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How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology transformation. These are just a few of the key changes impacting family offices, which is fundamentally challenging their operational structure and methods in the words of Farnoush Farsiar for EU Today.

Family offices are geared towards the more mobile, tech-savvy and younger generation. The financial crisis and democratisation of trading using internet-based tools has brought all customers, regardless of age, more interested in their investments, meaning they want to gain more knowledge and involvement in their investments, and have lost the old fashioned desire for discretionary portfolios, which are managed with distance.

These shifts, which happen during a time of unmatched political and economic instability will bring the end of the family office model that is based on fees. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times If they attempt to continue with their old methods, they will be abandoned by the very people they were designed to help. They should adapt to be more entrepreneurial and create a value proposition for UHNWIs.

While family offices may differ in both size and scope, they should prioritize agility over trying to be experts in every area. A smaller team of advisors that can swiftly adopt new technologies and bring on board external specialists when required will provide a more valuable service to customers. Farnoush Farsiar This will mean the blurring of the lines between family offices and private banking. The most successful firms will keep the trust and loyalty of family offices and stay on top of trends in technology adoption and sourcing deals.

It is important to be able to use the old-fashioned, network-based, and reputation-based strategies for deal sourcing. Online tools can also be utilized to find deals and opportunities. Farnoush Farsiar Wealth managers can use online deal sourcing platforms to discover deals and opportunities. https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ They're much more convenient than the large, cumbersome banks who are stuck in large-firm bureaucracy. These platforms allow dealmakers to assess several deals at once and save considerable time and effort.

Other online services that have changed the way family offices communicate with their clients includes dashboards, like Wealthica, which automatically consolidate the investments of a variety of sources, bringing clients in daily contact with their investments. This is which is a vast improvement over the past when wealth managers gave periodic updates on the progress of their customers' investments.

These tools can be used to help wealth managers improve effectiveness and speed. https://www.anochords.org/farnoush-farsiar-discusses-how-women-business-leaders-are-tackling-the-difficulties/ The most crucial aspect in investing is the strategy that supports these tools. The advantage will be in mixing traditional and innovative strategies. Continue to seek for deals in the real estate market, but also look into investing in previously unexplored areas, such as food security or climate change. The UBS Global Family Office Report 2018 showed that impact investing has become an increasingly popular topic within family offices. One third of these family offices are involved in the type of investing that they are involved in and many anticipate getting involved more in the coming years. There are many challenges in this field including the difficulty in assessing impact and conducting due diligence. But the next generation of UHNWIs and HNWIs are likely to expect family offices to identify and secure such investments. Plato Capital, my own boutique investment bank, draws from the expertise of its founders from large banks as well as the technology industry to offer investment guidance that is entrepreneurial in direction. Our personal knowledge of the local area and network allows our clients to manage risk and achieve optimal profits from their capital.

Wealth managers of all kinds can be successful in turbulent times by mixing the old and the new by adjusting and taking risks with their structures and strategies. https://trungtamytehoavang.com.vn/question/farnoush-farsiar-discusses-how-women-business-leaders-face-the-challenges-3/
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