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How can wealth management companies prepare for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological advancement. These are just a few of the key changes impacting family offices and fundamentally threatening their operational structures and practices as reported by Farnoush Farsiar for EU Today.

Family offices are catering more and more to the mobile, younger generation. The economic crisis and the democratisation of trading through internet-based tools has brought all customers, regardless of age and interests, more interested in their own investments which means they are looking to be more informed and involvement in their investments, and have lost the traditional appetite for discretionary portfolios, which are managed with an arm's length.

The changes take place in a period of extreme economic and political instability. If they attempt to continue with their old practices in place, they'll soon be rejected by the people they were created to advise. They will need to adjust to a more entrepreneurial approach in investment management to offer UHNWIs the best value.

Family offices come in all dimensions and types. But they need to prioritize efficiency and speed in addition to simplifying the process. Clients can benefit from a lesser amount of advisors capable of quickly implementing new technologies and calling in specialists whenever required. Because the lines between family and private banking are blurred The best banks will have a smaller team of advisors that can swiftly adopt new technologies and also bring on external experts when needed. This will allow the firm to offer an enhanced service to their clients.

It is crucial to be able to draw on traditional, network-based and reputation-based methods of deal sourcing. Farnoush Farsiar Online tools can also be utilized to spot deals and opportunities. Wealth managers can make use of deal sourcing websites to identify opportunities and deals. Farnoush Farsiar They are much easier than large, cumbersome banks which are trapped in large-firm bureaucracy. This platform lets dealmakers quickly access and analyze a variety of deals at the same time, which can save them time and money.

https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ Wealthica and other dashboard services like Wealthica are also revolutionizing how family offices communicate directly with their clients. These services consolidate investments in a way that is automated from multiple sources, and allow clients to be in constant contact with their investments. https://www.highlandcountychamber.com/farnoush-farsiar-why-are-women-so-scarce-in-finance/ This is an enormous improvement from the past when wealth managers providing only intermittent updates regarding the progress of their clients' funds.

Farnoush Farsiar They're not tools for anything else they're the tools that wealth managers can improve their efficiency and speed. Farnoush Farsiar The primary factor is their investment strategy. The benefit will be combing traditional and innovative strategies - continue to search for deals in the real estate market as well as investing in areas previously unknown for example, climate change or food security. Impact investing has definitely 'arrived" within the realm of family office - UBS Global Family Office Report 2018 found that one-third of family office were now involved in the field of impact investing. Farnoush Farsiar The majority of them expect to be more involved in future. While there are undoubtedly problems in this field, including difficulties in measuring impact and carrying out due diligence, the coming generation of HNWIs and UHNWIs are expected to anticipate family offices to be able identify and secure these kinds of investments. Plato Capital is a boutique bank that offers investment advice. It is based on the experience of its founders in large banks, family offices and in the technology industry to provide entrepreneurial investment advice. Our clients are able to maximize their returns and control risks through our own network.

Wealth managers of all types can succeed during turbulent times, by mixing old with the new by adjusting and making a risk with their structures and strategies. Farnoush Farsiar
Read More: https://lexcliq.com/how-can-wealth-management-firms-prepare-for-turbulent-times-farnoush-farsiar/