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

Generational change. Global mobility. Technology transformation. Farnoush Farsiar from EU Today discusses these major changes that impact family offices and are fundamentally threatening working structures and practices.

Family offices serve an increasingly tech-savvy, younger and mobile-savvy generation more frequently. Everyone, regardless of their age, are more attracted to investing via trading on the internet. This has resulted in a greater interest in personal investments. Customers do not wish to be left out of the process of deciding on the discretionary portfolios they are required to make.

These shifts, which happen during a time of unmatched economic and political instability, herald the demise of the traditional family office model that is based on fees. If a business tries to keep its old ways of doing business, they'll soon be abandoned by those they meant to advise. Farnoush Farsiar They need to adapt to a more entrepreneurial style in investment management to offer UHNWIs an authentic value proposition.

Although family offices can vary in size and scope, they should prioritize flexibility over the need to be experts in all areas. The best customer service will be provided by a smaller group of advisors who have the ability to rapidly implement new technology, and bring on board external experts as needed. These changes have led to the blurring of lines between private banking and family offices. Companies that are successful will continue to preserve the loyalty of family offices as well as the level of trust they have while also being ahead of the curve in sourcing deals and implementing new technology.

The ability to use traditional, reputation-based, and network-based methods to source deals will result in successful outcomes. But, you can make use of online tools to discover deals and opportunities. Deal sourcing platforms online are easily installed by wealth managers and agile private office, as opposed to banks that have bureaucratic burdens. This platform allows dealmakers to easily access and evaluate many deals simultaneously, which can save them time and money.

Other services online that are changing how family offices interact with their clients includes dashboard services, such as Wealthica, which automatically consolidate the investments of a variety of sources, bringing clients in daily contact with their investments. https://www.crunchbase.com/person/farnoush-farsiar This is an improvement from the days when wealth managers gave periodic updates on the progress of their customers' investments.

These tools are not the only way wealth managers can boost efficiency and speed up their processes. The strategy that underpins their investments is ultimately the most important factor. The key to success is combining the traditional with the new. The company will continue to search for deals on real estate and will also be looking at opportunities to invest in previously unexplored areas, like food security and climate science. The UBS Global Family Office Report 2018 showed that impact investing has become an increasingly popular topic within family offices. A third of family offices are involved in this kind of investment and many expect to get involved more in the near future. Farnoush Farsiar There are definitely challenges with this particular field, for instance the difficulty of measuring impact and carrying out due diligence, the next generation of HNWIs as well as UHNWIs are expected to anticipate family offices to be able to find and secure these types of investments. Plato Capital is a boutique bank that provides advice on investing. It draws upon the experience of its founders who have worked in large family offices, banks and in the technology industry to provide entrepreneurial investment advice. https://richpeopletrades.com/2022/07/17/top-10-banking-trends-by-financial-expert-farnoush-farsiar/ Our local expertise and networks allow us to assist our clients manage risk while maximizing their capital returns.

https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Wealth managers can thrive during turbulent times through mixing the past and the future and adapting to the demands of the younger generation, and making a risk with their own structures.