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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 operational structures and procedures.

Increasingly, family offices are catering to the younger, more tech-savvy and mobile generation. Every client, no matter their age, have become interested, regardless of their financial status, in managing their own investment portfolios. Farnoush Farsiar That means they seek out more involvement and information, not just a portfolio manager to manage.

The changes are occurring in a critical time of the economic and political turmoil. Farnoush Farsiar If the offices attempt to continue using their current methods and methods, they could realize that the people they were set up to advise will abandon them. Instead, they must adapt and adopt a more creative approach to investment management and create the best value offering for UHNWIs.

Although the scope and size of family offices are varied, it is important that they focus on flexibility and streamlining over being experts in all things. Farnoush Farsiar Clients can benefit from a smaller number of advisors adept at quickly implementing new technologies and calling in specialists whenever needed. These changes will require the blurring of family offices and private banking. The most successful firms will keep the trust and respect of family offices and stay ahead of the curve in technology and sourcing deals.

https://www.tumgir.com/tag/p2p crypto lending software development The success will come from an ability to capitalise on more traditional, reputation-based and network-based approaches to deal sourcing, as well as using online tools to identify deals and opportunities. Deal sourcing platforms on the internet are just one tool wealth managers and flexible private offices are able to easily set up instead of large heavy-handed banks that are ensnared in bureaucratic red tape. Dealmakers have access to and can evaluate huge numbers of deals at the same time, which is a significant time and money saving.

Other online services that are changing how family offices interact with their customers include dashboard serviceslike Wealthica, which automatically consolidate the investments of a variety of sources, bringing clients to daily interaction with their investments. It's an improvement from the days when wealth managers gave periodic updates on the state of their customers' funds.

These tools are only that they're the method for wealth managers to increase their efficiency and speed. The investment strategies they employ is the most crucial element. The secret to success is combining the traditional with the new. You will continue to search for deals on real estate and will also be looking at investment opportunities in previously unexplored areas like food security or climate science. The UBS Global Family Office Report 2018 showed that impact investing is now an increasingly popular topic within family offices. One third of these family offices are involved in this kind of investment and many are planning to be involved more in the future. Farnoush Farsiar There are many challenges in this field including the difficulty of determining impact and performing due diligence. Farnoush Farsiar But, the next generation UHNWIs and HNWIs will be expecting family offices to find and secure these investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experiences of its founders who worked for large banks as well as the technology sector. Plato Capital provides investment guidance that is focused on the entrepreneurial. Our personal knowledge of the local area and network enables our clients to effectively manage risk and achieve optimal returns on their capital.

Wealth managers of all types are able to succeed during turbulent times, by mixing the old with the new by adjusting and making a risk with their structures and techniques.
Read More: https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times