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How can firms that manage wealth prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. Farnoush Farsiar of EU Today writes that these are but a few of the major changes that have affected family offices, and ultimately impacting their practices and operations.

Family offices are catering to a younger, tech-savvy, and mobile generation more often. The financial crisis as well as the rise of democratisation and online trading have made clients more attracted to their investments. They are seeking greater control and understanding, and no longer are they looking for discretionary portfolio mandates handled in a jiffy.

These changes occur at a time of unprecedented financial and political turmoil. Offices which try to maintain their previous methods will be relegated to the very people they were created to help. They need to be agile and creative in managing investments to give UHNWIs with a true value proposition.

While family offices can differ in both size and their scope, they should prioritise flexibility over the need to be an expert in all areas. The most efficient service for customers is provided by a smaller group of advisors that are able to rapidly implement new technology and engage external experts when required. Since these changes require the blurring of lines between private banking and family office the most successful companies will be those who maintain the loyalty and level of confidence of a family-owned business while remaining in the forefront of sourcing deals and adopting technology.

Farnoush Farsiar It is essential to be able to draw on traditional, network-based and reputation-based strategies for deal sourcing. Online tools can be used to identify deals and opportunities. https://classificamp.com.br/index.php/author/farnoush-farsiar6faadd22/ https://kinoxits.net/user/Farnoush-Farsiar9eddcc11/ https://bandit250.ru/user/Farnoush.Farsiar6addaa22/ Deal sourcing platforms online are just one tool which wealth managers and flexible private offices are able to easily set up in contrast to the large, heavy-handed banks that are burdened by bureaucratic bureaucracy of large firms. Dealmakers can access and evaluate huge numbers of deals at the same time this is a huge time and money saving.

Wealthica and other services on the internet have also changed the way family offices interact with their clients. They consolidate investment portfolios across various sources and bring clients into daily contact with the portfolios. It's a way from the days when wealth managers were able to give periodic information on their clients' investments.

These tools are not the only way wealth managers can boost efficiency and speed of their work. The most crucial element in investing is the method that is used to implement them. The benefit will be combining traditional and new strategies. Continue to seek for opportunities in the field of real estate as well as investing in areas previously unknown, such as climate change or food security. Impact investing is certainly "arrived' within the family office industry. The UBS Global Family Office Report 2018 revealed that one-third of family officers are engaged in impact investing. Many anticipate taking part in the near future. There are a myriad of issues with this area, including the challenge of determining impact and performing due diligence. But the next generation of UHNWIs and HNWIs will be expecting family offices to identify and secure such investments. Plato Capital, which I created as an investment bank, is a company that focuses on entrepreneurs. Farnoush Farsiar Our personal local knowledge and connections allow our clients to successfully manage risk and make optimal return on their capital.

Wealth managers of all kinds can continue to thrive even in difficult times if they combine the old and modern and are open to changing demands and taking risk with their own structures.
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