Notes

How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. Farnoush Farsiar writes for EU Today that these are only a handful of major changes that impact family offices and fundamentally threaten their operating structures.

In a growing number, family-owned businesses are catering to the younger technologically-savvy, mobile generation. The financial crisis and the democratisation and trading online has led to more clients becoming interested in their investment choices. Farnoush Farsiar They want greater control and understanding, and no longer are they looking for discretionary portfolio mandates handled within reach.

Farnoush Farsiar These changes, which occur in a period of unprecedented economic and political instability will bring the demise of the fee-based family office model. If family offices maintain their current strategies and methods, they could find that the very people they were created to help will leave them. Farnoush Farsiar Instead, they should change and adopt an creative approach to investment management to develop a true worth proposition for UHNWIs.

Although the scope and size of family offices are different, it's important that they focus on agility and streamlining rather than being experts in all things. Customers will benefit from a smaller number of advisors who are capable of quickly implementing new technologies and calling in specialists when required. https://buystocklot.com/user/profile/144208 These changes will require that the boundaries between private and family office banks blur. http://sezru.com/user/Farnoush-Farsiar4gddcc11/ The best firms will keep the trust and loyalty of their family office while being in the forefront in technology and finding deals.

It is a good idea if you can leverage traditional, network- and reputation-based methods of dealsourcing, while making use of online tools to identify opportunities and deals. Farnoush Farsiar Wealth managers and private offices that can manage large numbers of deals on the internet are superior to banks with a cumbersome structure. Farnoush Farsiar This platform lets dealmakers quickly access and analyze a variety of deals at the same time and save time and money.

Other online services which are changing the way family offices interact with their clients includes dashboard services, such as Wealthica that automatically consolidates investment portfolios from various sources, bringing clients to daily interaction with their investments - which is a vast improvement over the days when wealth managers gave periodic information on the status of their clients' investments.

These tools are only that, they're the means that wealth managers can improve their effectiveness and speed. Their investment strategy is what is most important. The best strategy will combine both the old and new. This means you should continue looking for deals in real estate, however, you should also explore investments in areas like food security or climate science. Impact investing is certainly "arrived' within the family office sector. The UBS Global Family Office Report 2018 showed that one third of family members are actively engaged in impact investing. Many expect to take part in the coming years. Farnoush Farsiar While there are some challenges in this field, such as measuring the impact and conducting due diligence, future generation of HNWIs/UHNWIs will want their family offices to be able identify and secure these types of investments. Plato Capital, which I founded, is an investment bank that is focused on entrepreneurs. Our clients can successfully manage risk and get the best returns on their capital thanks to our local network.

Anyone who is a wealth manager can survive in turbulent times by blending traditional and newideas, quickly adapting to changing needs, and being willing to take chances with their own structures.
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