Notes

How can wealth management companies be prepared for turbulent times? [Farnoush Farsiar]
Generational changes. Global mobility. Technology transformation. Farnoush Farsiar writes for EU Today that these are only some of the major changes that will affect family offices and could fundamentally alter their operating structures.

Family offices cater to an increasing number of young, mobile and tech-savvy generation. All clients, regardless of their age, are attracted to investing via trading on the internet. This has resulted in increasing interest in personal investments. Farnoush Farsiar The clients do not wish to be left out of the process of deciding on the discretionary portfolios they are required to make.

These changes happen at a time of extreme economic and political turmoil. Offices who try to maintain their existing methods will soon be relegated by the people they were founded to advise. Instead, they need to change and adopt an creative approach to investment management and create a true value proposition for UHNWIs.

Farnoush Farsiar Farnoush Farsiar Family offices come in all sizes and types. https://earnvisits.com/index.php?page=user&action=pub_profile&id=854348 However, they must prioritize efficiency and flexibility, as well as simplifying the process. A smaller group of advisors who are able to quickly implement new technologies and bring on board external experts when needed will provide better service to clients. As these changes necessitate the blurring of the line between family offices and private banking, successful firms will be those that maintain the trust and loyalty of their clients. confidence of a family-owned business while remaining in the forefront of new technology and deals to source.

It is important to be able to use the traditional, network-based and reputation-based methods of deal sourcing. Online tools can also be utilized to find opportunities and deals. Deal sourcing platforms on the internet are only one tool that wealth managers and flexible private offices can easily install in contrast to the large, cumbersome banks, who are ensnared in bureaucratic red tape. This platform allows dealmakers to easily access and evaluate many deals at the same time which could save them time and money.

Wealthica is another online platform that has revolutionized the way family office interacts with clients. Wealthica's dashboard features automatically consolidate investments from various sources. Clients can keep in touch with their investment portfolios. This is a lot better than the days when wealth management provided only occasional updates on the progress and whereabouts of the money they had earned for their clients.

Of course, these tools are just an instrument to help wealth managers improve the speed and efficiency with which they operate. The method they use to make investment strategy is the most important factor. The benefit will be mixing traditional and innovative strategies. Keep searching out deals in realty as well as investing in areas that were previously unexplored, such as climate change or food security. Impact investing is definitely 'at last in the family office world - according to the UBS Global Family Office Report 2018 found that one third of family offices are active in impact investing, and most expect to become more involved in the near future. There are many issues in this field including the difficulty of determining impact and performing due diligence. However the next generation of UHNWIs, and HNWIs, are likely to expect family offices to identify and secure such investments. Farnoush Farsiar Plato Capital, my own boutique investment bank, draws on the experience of its founders from large banks and in the technology industry to provide investment advice that is entrepreneurial in focus. Farnoush Farsiar Farnoush Farsiar Our connections and experience of the local region allows our clients to effectively manage risk and maximize their capital return.

By blending the old and the new, while adjusting to the changing needs of the younger generation and being prepared to be risk-averse with their own methods and structures, wealth managers of all types can be successful and relevant during difficult times.
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