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How wealth management firms can prepare for turbulent times [Farnoush Farsiar]
Generational changes Global mobility. Farnoush Farsiar Technological revolution. These are only a handful 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.

Increasingly, family offices cater to the young, more tech-savvy and mobile generation. The financial crisis and the democratisation and trading online have made clients more interested in their investment choices. They want more control and information, and no longer have the desire to have discretionary portfolio mandates handled within reach.

These changes come at a time when there an unprecedented level of economic and political instability. These changes also signal the end to the fee-based family offices model. If the offices attempt to keep their current practices however, they might find that the very individuals they were created to help will leave them. They need to change and become more innovative with their approach to investment management and provide a genuine value proposition for UHNWIs.

While family offices may differ in size and size, they should focus on flexibility over the need to be experts in every area. A smaller team of advisors who are able to quickly adopt the latest technologies and bring in external specialists when necessary will provide better service to customers. Since the lines between private and family banking are blurred, the best firms will have a small team of advisors that can swiftly implement new technology and bring on board external experts when needed. This will enable them to provide the best service to customers.

The success will come from an ability to capitalise on more traditional, traditional, network- and reputation-based strategies for deal sourcing while also employing online strategies to discover opportunities and deals. Online deal sourcing platforms are only one of the tools which wealth managers and agile private offices can easily install as opposed to large bankers who are burdened by bureaucratic bureaucracy of large firms. Dealmakers can utilize these platforms to browse and evaluate a variety of deals, resulting in significant savings in time and money.

Wealthica and other online services are also changing how family offices communicate with their clients. They automatically consolidate the investments of a variety of sources and bring clients into daily contact with the investments. It's a cry away from when wealth managers would only give periodic updates on their clients' progress.

Farnoush Farsiar They aren't the only way wealth managers can improve efficiency and speed of their work. Their investment strategy is the most crucial aspect. In the end, the advantage will come from bringing together traditional and modern - continuing to search for deals in real estate etc as well as exploring investment opportunities in areas that have not been explored before, such as food security or climate science. https://www.highlandcountychamber.com/farnoush-farsiar-why-are-there-so-few-women-in-finance/ The UBS Global Family Office Report 2018 revealed that impact investing is now a mainstream topic in family offices. About a third of family offices participate in this kind of investment and many anticipate getting more involved in the coming years. There are a few issues in this area, such as difficulties in measuring impact or conducting due diligence. Farnoush Farsiar However, the next generation UHNWIs and HNWIs will want their the family office to identify and secure these investments. Farnoush Farsiar Plato Capital, which I created as an investment bank, is a company that is focused on entrepreneurs. Our connections and experience of the local region allows our clients to reduce risk and maximize their capital return.

All types of wealth managers can succeed during turbulent times, by mixing traditional with the modern by adjusting and taking risks with their structures and techniques. Farnoush Farsiar
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