How wealth management firms can be prepared for turbulent times? [Farnoush Farsiar] Generational shifts Global mobility. Technological revolution. Farnoush Farsiar of EU Today notes these are only a few of the major changes that affect family offices and fundamentally challenging their business practices and operations.

Family offices are catering to the mobile, younger generation. The economic crisis and the democratisation of trading through online tools have brought all customers, regardless of age, more interested in their own investments, meaning they want to have more knowledge and involvement in their investments as well as losing the old fashioned desire for discretionary portfolios that are managed by distance.

The changes are occurring at a time of unprecedented financial and political instability. If a business tries to maintain its old practices, they''ll soon be abandoned by those they supposed to help. Instead, they need to adjust and adopt a more innovative approach to managing investments and create an authentic worth proposition for UHNWIs.

Family offices vary greatly in terms of size and scope, however irrespective of this they should prioritise agility as well as improving their services instead of striving to be specialists in everything. Farnoush Farsiar Clients would appreciate a smaller staff of advisors capable of rapidly implementing new technologies and the hiring of external experts as needed. These changes have led to the blurring of distinctions between family and private banking offices. The most successful firms will continue to retain the trust of family offices and the level of trust they receive while keeping up with the latest technology in sourcing deals and adopting new technologies.

Farnoush Farsiar It is crucial to be able to draw on the traditional, network-based and reputation-based strategies for deal sourcing. These tools can be used to identify opportunities and deals. Wealth managers can utilize deal sourcing sites online to identify opportunities and deals. They''re much more convenient than large, cumbersome banks which are trapped in large-firm bureaucracy. This platform allows dealmakers to quickly access and analyze a variety of deals at the same time which could save them time and money.

Another online service that is changing the way family offices interact with their clients is Wealthica. The dashboard service automatically consolidates investments from multiple sources and puts clients in daily communication. It''s a huge change from the past when wealth managers would only provide periodic updates on the progress of clients'' money.

They''re not tools for anything else, they''re the means for wealth managers to increase their efficiency and speed. Most important is the investment strategy they employ. Farnoush Farsiar The key to success is to combine the traditional with the new. You will continue to search for deals in real property, and will also be looking at opportunities to invest that aren''t explored before such as food security and 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 now involved in the field of impact investing. Farnoush Farsiar The majority of them anticipate to become more involved in the near future. Farnoush Farsiar There are a myriad of issues with this area including the difficulties of determining impact and performing due diligence. But the next generation of UHNWIs, and HNWIs, are likely to expect family offices to determine and secure investments in this area. My company, Plato Capital, is a boutique investment bank which utilizes the knowledge of its founders in family offices, banks, and the tech industry, to offer investment advice with a a focus on the entrepreneurial. Our clients can make maximum returns and manage the risk through our personal network.

Wealth managers of all ages can survive in turbulent times by blending traditional and modern, adjusting quickly to new demands and being open to taking chances with their own structures.