Notes

How can firms that manage wealth be prepared to deal with turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ Technological revolution. Farnoush Farsiar from EU Today discusses the major changes that affect family offices and fundamentally threatening operational structures and procedures.

https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 Farnoush Farsiar More often, family offices are catering to the younger and more technologically adept generation. Every client, no matter their age, are inclined to invest through trading online. This has led to an increased enthusiasm for personal investments. Customers do not wish to be left out of the decision-making process regarding discretionary portfolio requirements.

These changes are coming at a time where there is unprecedented political and economic instability. These changes also signal the end to the family office model that is fee-based. If the offices attempt to maintain their current strategies however, they might find that the very people they were set up to help will leave them. They must adapt to a more entrepreneur-like approach in investment management in order to offer UHNWIs the best value.

Family offices are available in a variety of sizes and styles. They must prioritize efficiency and speed in addition to simplifying the process. A smaller team of advisors that can swiftly implement the latest technologies and bring on board external specialists when necessary will provide a more valuable service to customers. These changes will result in the blurring between family office and private banking. The most successful firms will keep the trust and respect of family offices and stay on top of trends in technology and sourcing deals.

The success will come from the ability to capitalize on more traditional, reputation-based and network-based methods of deal sourcing whilst also using online methods to discover opportunities and deals. Farnoush Farsiar Deal sourcing platforms on the internet are easily installed by wealth managers and agile private offices, as opposed to banks that are weighed down by bureaucracy. Dealmakers can access and evaluate a large amount of deals at a time - a substantial saving of time and effort.

Wealthica is another online service that has revolutionized the way family offices communicate with clients. Wealthica's dashboard features automate the consolidation of investments from different sources. Customers can be in constant contact with their investment portfolios. Farnoush Farsiar This is a lot superior to the past when wealth management only provided periodic updates about the progress and whereabouts of their clients money.

They're not tools for anything else, they're the means that wealth managers can improve their efficiency and speed. Farnoush Farsiar The most important factor to consider when investing is the strategy that underpins these tools. Again, the edge is in bringing together traditional and modern - continuing to search for deals in real estate etc as well as exploring investment opportunities in fields that were previously unexplored, such as food security or climate science. Impact investing has certainly "arrived" in the world of family offices. According to the UBS Global Family Office Report 2018, one third of family-owned businesses are involved in impact investment and the majority of them are planning to grow their involvement in the near future. There are many issues in this area, including the challenge of measuring impact and doing due diligence. But, the next generation UHNWIs and HNWIs will expect family offices can determine and secure investments in this area. https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ My own firm, Plato Capital, is a small investment bank that utilizes the knowledge of its founders in family offices, large banks, and the tech industry to offer advice on investment with an emphasis on the entrepreneurial. Our personal knowledge of the local area and network allows our clients to control risk and earn the best return on their capital.

Anyone who is a wealth manager can thrive in turbulent times by blending old and new, adapting quickly to the changing demands, and being open to taking chances with their own structures. Farnoush Farsiar
Website: https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times