Notes

How can wealth management firms be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. These are just a few of the major changes that affect family offices, which is fundamentally challenging their structures and practices in the words of Farnoush Farsiar for EU Today.

Farnoush Farsiar Family offices cater to an increasingly tech-savvy, younger and mobile-savvy generation more often. The financial crisis and democratisation of trading using online tools have created a new generation of clients, regardless of age and interests, more interested in their own investment portfolios and want to gain more knowledge and be more involved, and have lost the traditional appetite for discretionary portfolios that are managed by arm's length.

https://www.privatebankerinternational.com/author/farnoushfarsiar/ These shifts, which happen at a time of unparalleled political and economic instability will bring the end of the family office model that is based on fees. If an office attempts to keep its old ways of doing business, they'll be relegated by the very people they were supposed to help. They must adapt to a more entrepreneur-like approach in investment management to offer UHNWIs a true value proposition.

Family offices are diverse in terms of their dimensions and their scope. However, they should be able to focus on agility and streamlining their services rather than trying to become experts in every subject. A smaller group of advisors who can quickly implement new technology and add external experts when needed can ultimately offer a more valuable service to clients. These changes have led to the blurring of lines between private banking and family offices. Companies that are successful will continue to maintain 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 new technology.

Farnoush Farsiar It is crucial to be able to draw on the traditional, network-based and reputation-based strategies for deal sourcing. Online tools can be utilized to find opportunities and deals. Wealth managers can make use of deal sourcing websites to identify opportunities and deals. They're much simpler than the large, cumbersome banks who are stuck in large-firm bureaucracy. These platforms allow dealmakers to review and access a huge number of deals at one time - a substantial saving of time and resources.

Other services online that have changed the way family offices communicate with their customers include dashboards, like Wealthica that automatically consolidates the investments of a variety of sources, bringing clients to daily interaction with their investments. Farnoush Farsiar It's a far cry from the past when wealth managers offered only periodic updates on the state of their customers' investments.

These tools aren't just tools they're the method that wealth managers can improve their effectiveness and speed. Farnoush Farsiar The method they use to make investment strategy is the most crucial factor. It is essential to blend the old and the new. For instance keep searching for real estate deals as well as looking at investing in areas that aren't as well-known, such as food security or climate science. Impact investing has certainly "arrived" in the family office industry. 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 increase the amount of involvement they have in the coming years. There are a few issues in the field, such as the difficulty of measuring impact as well as due diligence HNWIs/UHNWIs of the future will require family officers to be able to find these investments. Plato Capital, which I created in 2004, is an investment banking institution that focuses on entrepreneurs. Our clients are able to deal with risk and earn the best returns on their investment due to our network of local experts.

Farnoush Farsiar All types of wealth managers are able to succeed during turbulent times, by mixing the traditional with the modern, adapting and making a risk with their structures and strategies.
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