Notes

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

Family offices cater to a growing number of younger, mobile and tech-savvy generations. The financial crisis and the increasing accessibility of trading via online tools have created a new generation of clients, regardless of age, more interested in their own investment portfolios which means they are looking to gain more knowledge and more involvement, and have lost the traditional appetite for discretionary portfolios that are managed by an arm's length.

https://brexitcentral.com/author/farnoush-farsiar/ These changes occur during a time of severe economic and political turmoil. If a business tries to maintain its old practices, they will find it abandoned by those they supposed to help. They need to change and become more innovative in their investment management approach in order to offer a true benefit proposition to UHNWIs.

Farnoush Farsiar Family offices are diverse in terms of their size and the scope. They should be able to focus on agility and streamlining their services, not trying to be experts in each area. Customers will appreciate a smaller group of advisors who are capable of quickly implementing new technologies and bringing on board external specialists when required. Since these changes require the blurring of lines between family offices and private banking The most successful companies will be those who maintain the trust and loyalty of their clients. confidence of a family-owned business while staying ahead of the curve in new technology and deals to source.

It is important to be able draw upon the traditional, network-based and reputation-based methods of deal sourcing. These tools can be utilized to spot deals and opportunities. Farnoush Farsiar Wealth managers can use deal sourcing sites online to discover deals and opportunities. They're much simpler than the large, cumbersome banks who are stuck in large-firm bureaucracy. Dealmakers can make use of these platforms to review and access a range of deals. This results in substantial savings of time and funds.

Other services online that have changed the way family offices communicate with their customers include dashboard serviceslike Wealthica which instantly consolidates the investments of a variety of sources, bringing customers in daily contact with their investments. It's an improvement from the days when wealth managers provided only intermittent updates on the progress of their customers' funds.

These tools can be used to help wealth managers improve efficiency and speed. Farnoush Farsiar The strategy that underpins their investment strategy is the most crucial factor. The benefit will be mixing traditional and innovative strategies. Keep searching out deals in realty, but also look into investing in previously unexplored areas like the effects of climate change and food security. Impact investing has undoubtedly 'arrived' in the world of family offices. according to the UBS Global Family Office Report 2018 revealed that a third of family offices are engaged in impact investing and most expect to become more active in the near future. Although there are certainly issues with this particular field, for instance difficulties in measuring impact and carrying out due diligence, the next generation of HNWIs and UHNWIs are expected to expect family offices to be able determine and secure these kinds of investments. Plato Capital is my boutique investment bank. https://techplanet.today/post/farnoush-farsiar-claims-that-brexit-has-benefited-the-uks-financial-markets-despite-the-gloomy-forecasts Plato Capital draws from the expertise of its founders who have been employed in major banks and the tech industry. Plato Capital provides investment advice that focuses on the entrepreneurial. Our clients are able to successfully manage risk and get the best returns on their investment due to our local network.

Wealth managers can prosper during turbulent times through mixing the past with the present by adapting to the changing needs of the young generation and making a risk by establishing their own structure. Farnoush Farsiar
Website: https://brexitcentral.com/author/farnoush-farsiar/