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Generational change. Global mobility. Farnoush Farsiar Technological transformation. These are only a handful of the key changes impacting family offices, which is fundamentally challenging their structure and methods in the words of Farnoush Farsiar for EU Today.

http://www.anochords.org/farnoush-farsiar-discusses-the-challenges-female-business-leaders-face/ Family offices are catering to a growing number of young, mobile and tech-savvy generation. All clients, regardless their age, have become more attracted, regardless of their financial situation and in managing their own investments. Farnoush Farsiar This means they seek out more information and involvement and not just the services of a portfolio manager.

These changes come at a time of unprecedented financial and political instability. Farnoush Farsiar Offices that attempt to continue their previous methods will find they are abandoned by those they were established to advise. They need to be agile and creative in managing investments to offer UHNWIs with a genuine value proposition.

Although family offices can vary in size and size, they should focus on flexibility over the need to be an expert in all fields. Farnoush Farsiar Clients can appreciate a lower number of advisors capable of quickly implementing new technologies and calling in specialists when they are required. Since the lines between family and private banking are blurred, the best firms will have a small team of advisors who can quickly implement new technology and bring on board external experts when needed. This will allow them to provide an enhanced service to customers.

Success will be born of the capacity to profit from more traditional, network and reputation-based methods of deal sourcing whilst also using online methods to identify deals and opportunities. http://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Wealth managers and private offices that have a highly skilled staff can implement online deal sources platforms. This is in contrast to the cumbersome banks, which are ensconced within bureaucracy. The platform lets dealmakers quickly access and analyze a variety of deals at the same time, which can save them time and money.

Another service online that is altering how family offices interact with their clients is Wealthica. The Wealthica dashboard service automatically consolidates investment from a variety of sources and brings clients into daily contact. It’s a vast improvement of the days when wealth managers only provided occasional updates about the progress of clients’ money.

These tools are able to assist wealth managers in improving their effectiveness and speed. The most important factor to consider when investing is the strategy that underpins them. The advantage will come from bringing together the old and the new – continuing to scout out deals in real estate etc, whilst also exploring investments in areas that have not been explored before like food security or climate science. The UBS Global Family Office Report 2018 showed that impact investing is now an increasingly popular topic within family offices. About a third of family offices are involved in the type of investing that they are involved in and many expect to get more involved in the near future. There are definitely challenges with this particular field, for instance the difficulty of monitoring impact and executing due diligence, the coming generation of HNWIs as well as UHNWIs are likely to anticipate family offices to be able identify and secure these kinds of investments. My firm, Plato Capital, is a boutique investment bank which utilizes the knowledge of its founders, in family offices, banks, and in the tech industry to offer advice on investment with a focus on the entrepreneurial. Our clients are able to deal with risk and earn the best returns on their capital due to our network of local experts.

Wealth managers can thrive in turbulent times by blending the past and the future, adapting to the needs of the younger generation, and making a risk in their own frameworks. Farnoush Farsiar