Generational changes Global mobility. eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times Technology transformation. Farnoush Farsiar writes for EU Today that these are only a few key changes that affect family offices and fundamentally threaten their operating structures.

In a growing number, family-owned businesses are catering to the younger and more technologically adept generation. Because of the financial recession, clients are increasingly interested and involved in their investment.

These changes occur at a time of extreme political and economic instability. Offices who try to maintain their existing methods will soon be relegated by the people they were founded to advise. They must change their approach to become more entrepreneurial and create a value proposition for UHNWIs.

Although the scope and size of family offices can be varied, it is important that they prioritize agility and streamlining rather than being experts in all things. Customers will get better service when they are able to employ fewer advisors who can quickly implement new technologies and also bring in specialists from outside as needed. These changes make it necessary for the lines between family office and private banks blur. The best firms will keep the trust and loyalty of their family office , while being ahead of the curve in technology and finding deals.

It is essential to be able to use the old-fashioned, network-based, and reputation-based strategies for deal sourcing. Online tools can be used to identify opportunities and deals. Farnoush Farsiar Wealth managers can use deal sourcing sites online to find deals and opportunities. Farnoush Farsiar They’re much simpler than large, cumbersome banks which are trapped in large-firm bureaucracy. Dealmakers can make use of these platforms to review and access a range of deals. This results in substantial savings of time and resources.

Wealthica and other dashboard services such as Wealthica are also changing the way family offices interact directly with their clients. These dashboards consolidate investments seamlessly from multiple sources and bring clients into daily communications with their investment portfolios. http://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ This is a huge improvement on the days of wealth managers who only provide periodic updates regarding the progress of their clients’ money.

They’re not tools for anything else, they’re the means that wealth managers can improve their efficiency and speed. Most important is the investment strategy they employ. The advantage comes from combining the old and the innovative – continuing to seek for deals in real estate etc as well as exploring investment opportunities in previously unexplored fields like food security or climate science. Impact investing has certainly ‘arrived“ in the world of family offices , according to the UBS Global Family Office Report 2018, which found that a third of family offices were involved in the field of impact investing. Most expect to be more involved in the near future. Although there are many challenges with this particular area, such as measuring the impact and conducting due diligence, future generation of HNWIs/UHNWIs will want their family offices to find and secure these kinds of investments. Plato Capital, which I created in 2004, is an investment banking institution which focuses on entrepreneurs. Farnoush Farsiar Our clients are able to manage risk and get the best returns on their capital thanks to our local network.

Wealth managers of all kinds can be successful in turbulent times by mixing old and the new while experimenting and taking risks with their structures and techniques.