Notes

How can wealth management companies be ready for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technology transformation. Farnoush Farsiar of EU Today writes these are just some of the significant changes that affect family offices, and ultimately threatening their operations and practices.

Farnoush Farsiar In a growing number, family-owned businesses cater to the young and more technologically adept generation. Every client, no matter their age, have become more concerned, regardless of financial situation in managing their personal investments. That means they seek out more information and involvement , not just the services of a portfolio manager.

These changes take place in a critical time of the economic and political crisis. Offices which try to maintain their previous methods will discover that they are not being used by the very people they were created to help. Instead, they must adapt and adopt a more entrepreneurial approach to investment management to develop the best value offering for UHNWIs.

Although family offices can vary in size and size, they should focus on agility over trying to be an expert in all areas. Customers will get better service if they have less advisors who can implement new technologies quickly and bring in outside specialists whenever required. As the boundaries between family and private banking are blurred the most successful firms will have a small team of advisors who can quickly implement new technology and work with external specialists when required. This will enable the firm to offer the best service to customers.

Success will result from the ability to capitalize on more traditional, traditional, network- and reputation-based methods of deal sourcing as well as using online tools to identify deals and opportunities. Wealth managers can use deal sourcing sites online 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 amount of deals at a time - a substantial saving of time and resources.

Farnoush Farsiar Wealthica and other dashboard services such as Wealthica are also revolutionizing the way family offices communicate directly with their clients. https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/ They consolidate investment seamlessly from multiple sources and put clients in daily communications with their investments. This is a vast improvement over the previous system of wealth managers who only provide periodic updates regarding the progress of their clients' money.

These tools do exactly tools that allow wealth managers to increase their efficiency and speed. Their investments strategy is what is most important. Farnoush Farsiar Again, the edge comes from combining the old and the innovative - continuing to seek out opportunities in real estate as well as exploring investment opportunities in previously unexplored fields like food security or climate science. Impact investing has definitely arrived' in the world of family offices - the UBS Global Family Office Report 2018 revealed that a third of family offices are now involved in impact investing and many expect to become more involved in the near future. Although there are certainly issues with this particular field, for instance difficulties in measuring impact and conducting due diligence, the upcoming generation of HNWIs and UHNWIs will anticipate family offices to be able find and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experiences of its founders, who have worked for large banks as well as the tech industry. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our personal local knowledge and network allows our clients to successfully control risk and earn the best profits from their capital.

Farnoush Farsiar Farnoush Farsiar Farnoush Farsiar Anyone who is a wealth manager can survive in turbulent times by mixing old and new, adapting quickly to changing needs, and being open to taking chances with their own systems.
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