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

Generational shifts Global mobility. Technological advancement. Farnoush Farsiar from EU Today discusses the major changes that impact family offices and fundamentally threatening operational structures and procedures.

Family offices serve the younger, more tech-savvy and mobile generation more often. All clients, regardless of their age, are more interested in investing through trading on the internet. This has resulted in increasing enthusiasm for personal investments. do not want to be left out of the decision-making process regarding discretionary portfolio requirements.

These changes occur in a critical time of the economic and political crisis. If the offices attempt to maintain their current strategies, they may find that the very people they were set up to assist will not be able to keep them. They have to adapt and be more innovative in their investment management approach and provide a genuine benefit proposition to UHNWIs.

Family offices vary in their dimensions and their the scope. But, they must be able to focus on agility and streamlining their offerings, not trying to be experts in each subject. Clients can appreciate a lower amount of advisors capable of quickly implementing new technologies and bringing in specialists when needed. These developments have resulted in the blurring of distinctions between family and private banking offices. Successful firms will continue to retain the loyalty of family offices and the level of trust they receive while keeping up with the latest technology in sourcing deals and adopting new technologies.

Your success will be contingent on your ability to access traditional networks, reputation-based, and network-based sources of deal source. farsiar can also utilize online methods and tools to discover opportunities or deals. Deal sourcing platforms on the internet are easily installed by wealth managers as well as agile private offices, in contrast to large banks which have bureaucratic burdens. These platforms allow dealmakers to access and evaluate a large amount of deals at a time – a substantial saving of time and resources.

Wealthica and other dashboard services like Wealthica are also revolutionizing the way family offices communicate directly with their clients. These dashboards consolidate investments seamlessly from multiple sources and put clients in daily communication with their investments. is a huge improvement from the past when wealth managers providing only intermittent updates regarding the progress of their clients’ funds.

These tools are not the only way that wealth managers can boost efficiency and speed up their processes. The most crucial element in investing is the strategy that underpins them. The best strategy will combine both the old and new. That means that you will continue to search for deals in real estate, however, you should also look into investments in other areas such as food security or climate science. Impact investing has undoubtedly ‘arrived within the family office world – according to the UBS Global Family Office Report 2018 showed that one-third of family offices are now active in impact investing, and the majority expect to be more involved in the near-future. Although there are many challenges in this area, such as the measurement of the impact of investments and conducting due diligence, future generation of HNWIs/UHNWIs will want their family offices to be able determine and secure these kinds of investments. Plato Capital is a boutique bank that offers investment advice. It draws on the knowledge of its founders from big banks, family offices and the tech industry to offer entrepreneurial investment advice. Our local expertise and networks allow us to help our clients successfully manage risk while maximizing their capital returns.

Wealth managers of all kinds can succeed in turbulent times by mixing old with the new by adjusting and risking their structure and strategies.