Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational changes. Global mobility. Technological innovations. Farnoush Farsiar from EU Today writes about these key changes that impact family offices and fundamentally threatening operational structures and procedures.

https://www.cbetta.com/director/farnoush-farsiar-aidi-2 Family offices are catering more and more to the mobile, younger generation. Due to the economic crisis, all clients are now more interested and involved in their investment.

https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ These changes come at a moment of unprecedented political and financial instability. Offices that try to preserve their old methods are likely to be relegated by the people they were founded to advise. They should adapt to be more entrepreneurial and create the value proposition for UHNWIs.

Farnoush Farsiar Family offices differ greatly in terms of dimensions and scope, but regardless of that, they must prioritise agility as well as streamlining their service rather than trying to be experts in everything. Clients will receive a better service when they are able to employ fewer advisors who are able to implement new technologies quickly and also bring in specialists from outside as required. Because the lines between family and private banking are blurred the most successful firms will have a smaller group of advisors that can swiftly adopt new technologies and work with external experts when needed. This will enable them to provide a more valuable service to clients.

It is essential to be able to use the traditional, network-based and reputation-based methods for deal sourcing. Farnoush Farsiar Online tools can be used to identify deals and opportunities. Wealth managers and private offices which can handle large amounts of deals on the internet are more effective than banks that are cumbersome. Dealmakers can utilize these platforms to access and assess a variety of deals, resulting in substantial savings of time and resources.

Another service online that is altering the way family offices interact with clients is Wealthica. Farnoush Farsiar The dashboard service automatically consolidates investment from a variety of sources and brings clients in daily contact. It's a far cry back to the days when wealth managers only provided periodic updates on the state of the clients' investments.

They're not tools for anything else, they're the means wealth managers have to improve their efficiency and speed. The most important factor to consider when investing is the strategy that underpins the strategies. Again, the edge comes from combining traditional and new - continuing to scout out opportunities in real estate as well as exploring investment opportunities in areas that have not been explored before like food security or climate science. The UBS Global Family Office Report 2018 found that impact investing has become the most talked about topic in family offices. About a third of family offices are involved with this type of investing and many expect to get more involved in the future. Although there are certainly issues in this area, such as difficulties in monitoring impact and executing due diligence, the upcoming generation of HNWIs and UHNWIs are likely to anticipate family offices to be able to find and secure these types of investments. Plato Capital, my own boutique investment bank, draws on the expertise of its founders from large banks and in the technology industry to provide investment guidance that is entrepreneurial in direction. Our clients are able to manage risk and get the best returns on their investment due to our network of local experts.

https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi Wealth managers can flourish during turbulent times through blending past and the future and adapting to the demands of the younger generation, and taking risks with their own structures. Farnoush Farsiar
Homepage: https://www.privatebankerinternational.com/author/farnoushfarsiar/