Notes

How can firms that manage wealth be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technology innovation. Farnoush Farsiar of EU Today writes that these are but a few of the significant changes that are affecting family offices, and ultimately challenging their business practices and operations.

Family offices are catering to an increasing number of younger, mobile and tech-savvy generation. The financial crisis and the increasing accessibility of trading through online platforms have made all clients, irrespective of age and interests, more interested in their own investments, meaning they want to gain more knowledge and more involvement as well as losing the old fashioned desire for discretionary portfolios, which are managed with distance.

These changes, which come during a time of unmatched political and economic instability, herald the end of the traditional family office model that is based on fees. Offices which try to maintain their old methods will soon be relegated to the very people they were founded to assist. Instead, they must adapt and adopt a more entrepreneurial approach to investment management, in order to create the best worth offering for UHNWIs.

Farnoush Farsiar Family offices differ in their size and size and. They should be able to focus on agility and streamlining their services and not try to become experts in every field. The best customer service is provided by a smaller team of advisors who have the ability to quickly implement new technologies, and bring on board external experts when required. This has led to the blurring of the lines between private banking and family offices. Successful firms will continue to maintain the loyalty of family offices as well as the trust they receive while staying ahead of technology in sourcing deals and adopting the latest technologies.

http://beautyinfo.eu/user/Farnoush.Farsiar5iccaa11/ It is crucial to be able to use traditional, network-based and reputation-based strategies for deal sourcing. Online tools can be utilized to find deals and opportunities. Online deal sourcing platforms are just one of the tools that wealth managers and flexible private offices can readily install as opposed to large heavy-handed banks that are mired in large-firm bureaucracy. Dealmakers can make use of these platforms to swiftly review and access a range of deals. Farnoush Farsiar This results in substantial savings of time and money.

Wealthica is another online platform which has changed the way a family offices interact with their clients. Wealthica's dashboards will automatically combine investments from different sources. Customers can have daily contact with their investment portfolios. This is a lot superior to the past when wealth management only provided occasional updates on the status and location of the client's money.

Farnoush Farsiar Of course, these tools are just that - the means by which wealth managers can increase their efficiency and speed at which they operate. The most crucial element in investing is the strategy that supports them. The best approach is to blend the traditional and the modern. That means that you can continue to look for opportunities on real estate but you can also look into investments in other areas like climate science or food security. Farnoush Farsiar Farnoush Farsiar Impact investing is definitely "arrived" within the realm of family offices - UBS Global Family Office Report 2018, which revealed that one-third of family offices were now engaged in the field of impact investing. Most anticipate to become more involved in future. There are certain problems with this particular field, for instance, challenges in measuring impact and conducting due diligence. Farnoush Farsiar Farnoush Farsiar But the next generation of UHNWIs and HNWIs are likely to expect a the family office to locate and secure these types of investments. Plato Capital, which I started, is an investment bank which focuses on entrepreneurs. Our clients are able to successfully deal with risk and earn the highest returns from their capital thanks to our local network.

By blending the old and the new, adapting to the demands of the younger generation and being prepared to risk their own structures and techniques, wealth managers of all kinds can stay relevant and prosper in turbulent times.
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