Notes

How wealth management companies can be prepared for turbulent times? [Farnoush Farsiar]
Generational changes Global mobility. Technological revolution. Farnoush Farsiar, EU Today writes that these are only a few of many key developments that have affected family offices and fundamentally threatened their structures and methods.

https://lexcliq.com/how-can-wealth-management-firms-prepare-for-turbulent-times-farnoush-farsiar/ Family offices are increasingly catering to the young, mobile generation. Farnoush Farsiar In the wake of the financial crisis, everyone is increasingly interested and involved in their investments.

These changes occur during a time of severe economic and political instability. If a business tries to maintain its old practices, they'll be relegated by the very people they were supposed to help. Instead, they must adapt and adopt a more entrepreneurial approach to investment management to develop an authentic value offering for UHNWIs.

Family offices are available in a variety of sizes and styles. But they need to prioritize efficiency and agility and simplifying the process. Clients can benefit from a smaller number of advisors who are adept at quickly implementing new technologies and bringing in specialists as required. These changes will require the blurring between family office and private banking. The most successful firms will keep the trust and respect of family offices and stay ahead of the curve with technology adoption and purchasing deals.

It is crucial to be able to draw on the old-fashioned, network-based, and reputation-based methods for deal sourcing. Online tools can also be utilized to find opportunities and deals. Farnoush Farsiar Deal sourcing platforms online are only one tool wealth managers and agile private offices can easily install instead of large bankers who are mired in large-firm bureaucracy. These platforms make it possible for dealmakers to review multiple deals simultaneously and make it easier to save time and energy.

Wealthica is another online platform that has revolutionized the way family offices communicate with clients. Wealthica's dashboard features automate the consolidation of investments from different sources. Clients are able to be in constant contact with their investments. This is much superior to the past when wealth management only provided periodic updates about the progress and whereabouts of their clients money.

Farnoush Farsiar These tools are able to help wealth managers improve efficiency and speed. https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 The strategy which underpins their investments is ultimately the most important factor. In the end, the advantage is in bringing together traditional and modern - continuing to search for deals in real estate and other areas as well as exploring investment opportunities in previously unexplored fields like food security or climate science. Impact investing has definitely "arrived" within the family office industry. According to the UBS Global Family Office Report 2018, one third of family businesses are currently involved in impact investments and the majority of them are planning to increase their involvement in the near future. Although there are many challenges with this particular area like measuring the impact and conducting due diligence next generation HNWIs/UHNWIs will expect their family offices to find and secure these kinds of investments. Plato Capital, my own boutique investment bank, is based on the experience of its founders, who are from large banks and in the technology industry to provide investment advice that is entrepreneurial direction. Our personal knowledge of the local area and connections allow our clients to manage risk and achieve optimal returns on their capital.

Wealth managers can flourish during turbulent times through blending past and the future by adapting to the changing needs of the younger generation, and making a risk by establishing their own structure.
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