Generational change. Global mobility. Technological transformation. Farnoush Farsiar, EU Today writes that these are just one of the many major changes that have affected family offices and fundamentally impacted their structures and methods.

Family offices are increasingly catering to the mobile, younger generation. The financial crisis, along with the democratisation and trading online has led to more clients becoming interested in their investment choices. suite.endole.co.uk/insight/people/25691618-farnoush-farsiar-aidi They want greater control and understanding, and no longer are they looking for discretionary portfolio mandates handled at arm’s reach.

fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 These changes occur in a time of unprecedented financial and political instability. Offices that try to keep their previous methods will be relegated to the very individuals they were created to help. They need to change to be more entrepreneurial and create a value offering for UHNWIs.

Farnoush Farsiar Family offices are available in all sizes and types. They must prioritize efficiency and agility in addition to improving the efficiency of their services. Customers would appreciate a smaller staff of advisors who are capable of quickly adopting new technologies and bringing on board external specialists as needed. Since these changes require blurring the lines between family offices and private banking, successful firms will be those who maintain the loyalty and confidence of a family-owned business while staying ahead of the curve with new technology and deals to source.

It is essential to be able to draw on traditional, network-based and reputation-based strategies for deal sourcing. Online tools can also be utilized to spot opportunities and deals. Farnoush Farsiar Wealth managers and private offices that can manage large numbers of deals on the internet are superior to banks with a cumbersome structure. Farnoush Farsiar Dealmakers can make use of these platforms to access and assess a variety of deals. This results in significant savings in time and resources.

Other services online that are changing the way family offices communicate with their clients include dashboards, like Wealthica, which automatically consolidate investment portfolios from various sources, bringing clients into daily contact with their investments. It’s an improvement from the days of wealth managers who offered only periodic information on the status of their customers’ money.

These tools are merely that: they allow wealth managers to boost their efficiency and speed. The method they use to make investment strategy is the most important aspect. The most effective strategy is to combine the old and the new. This means that you will continue to search for deals on real estate however, you should also look into investments in other sectors like the science of climate change or food security. Impact investing is definitely ‘at last’ in the family office world – the UBS Global Family Office Report 2018 revealed that a third of family offices are engaged in impact investing and many expect to become more involved in the coming years. While there are undoubtedly problems in this area, such as difficulty in monitoring impact and executing due diligence, the upcoming generation of HNWIs as well as UHNWIs will anticipate family offices to be able identify and secure these kinds of investments. Plato Capital is a boutique bank that provides advice on investing. It draws on the expertise of its founders from large banks, family offices as well as the tech industry to offer entrepreneurial investment advice. Our extensive network and intimate knowledge within the local community allow our clients to effectively manage risk and maximize their capital return.

Blending the old with the new, while adjusting to the demands of the young generation, and being prepared to risk their own structures and techniques Wealth managers of all types can be successful and relevant even in the midst of turbulent times.