• Gottlieb Hirsch posted an update 1 year, 8 months ago

    Generational changes. Global mobility. Farnoush Farsiar Technology-driven change. Farnoush Farsiar writes for EU Today that these are just a handful of major changes that will affect family offices and pose a serious threat to their operating structures.

    Family offices cater to a growing number of young, mobile and tech-savvy generation. Everyone, regardless of age, have become more concerned, regardless of financial status in managing their personal investments. This means they seek out more involvement and information, not just the services of a portfolio manager.

    The changes take place during a time of severe economic and political turmoil. If an office tries to keep its old ways of doing business, they’ll soon be abandoned by those they meant to advise. Farnoush Farsiar Instead, they must adapt and adopt a more innovative approach to managing investments to develop the best worth offering for UHNWIs.

    Family offices vary hugely in terms of dimensions and scope, but regardless of that, they must focus on agility and streamlining their service instead of striving to be specialists at everything. Customers will appreciate a lower number of advisors capable of quickly implementing new technologies and calling in specialists as they are required. These changes will require that the boundaries between private and family office bank become blurred. The best firms will retain the loyalty and trust of their family offices while being in the forefront in technology and sourcing deals.

    Your success is contingent upon your capability to tap into traditional networks, reputation-based, and network-based sources of deal sources. You can also make use of online tools and methods to discover opportunities or deals. Farnoush Farsiar Wealth managers and private offices which can handle large amounts of deals on the internet are superior to banks with a cumbersome structure. http://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ Dealmakers are able to access and analyze huge numbers of deals at the same time and this can be a substantial time and money saving.

    Wealthica and other services on the internet are also changing how family offices communicate with their clients. They consolidate investments across a variety of sources and allow clients to be in daily contact with their portfolios. This is a contrast to the past when wealth managers would only provide intermittent information on their clients’ performance.

    They are just tools that allow wealth managers to improve their efficiency and speed. The way they invest matters most. Farnoush Farsiar The advantage will come from bringing together traditional and innovative – continuing to seek out deals in real estate as well as exploring investment opportunities in previously unexplored fields, such as food security or climate science. Farnoush Farsiar The UBS Global Family Office Report 2018 found that impact investing is now an increasingly popular topic within family offices. A third of family offices are involved with this kind of investment and many expect to get more involved in the near future. There are some issues with this field, including challenges in measuring impact and performing due diligence. But the next generation of UHNWIs and HNWIs will expect family offices to be able to locate and secure these types of investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders who worked for large banks, as well as in the tech sector. Plato Capital provides investment advice that focuses on the entrepreneurial. Our extensive network and intimate knowledge within the local community allow our clients to manage risk effectively and increase their capital returns.

    By blending the old and the new, adapting to the demands of the new generation and being prepared to risk their own strategies and structures Wealth managers of all kinds can remain relevant and thrive during turbulent times.