Notes

How can wealth management firms prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological change. Farnoush Farsiar of EU Today writes that these are but a few of the major changes that have affected family offices, and ultimately impacting their practices and operations.

Family offices are catering to an increasing number of younger, mobile and tech-savvy generations. Every client, no matter their age, have become more attracted, regardless of their financial status and in managing their own investments. That means they are looking for more information and involvement , not just a portfolio manager to manage.

These changes occur at a moment of unprecedented political and financial instability. Farnoush Farsiar If the offices attempt to keep their current practices however, they might realize that the individuals they were created to advise will abandon them. They need to change to be more entrepreneurial and provide an attractive offering for UHNWIs.

Although the scope and size of family offices are varied, it is important that they focus on efficiency and speed rather than being experts in everything. Customers will appreciate a smaller team of advisors who are capable of quickly adopting new technologies and also hiring external experts whenever needed. These changes will require the blurring of lines between private banking and family office The most successful companies will be those that can maintain the trust and loyalty of their clients. trust of a family office while staying ahead of the curve in sourcing deals and adopting technology.

You will succeed if you are able to use traditional, network- and reputation-based approaches to dealsourcing while also employing online methods to find opportunities and deals. Wealth managers can make use of deal sourcing websites to find deals and opportunities. They are much easier than the large, cumbersome banks that are entangled in big-firm bureaucracy. Dealmakers can use these platforms to browse and evaluate a variety of deals, resulting in significant savings of time and funds.

Other online services which have changed the way family offices interact with their clients include dashboard serviceslike Wealthica, which automatically consolidate the investments of a variety of sources, bringing clients into daily contact with their investments - a far cry from the past when wealth managers offered only periodic updates on the state of their customers' money.

Farnoush Farsiar These tools are able to assist wealth managers in improving their effectiveness and speed. Their investment strategy is the most crucial aspect. The advantage is in bringing together traditional and modern - continuing to search out deals in real estate etc, whilst also exploring investments in fields that were previously unexplored, such as climate science or food security. Impact investing has certainly 'arrived" in the world of family office - UBS Global Family Office Report 2018 found that a third of family offices were now engaged in the field of impact investing. Farnoush Farsiar Farnoush Farsiar The majority of them anticipate to become more involved in future. There are certain problems with this area, such as difficulties in measuring impact or conducting due diligence. But, the next generation UHNWIs and HNWIs are likely to expect a family offices to be able to locate and secure these types of investments. Plato Capital, which I created, is an investment bank that is focused on entrepreneurs. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Our local knowledge and networks allow us to assist our clients manage risk while maximizing the capital return.

Farnoush Farsiar Anyone who is a wealth manager can thrive in turbulent times by blending old and modern, adjusting quickly to changing needs, and being willing to take chances with their own systems.
Website: https://www.tumgir.com/farnoush-farsiar8dddbb11