Notes

How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Farnoush Farsiar Global mobility. Technological transformation. Farnoush Farsiar writes for EU Today that these are only a few key changes that will affect family offices and fundamentally threaten their operating structures.

Family offices are catering to the young, mobile generation. Farnoush Farsiar The financial crisis and democratisation of trading via online platforms have made all clients, irrespective of age at all, more involved in their investments, meaning they want to gain more knowledge and involvement in their investments, and have lost the desire to have discretionary portfolio mandates managed at distance.

These shifts, which happen in a period of unprecedented economic and political instability will bring the end of the family office model that is based on fees. If an office tries to keep its old ways of doing business, they'll soon be abandoned by the very people they were meant to advise. Instead, they need to change and adopt an innovative approach to managing investments, in order to create an authentic worth offering for UHNWIs.

Family offices vary hugely in their size and scale, but regardless of this, they should prioritise agility as well as streamlining their processes, rather than trying to be experts in everything. http://dudoser.com/user/Farnoush-Farsiar1gbbcc22/ Clients will appreciate a smaller team of advisors that can quickly adopting new technologies and also the hiring of external experts when required. As these changes necessitate blurring the lines between family offices and private banking the most successful companies will be those that can maintain the loyalty and level of confidence of a family-owned business while remaining ahead of the curve in sourcing deals and adopting technology.

The ability to use traditional, reputation-based, and network-based methods to source deals will result in success. However, you can make use of online tools to discover opportunities and deals. Wealth managers can use online deal sourcing platforms to discover deals and opportunities. They're much simpler than banks that are large and cumbersome who are stuck in large-firm bureaucracy. They allow dealmakers to review and access a huge number of deals at one time - a substantial saving of time and money.

Wealthica and other dashboard services like Wealthica are also revolutionizing the way family offices interact directly with their clients. These dashboards consolidate investments in a way that is automated from multiple sources, and bring clients into daily contact with their investment portfolios. This is a huge improvement on the days of wealth managers only providing periodic updates on the status of their clients’ money.

These tools aren't the only method wealth managers can improve efficiency and speed of their operations. Most important is their investment strategy. The secret to success is to combine traditional and new. It is likely that you are likely to continue looking for deals in real estate, and will also be looking at investments in previously unexplored areas like food security or climate science. Impact investing is definitely "arrived" within the realm of family offices - UBS Global Family Office Report 2018, which revealed that a third of family offices were now engaged in impact investing. The majority of them expect to be more involved in the future. Although there are certainly issues with this particular field, for instance difficulty in measuring impact and carrying out due diligence, the upcoming generation of HNWIs and UHNWIs are likely to expect family offices to be able to determine and secure these kinds of investments. Plato Capital, my own boutique investment bank, draws from the experience of its founders from large banks and the technology industry to offer investment advice that is entrepreneurial in direction. 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 Farnoush Farsiar Wealth managers can thrive in turbulent times by blending the past and the future, adapting to the needs of the new generation and taking risks in their own frameworks.
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