How can firms that manage wealth be ready for turbulent times? [Farnoush Farsiar]

Generational change.  Farnoush Farsiar Global mobility. Technological change. Farnoush Farsiar from EU Today writes about these key changes that affect family offices and are fundamentally threatening operational structures and procedures.

Family offices serve an increasingly tech-savvy, younger and mobile-savvy generation more often.  Farnoush Farsiar All clients, regardless their age, have become more concerned, regardless of financial status, in managing their own investments. This means they want more involvement and information, not just a portfolio manager to manage.

The changes are occurring at a crucial time in political and economic crisis. Offices that try to preserve their current practices will soon be relegated by the people they were established to advise. They must adapt to a more entrepreneur-like approach in investment management in order to offer UHNWIs the best value.

While family offices can differ in both size and scope, they should prioritize agility over the desire to be experts in all areas. Clients will appreciate a smaller team of advisors that can quickly adopting new technologies and also hiring external experts when required. As these changes necessitate blurring the lines between private banking and family offices the most successful companies will be those that maintain the loyalty and trust of a family office while remaining in the forefront of the sourcing of deals and embracing technology.

Farnoush Farsiar It is important to be able to draw on the old-fashioned, network-based, and reputation-based strategies for deal sourcing. These tools can be utilized to spot opportunities and deals. Online deal sourcing platforms are just one of the tools that wealth managers and flexible private offices can easily install as opposed to large bankers who are mired in large-firm bureaucracy. This platform allows dealmakers to easily review and access a range of deals at the same time and save time and money.

Other online services that are changing the way family offices interact with their customers include dashboards, like Wealthica which instantly consolidates investments from a range of sources, bringing clients in daily contact with their investments.  https://controlc.com/0333f86a/new.php It's an improvement from the days of wealth managers who offered only periodic updates on the progress of their customers' money.

The tools can be utilized to help wealth managers improve efficiency and speed. The primary factor is the investment strategy they employ. It is crucial to mix the traditional and the innovative.  Farnoush Farsiar For example, continue to search for real estate opportunities as well as looking at investment opportunities in emerging areas 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. One third of these family offices are involved with this kind of investment and many anticipate getting involved more in the future. While there are some challenges regarding the field like the difficulty of measuring impact as well as due diligence HNWIs/UHNWIs of the future will require family members to be able to locate these investments. Plato Capital is a boutique bank that offers investment advice. It draws on the expertise of its founders who have worked in big banks, family offices and the tech industry to provide entrepreneurs with investment guidance. Our network and personal knowledge of the local region allows our clients to manage risk effectively and maximize their capital return.

Wealth managers of any age can thrive in turbulent times by blending old and newideas, quickly adapting to new demands and being willing to take chances with their own structures.