How wealth management companies can prepare for turbulent times [Farnoush Farsiar]

Generational change. Global mobility.  Farnoush Farsiar Technology-driven change.  Farnoush Farsiar Farnoush Farsiar, EU Today writes that these are just a few of many key developments that have affected family offices and fundamentally impacted their operating structures and practices.

Family offices are catering more and more to the young, mobile generation. The financial crisis and democratisation of trading via online tools have made all clients, irrespective of age, more interested in their own investment portfolios which means they are looking to be more informed and involvement in their investments, and have lost the traditional appetite for discretionary portfolios that are managed by an arm's length.

These changes take place in a critical time of political and economic chaos. If a business tries to keep its old ways of doing business, they will find it abandoned by the very people they were supposed to be advising.  https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ They must be flexible and creative when managing investments in order to offer UHNWIs with a value proposition.

Although the size and scope of family offices is diverse, it is crucial that they prioritize efficiency and speed rather than being experts in all things. Clients will receive a better service if they are able to employ fewer advisors who can implement new technologies quickly and also bring in specialists from outside as required. As the boundaries between family and private banking are blurring The best banks will have a smaller group of advisors who are able to quickly adopt new technologies and work with external specialists when necessary.  Farnoush Farsiar This will enable the firm to offer a more valuable service to their clients.

The capability to utilize traditional, reputation-based, and network-based methods to source deals will lead to the success. But, you may also make use of online methods to find opportunities and deals. Wealth managers and private offices with a flexible staff can set up online deal platform for sourcing. It is in stark contrast to the cumbersome banks that are ensconced in bureaucracy. Dealmakers are able to access and analyze many deals at once, which is a significant time and money saving.

Other online services which are changing the way family offices communicate with their clients includes dashboard serviceslike Wealthica that automatically consolidates investments from a range of sources, bringing customers in daily contact with their investments. It's an improvement from the days when wealth managers gave periodic information on the status of their clients' funds.

They aren't the only way wealth managers can improve effectiveness and speed of their operations.  Farnoush Farsiar Their investment strategy is the most important element. Again, the edge will come from bringing together the old and the modern - continuing to search for deals in real estate and other areas as well as exploring investment opportunities in areas that have not been explored before, such as climate science or food security. The UBS Global Family Office Report 2018 revealed that impact investing is now a mainstream topic in family offices. A third of family offices participate in this kind of investment and many are planning to be involved more in the future.  Farnoush Farsiar There are definitely challenges in this field, including the difficulty of measuring impact and conducting due diligence, the next generation of HNWIs as well as UHNWIs are expected to expect family offices to be able determine and secure these kinds of investments. Plato Capital is a boutique bank that provides investment advice. It draws on the expertise of its founders from big banks, family offices and the tech industry to offer entrepreneurial investment advice. Our clients can successfully manage risk and get the highest returns from their capital due to our local network.

Wealth managers of all kinds are able to succeed in turbulent times by mixing the old and the new by adjusting and risking their structure and methods.