Notes

How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technological revolution. Farnoush Farsiar of EU Today writes that these are but a few of the significant changes that are affecting family offices, and ultimately challenging their business practices and operations.

Family offices cater to a younger, tech-savvy, and mobile-savvy generation more often. In the wake of the financial crisis, everyone is increasingly interested and involved in their investments.

These shifts, which happen in a period of unprecedented political and economic instability will bring the demise of the family office model that is based on fees. If they attempt to continue with the old ways, they will be abandoned by the very people they were created to advise. Instead, they must adjust and adopt a more innovative approach to managing investments and create a true value offering for UHNWIs.

Family offices are available in various sizes and styles. They must prioritize efficiency and flexibility, as well as simplifying the process. Farnoush Farsiar Customers will appreciate a smaller team of advisors that can quickly adopting new technologies and the hiring of external experts whenever needed. As the boundaries between family and private banking have been blurred The best banks will have a smaller team of advisors that can swiftly implement new technology and also bring on external experts when needed. This will enable them to provide a more valuable service to customers.

You will succeed if you are able to leverage traditional, network- and reputation-based approaches to dealsourcing while also using online methods for identifying opportunities and deals. Wealth managers and private offices with agile staff can install online deal platform for sourcing. It is in stark contrast with cumbersome banks that are ensconced in bureaucracy. Dealmakers can access and evaluate large numbers of deals simultaneously and this can be a substantial time and resource saving.

Other services online that have changed the way family offices interact with their customers include dashboard services, such as Wealthica, which automatically consolidate investment portfolios from various sources, bringing clients in daily contact with their investments - an improvement from the days when wealth managers gave periodic information on the status of their customers' money.

Of course the tools are just tools - the methods by which wealth managers can improve their efficiency and speed at that they function. Farnoush Farsiar Their investment strategy is the primary element. Farnoush Farsiar The benefit will be combing traditional and innovative strategies. Keep searching out deals in realty as well as investing in areas previously unknown for example, the effects of climate change and food security. Impact investing is definitely "arrived" in the world of family office - UBS Global Family Office Report 2018, which revealed that one-third of family offices were engaged in the field of impact investing. Most anticipate to become more involved in future. Although there are many challenges in this field including the measurement of the impact and conducting due diligence, the next generation HNWIs/UHNWIs will expect their family offices to be able determine and secure these kinds of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders who worked in large banks and the technology sector. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our personal knowledge of the local area and connections allow our clients to effectively manage risk and make optimal returns on their capital.

Farnoush Farsiar Farnoush Farsiar Wealth managers can prosper during turbulent times through blending past with the present by adapting to the changing needs of the younger generation, and making a risk with their own structures.
Here's my website: https://techplanet.today/post/farnoush-farsiar-explains-the-difference-between-the-wealth-management-advisor-and-a-wealth-management-consultant