Notes

How can wealth management companies prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. https://twitter.com/brexitcentral/status/1151733390485467136 Technology innovation. These are only a handful of the most significant changes that are affecting family offices and fundamentally threatening their structures and practices, writes Farnoush Farsiar for EU Today.

Family offices are catering to the mobile, younger generation. Because of the economic crisis, all clients are increasingly interested and involved in their investments.

The changes take place in a period of extreme economic and political instability. If family offices keep their current practices and methods, they could realize that the people they were set up to advise will abandon them. They need to change and become more innovative in their approach to managing investments and provide a genuine value proposition to UHNWIs.

https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ Family offices are diverse in their dimensions and their scope. They should be able to focus on efficiency and streamlining their services rather than trying to become experts in every field. The best customer service will be provided by a smaller team of advisors who are able to rapidly implement new technology, and bring on board external experts when needed. These changes will require blurring the lines between private banking and family office the most successful companies will be those that maintain the loyalty and level of trust that a family office has while staying ahead of the curve in sourcing deals and adopting technology.

The success will come from an ability to capitalise on more traditional, network and reputation-based methods of deal sourcing while also employing online strategies to discover opportunities and deals. Private offices and wealth managers that can manage large numbers of deals online are far superior to banks with a cumbersome structure. This platform lets dealmakers easily access and evaluate many deals simultaneously and save time and money.

Wealthica is another service online that has revolutionized how a family office interacts with clients. Farnoush Farsiar Wealthica's dashboard features automate the consolidation of investments from different sources. Clients are able to keep in touch with their investment portfolios. This is much better than the days when wealth management provided only occasional updates on the progress and whereabouts of the client's money.

The tools can be utilized to help wealth managers improve effectiveness and speed. The way they invest matters most. The key to success is mixing the traditional with the new. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Farnoush Farsiar The company will continue to seek out deals in real estate, and will also be looking at investments in previously unexplored areas like food security or climate science. Impact investing has definitely arrived' in the world of family offices - according to the UBS Global Family Office Report 2018 revealed that a third of family offices are now involved in impact investing and most expect to become more active in the near future. Although there are many challenges in this field like the measurement of the impact of investments and conducting due diligence, younger generation of HNWIs and UHNWIs will expect their family offices to find and secure these kinds of investments. My company, Plato Capital, is an investment bank that is boutique and utilizes the knowledge of its founders, in family offices, big banks, and the tech industry, to offer investment advice with a a focus on the entrepreneurial. Our connections and experience of the local region allows our clients to reduce risk and maximize their capital return.

Wealth managers of all kinds are able to continue to prosper even in difficult times if they combine the old and the modern and are open to changing demands and taking risks with their own structures.
Read More: https://twitter.com/brexitcentral/status/1151733390485467136