Notes

How can wealth management companies prepare for turbulent times [Farnoush Farsiar]
Generational changes. https://www.crunchbase.com/person/farnoush-farsiar Global mobility. Technological revolution. Farnoush Farsiar, EU Today writes that these are only a few of many key changes that have impacted family offices and fundamentally impacted their operating structures and methods.

Family offices are catering more and more to the younger, mobile generation. Every client, no matter their age, are more attracted to investing via trading on the internet. This has led to an increased enthusiasm for personal investments. Customers do not want to be left out of the decision-making process for the discretionary portfolios they are required to make.

https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ The changes are happening in a period of is unprecedented political and economic instability. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ These changes also signal the end to the family office model that is fee-based. Offices that attempt to keep their old methods are likely to be abandoned by the individuals they were founded to advise. They need to be flexible and innovative in managing investments in order to offer UHNWIs with a value proposition.

Family offices vary in their size and the scope. However, they should be able to focus on agility and streamlining their offerings and not try to become experts in every field. The best service for clients is provided by a small group of advisors that are able to swiftly implement new technologies, and bring on board external experts when required. Since the lines between private and family banking are blurred the most successful firms will have a smaller team of advisors who are able to quickly adopt new technologies and bring on board external experts when needed. This will enable the firm to offer the best service to customers.

Your success is contingent upon your capability to tap into traditional networks, reputation-based, and network-based sources of deal sourcing. Additionally, you can use online methods and tools to find deals or opportunities. Deal sourcing platforms online are just one tool that wealth managers and flexible private offices are able to easily set up instead of large heavy-handed banks that are ensnared in bureaucratic red tape. Dealmakers are able to access and analyze large numbers of deals simultaneously, which is a significant time and resource saving.

Another online service that's changing how family offices interact with their clients is Wealthica. The Wealthica dashboard service automatically consolidates investments from multiple sources and puts clients into daily contact. It's a vast improvement back to the days when wealth managers would only provide periodic updates on the progress of their clients' funds.

They are just tools that allow wealth managers to increase their efficiency and speed. The strategy which underpins their investments is , in the end, the most important aspect. The best approach is to blend both the old and new. This means you will continue to search for deals in real estate, however, you should also look into investments in other sectors like climate science or food security. Impact investing is certainly "arrived within the family office sector. According to the UBS Global Family Office Report 2018 found that a third of family members are actively involved in impact investing. Farnoush Farsiar Many anticipate taking part in the future. There are many hurdles in this field, such as the measurement of impact and conducting due diligence, the younger generation of HNWIs and UHNWIs will expect their family offices to be able identify and secure these types of investments. Plato Capital is a boutique bank that provides investment advice. It draws on the expertise of its founders in large banks, family offices and the technology industry to provide entrepreneurial investment guidance. Our connections and experience of the local region allows our clients to manage risk effectively and increase their capital returns.

Blending the old with the new, while adjusting to the needs of the young generation and being prepared to be risk-averse with their own methods and structures Wealth managers of all kinds can stay relevant and prosper during difficult times. Farnoush Farsiar
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