most crucial aspect to consider when investing is the method that is used to implement the strategies. Again, the edge comes from combining the traditional and the innovative - continuing to seek for deals in real estate etc while also considering investments in fields that were previously unexplored like food security or climate science. The UBS Global Family Office Report 2018 revealed that impact investing has become the most talked about topic in family offices. https://www.anochords.org/farnoush-farsiar-discusses-the-challenges-female-business-leaders-face/ About a third of family offices are involved in this type of investing and many anticipate getting involved more in the near future. Farnoush Farsiar While there are some challenges in this field, such as measuring the impact and conducting due diligence, the future generation of HNWIs/UHNWIs will want their family offices to be able determine and secure these kinds of investments. Plato Capital is a boutique bank that provides advice on investing. It is based on the knowledge of its founders who have worked in big banks, family offices as well as the technology industry to provide entrepreneurial investment guidance. Our clients are able to deal with risk and earn the most value for their capital thanks to our local network.

All types of wealth managers can continue to thrive during turbulent times if they combine the old and the modern and are open to changing demands and taking risks with their own structures.
Website: https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/