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How wealth management firms can be prepared for turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. Farnoush Farsiar Farnoush Farsiar writes for EU Today that these are just a few key changes that will affect family offices and pose a serious threat to their operating structures.

Family offices cater to increasingly mobile, tech-savvy and younger generation. Every client, no matter their age, are inclined to invest through online trading. This has led to increasing enthusiasm for personal investments. Clients no longer wish to be left out of the decision-making process regarding discretionary portfolio mandates.

https://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ These changes take place during a time of the economic and political chaos. If the offices attempt to continue using their current methods however, they might find that the very people they were created to help will leave them. Instead, they should change and adopt an innovative approach to managing investments to develop a true value proposition for UHNWIs.

Farnoush Farsiar Family offices differ in size and size and. Farnoush Farsiar However, they should be able to focus on agility and streamlining their offerings and not try to be experts in every area. A smaller team of advisors that can swiftly introduce new technologies and bring on board external experts when needed will ultimately provide a more valuable service to clients. These changes have led to the blurring of lines between family and private banking offices. Companies that are successful will continue to retain the loyalty of family offices as well as the trust they enjoy while keeping up with the latest technology in sourcing deals and adopting new technology.

Success will be born of an ability to capitalise on more traditional, network and reputation-based approaches to deal sourcing, as well as using online tools to find deals and opportunities. Private offices and wealth managers which can handle large amounts of deals online are far more efficient than cumbersome banks. Dealmakers can utilize these platforms to quickly browse and evaluate a variety of deals, which results in significant savings in time and resources.

Wealthica and other dashboards such as Wealthica are also revolutionizing the way family offices communicate directly with their clients. They consolidate investment seamlessly from multiple sources and put clients in daily communication with their investment portfolios. This is a huge improvement from the past when wealth managers who only provide periodic information on the state of their clients’ money.

Farnoush Farsiar These tools aren't just tools they're the method for wealth managers to increase their effectiveness and speed. Farnoush Farsiar The investment strategies they employ is the most crucial element. The advantage comes from combining the traditional and the innovative - continuing to seek out opportunities in real estate as well as exploring investment opportunities in previously unexplored fields like climate science or food security. The UBS Global Family Office Report 2018 revealed that impact investing is becoming an increasingly popular topic within family offices. One third of these family offices participate in this kind of investment and many anticipate getting more involved in the future. While there are some challenges regarding the field like difficulties in quantifying impact and due diligence, HNWIs/UHNWIs in the future will want family members to have the ability to identify these investment opportunities. Plato Capital, my own boutique investment bank, draws on the experiences of its founders from large banks and the technology industry to provide investment advice that is entrepreneurial focus. Our extensive network and intimate knowledge in the local area allows our clients to manage risk effectively and maximize their capital return.

By blending the old and the modern, adjusting to the demands of the younger generation, and preparing to risk their own strategies and structures Wealth managers of all kinds can stay relevant and prosper during turbulent times.
My Website: https://www.highlandcountychamber.com/farnoush-farsiar-why-are-women-so-scarce-in-finance/