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How can firms that manage wealth prepare to face turbulent times [Farnoush Farsiar]
Generational change. Global mobility. Technological revolution. https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 These are just a few of the major changes that affect family offices, which is fundamentally challenging their operational structure and methods, writes Farnoush Farsiar for EU Today.

Farnoush Farsiar Family offices cater to the technologically advanced, mobile and younger generations. Because of the financial recession, clients are increasingly interested and involved in their investments.

These changes come in a period of is unprecedented political and economic instability. These changes also mark the end of the model of family offices that are fee-based. If a business tries to keep its old ways of doing business, they'll be relegated by the very people they were meant to advise. They need to change and become more innovative with their approach to investment management in order to offer a true benefit proposition to UHNWIs.

While family offices may differ in both size and scope, they should prioritize agility over trying to be an expert in all areas. https://brexitcentral.com/author/farnoush-farsiar/ Farnoush Farsiar Clients will receive a more efficient service if they have less advisors who can implement new technologies quickly and bring in outside specialists when required. These changes will require blurring the lines between family offices and private banking The most successful companies will be those that can maintain the trust and loyalty of their clients. trust that a family office has while remaining ahead of the curve with sourcing deals and adopting technology.

Your success is contingent upon your ability to tap into traditional, network-based, and reputation-based sources of deal source. It is also possible to make use of online tools and methods to find deals or opportunities. Farnoush Farsiar Private offices and wealth managers which can handle large amounts of deals online are superior to banks with a cumbersome structure. Dealmakers are able to access and analyze huge numbers of deals at the same time and this can be a substantial savings in time and resources.

Wealthica and other services on the internet are changing the way family offices interact with their clients. They automate the consolidation of the investments of a variety of sources and bring clients into daily contact with the investment. It's a far way from the days when wealth managers would only offer periodic updates to their clients' investments.

Farnoush Farsiar Of course, these tools are just an instrument that wealth managers can improve the speed and efficiency with the way they work. Their investment strategy is what is most important. The best approach is to blend the old and the new. That means that you will continue to search for opportunities on real estate but you can also explore investments in areas like the science of climate change or food security. Impact investing has definitely 'arrived" in the world of family office - UBS Global Family Office Report 2018, which found that one-third of family offices were now engaged in the field of impact investing. Most expect to be more involved in the near future. There are a myriad of issues with this area, including the challenge of determining impact and performing due diligence. But the next generation of UHNWIs, and HNWIs, will be expecting family offices to identify and secure such investments. Plato Capital, which I started, is an investment bank which focuses on entrepreneurs. Our personal local knowledge and network enables our clients to effectively manage risk and make optimal return on their capital.

Wealth managers of all kinds will continue to flourish during turbulent times when they blend the old and the modern and are open to new demands and take risk with their own structures.
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