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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technological revolution. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and are fundamentally threatening operating structures and practices.

Increasingly, family offices are catering to the younger technologically-savvy, mobile generation. Farnoush Farsiar Every client, no matter their age, are interested in investing through trading on the internet. This has resulted in increasing interest in personal investments. Farnoush Farsiar Customers do not would like to be excluded of the process of deciding on discretionary portfolio requirements.

These shifts, which happen during a time of unmatched political and economic instability are a sign of the demise of the traditional fee-based family office model. Farnoush Farsiar If they attempt to continue with their old methods and practices, they'll be relegated by the very people they were created to advise. They need to change and become more entrepreneurial in their investment management approach, to provide a real value proposition for UHNWIs.

While family offices can differ in size and size, they should focus on flexibility over the need to be an expert in every area. Clients will receive a better service when they are able to employ fewer advisors who can implement new technologies quickly and bring in outside specialists whenever 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 trust and loyalty of their clients. confidence of a family-owned business whilst remaining ahead of the curve with the sourcing of deals and embracing technology.

Success will result from the ability to capitalize on more traditional, reputation-based and network-based approaches to deal sourcing, while also employing online strategies to find deals and opportunities. Wealth managers can use online deal sourcing platforms to identify opportunities and deals. They're much more convenient than the large, cumbersome banks which are trapped in large-firm bureaucracy. These platforms allow dealmakers to review and access a huge variety of deals at the same time - a substantial saving of time and money.

Wealthica and other online services are also changing how family offices interact with clients. Farnoush Farsiar Farnoush Farsiar They consolidate the investments of a variety of sources and bring clients into daily contact with their investments. It's a cry away from the days when wealth managers could only offer periodic updates on their clients' performance.

Of course, these tools are just that - the means that wealth managers can increase the speed and efficiency with the way they work. Their investments strategy is what is most important. The best strategy will combine both the old and new. That means that you can continue to look for bargains on real estate however, you should also explore investments in areas such as food security or climate science. https://www.tumpik.com/farnoush-farsiar6bcc Impact investing has definitely "arrived" within the world of family offices. According to the UBS Global Family Office Report 2018, a third of family-owned businesses are involved in impact investments and the majority of them are planning to grow their involvement in the near future. There are definitely challenges in this field, including the difficulty of measuring impact and conducting due diligence, the next generation of HNWIs as well as UHNWIs are likely to expect family offices to be able identify and secure these kinds of investments. Plato Capital, which I started, is an investment bank which focuses on entrepreneurs. Our extensive network and intimate knowledge of the local region allows our clients to reduce risk and maximize their capital return.

Anyone who is a wealth manager can survive in turbulent times by blending old and new, adapting quickly to changing needs, and being willing to take chances with their own systems.
Read More: https://techplanet.today/post/farnoush-farsiar-explains-the-difference-between-the-wealth-management-advisor-and-a-wealth-management-consultant