How can wealth management firms be prepared for turbulent times? [Farnoush Farsiar]

Generational shifts Global mobility. Technology transformation. These are only a handful of the key changes impacting family offices and fundamentally threatening their structures and practices as reported by Farnoush Farsiar for EU Today.

Family offices serve the younger, more tech-savvy and mobile generation more often. All clients, regardless their age, are becoming more attracted, regardless of their financial situation and in managing their own investment portfolios.  https://www.anochords.org/farnoush-farsiar-discusses-how-women-business-leaders-are-tackling-the-difficulties/ That means they are looking for more involvement and information, not just a portfolio manager to manage.

These changes occur in a critical time of political and economic crisis. If an office attempts to keep its old ways of doing business, they'll soon be abandoned by the very people they supposed to be advising.  Farnoush Farsiar They will need to adjust to a more entrepreneur-like approach in the field of investment management, to provide UHNWIs the best value.

Family offices come in all dimensions and types. They must prioritize efficiency and speed, as well as improving the efficiency of their services. The most efficient service for customers will be offered by a small group of advisors who have the ability to rapidly implement new technology and also bring in external experts when required.  Farnoush Farsiarhttps://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times These changes will result in the blurring of family offices and private banking. The most successful firms will keep the trust and respect of family offices, while staying on top of trends in technology adoption and sourcing deals.

The ability to use both traditional, reputation-based and network-based methods of deal sourcing can lead to success. But, you may also use online methods to find deals and opportunities. Wealth managers and private offices with a flexible staff can set up online deal sourcing platforms. It is in stark contrast to the cumbersome banks that are in bureaucracy.  Farnoush Farsiar These platforms make it possible dealmakers to assess multiple deals simultaneously and save considerable time and effort.

Wealthica is another online service that has revolutionized how a family office interacts with clients. Wealthica's dashboard services will automatically combine investments from different sources. Clients can be in constant contact with their investment portfolios. This is a lot better than the days when wealth management provided only periodic updates regarding the progress and whereabouts of their clients money.

They aren't the only way wealth managers can increase efficiency and speed up their processes. Most important is the investment strategy they employ. The benefit will be combing traditional and innovative strategies. Continue to seek for opportunities in the field of real estate and also consider investing in areas that were previously unexplored for example, climate change or food security. The UBS Global Family Office Report 2018 revealed that impact investing is becoming the most talked about topic in family offices. A third of family offices participate in this kind of investment and many expect to get more involved in the future. There are a few issues in this field, including issues with measuring impact or conducting due diligence. But the next generation of UHNWIs and HNWIs will expect family office to be able find and secure these kinds investments. Plato Capital is a boutique bank that provides advice on investing. It is based on the experience of its founders who have worked in big banks, family offices as well as the technology industry to provide entrepreneurial investment guidance. Our network and personal knowledge in the local area allows our clients to manage risk effectively and maximize their capital return.

Wealth managers of all types can be successful in turbulent times by mixing old and the new, adapting and taking risks with their structures and methods.