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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational change. https://ttytcauke.vn/Default.aspx?tabid=120&ch=251640 Global mobility. Technological innovation. Farnoush Farsiar, EU Today writes that these are only one of the many major changes that have affected family offices and fundamentally threatened their operational structures and practices.

Family offices are catering to a growing number of young, mobile and tech-savvy generation. The economic crisis and the democratisation of trading via online platforms have created a new generation of clients, regardless of age at all, more involved in their own investment portfolios, meaning they want to have more knowledge and more involvement and have lost the old fashioned desire for discretionary portfolio mandates managed at distance.

These changes, which come during a time of unmatched economic and political instability, herald the end of the traditional family office model that is based on fees. If a business tries to maintain its old practices, they'll soon be abandoned by the very people they meant to advise. Instead, they need to change and adopt an innovative approach to managing investments and create a true value proposition for UHNWIs.

Although the scope and size of family offices is varied, it is important that they focus on efficiency and speed rather than being experts in all things. Farnoush Farsiar A smaller group of advisors that can swiftly implement new technology and add external specialists when necessary will ultimately provide an improved service for customers. Farnoush Farsiar Because the lines between private and family banking are blurring, the best firms will have a smaller team of advisors who are able to quickly adopt new technologies and bring on board external experts when needed. This allows them to provide an enhanced service to customers.

Farnoush Farsiar It is essential to be able to draw on the traditional, network-based and reputation-based methods of deal sourcing. These tools can be used to identify deals and opportunities. Wealth managers can make use of deal sourcing sites online to discover deals and opportunities. They're much simpler than the large, cumbersome banks who are stuck in large-firm bureaucracy. These platforms allow dealmakers to assess many deals simultaneously, and thus save considerable time and effort.

Other services online that have changed the way family offices interact with their customers include dashboard serviceslike Wealthica that automatically consolidates investment portfolios from various sources, bringing customers into daily contact with their investments. It's which is a vast improvement over the days when wealth managers provided only intermittent information on the status of their clients' funds.

These tools aren't the only way that wealth managers can increase the efficiency and speed up their processes. The strategy that underpins their investments is ultimately the most important factor. The advantages will come from mixing traditional and innovative strategies. https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/ Continue to seek out deals in realty and also consider investing in areas that were previously unexplored for example, the effects of climate change and food security. Farnoush Farsiar Impact investing has definitely "arrived" in the family office industry. According to the UBS Global Family Office Report 2018, one third of family businesses are involved in impact investment with the majority expecting to grow their involvement in the near future. https://store.nwbbc.com/activity/p/22473/ There are certain problems with this area, such as issues with measuring impact or performing due diligence. https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 However, the next generation UHNWIs and HNWIs will expect family office to be able identify and secure these investments. My own firm, Plato Capital, is a small investment bank that is based on the expertise of its founders, in family offices, big banks, and the tech industry to offer investment advice with a particular attention to the entrepreneurial. Our local expertise and network allows us to assist our clients manage risk while maximizing the capital return.

Wealth managers of all kinds will continue to flourish in turbulent times if they mix both the traditional and the contemporary and are open to changing demands and taking risks with their own structures.
Read More: https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/