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How wealth management firms can prepare to face turbulent times [Farnoush Farsiar]
Generational changes Global mobility. Technology innovation. Farnoush Farsiar, EU Today writes that these are just some of the major changes that have impacted family offices and fundamentally threatened their operational structures and methods.

Family offices cater to more mobile, tech-savvy and younger generation. Every client, no matter their age, are becoming more interested, regardless of their financial status and in managing their own investments. This means they want more information and involvement and not just the services of a portfolio manager.

The changes are occurring in a critical time of the economic and political chaos. Offices that attempt to continue their traditional methods may discover that they are not being used by the very individuals they were established to advise. They have to adapt and be more entrepreneurial with their approach to investment management and provide a genuine value proposition to UHNWIs.

Family offices are available in a variety of sizes and types. They must prioritize efficiency and speed and streamlining the service. Farnoush Farsiar Customers will benefit from a lesser amount of advisors skilled at implementing rapid changes to technology and also bringing in experts whenever required. Since the lines between private and family banking have been blurred The best banks will have a small team of advisors who are able to quickly adopt new technologies and also bring on external specialists when necessary. This will allow them to provide an enhanced service to their clients.

It is crucial to be able draw upon the traditional, network-based and reputation-based strategies for deal sourcing. Farnoush Farsiar Farnoush Farsiar Online tools can be utilized to spot deals and opportunities. Deal sourcing platforms online are easily installed by wealth managers and agile private office, as opposed to banks that are weighed down by bureaucracy. This platform lets dealmakers quickly access and analyze a variety of deals simultaneously and save time and money.

Wealthica is another service online that has revolutionized how a family offices interact with their clients. Wealthica's dashboard features automate the consolidation of investments from different sources. Clients are able to have daily contact with their investments. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times This is much better than the days where wealth management would only provide occasional updates on the condition and status of their clients money.

These tools aren't just tools, they're the means for wealth managers to increase their efficiency and speed. The most crucial element to consider when investing is the method that is used to implement them. The best approach is to blend both the old and new. Farnoush Farsiar This means you should continue looking for opportunities in real estate, but you can also look into investments in other sectors like climate science or food security. Impact investing has definitely 'arrived" in the world of family offices - UBS Global Family Office Report 2018 found that one-third of family office were engaged in the field of impact investing. The majority of them anticipate to become more involved in the near future. There are a few issues in this field, including challenges in measuring impact and conducting due diligence. But the next generation of UHNWIs and HNWIs will expect the family office to locate and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders, who have worked for large banks and the technology industry. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our clients can make maximum returns and manage risks through our own network.

Wealth managers can thrive during turbulent times through mixing the past and the future by adapting to the changing needs of the young generation and taking risks by establishing their own structure.
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