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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology advancement. Farnoush Farsiar of EU Today writes these are just some of the significant changes that affect family offices, and fundamentally challenging their business practices and operations.

Family offices cater to a younger, tech-savvy, and mobile-savvy generation more often. All clients, regardless their age, have become attracted, regardless of their financial situation and in managing their own investments. This means that they seek out more information and involvement and not just the services of a portfolio manager.

Farnoush Farsiar These changes come at a time where there an unprecedented economic and political instability. These changes also signal the end of the fee-based family offices model. If offices try to maintain their current strategies however, they might find that the very people they were created to advise will abandon them. Instead, they need to adapt and adopt a more entrepreneurial approach to investment management to develop a true value proposition for UHNWIs.

Family offices differ greatly in size and scale, but regardless of this, they should focus on agility and streamlining their service rather than trying to be experts in all things. The best service for clients will be offered by a smaller group of advisors who are able to rapidly implement new technology and also bring in external experts when needed. These changes will require that the boundaries between private and family office banks blur. https://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ The best banks will keep the trust and loyalty of their family office , while staying ahead of the curve in technology and finding deals.

It is a good idea if you are able to leverage traditional methods, such as reputation and network-based methods of dealsourcing, while using online methods for identifying deals and opportunities. Online deal sourcing platforms are only one tool that wealth managers and agile private offices are able to easily set up instead of large heavy-handed banks that are mired in large-firm bureaucracy. The platform lets dealmakers easily review and access a range of deals at once, which can save them time and money.

Other services online that are changing how family offices interact with their customers include dashboard services, such as Wealthica, which automatically consolidate the investments of a variety of sources, bringing clients to daily interaction with their investments - an improvement from the days of wealth managers who offered only periodic updates on the progress of their customers' investments.

https://professionalparaplanner.co.uk/tag/advice-threat/ Farnoush Farsiar They're not tools for anything else, they're the means wealth managers have to improve their effectiveness and speed. The investment strategies they employ is the primary element. The advantage will be in combining traditional and new strategies. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times Farnoush Farsiar Continue to seek out deals in realty, but also look into investing in previously unexplored areas for example, climate change or food security. Farnoush Farsiar The UBS Global Family Office Report 2018 showed that impact investing has become the most talked about topic in family offices. About a third of family offices are involved in this kind of investment and many expect to get more involved in the near future. There are definitely challenges in this field, including the difficulty of measuring impact and carrying out due diligence, the upcoming generation of HNWIs as well as UHNWIs will anticipate family offices to be able identify and secure these kinds of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience 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 local knowledge and networks allow us to assist our clients successfully reduce risk while increasing the capital return.

Wealth managers can thrive during turbulent times through blending the past and the future by adapting to the changing needs of the new generation and making a risk in their own frameworks. Farnoush Farsiar
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