Generational changes. Global mobility. Technological revolution. These are only a handful of the key changes impacting family offices, and that are fundamentally changing their operational structures and practices, writes Farnoush Farsiar for EU Today.
 
 Family offices are catering to the mobile, younger generation. All clients, regardless of their age, are interested in investing through online trading. This has resulted in a greater desire to invest in personal assets. Customers do not would like to be excluded of the decision-making process regarding the discretionary portfolios they are required to make.
 
 These changes happen in a period of extreme economic and political instability.  https://www.businesstelegraph.co.uk/farnoush-farsiar-central-bank-digital-currency/  If a business tries to retain its old methods they will find it abandoned by those they supposed to help. They need to change and become more innovative with their approach to investment management and provide a genuine benefit proposition to UHNWIs.
 
 Family offices differ greatly in size and scope, however regardless of that, they must focus on agility and streamlining their processes, rather than trying to be experts in everything. Clients will benefit from a lesser number of advisors capable of quickly implementing new technology and also bringing in experts when required.  https://store.nwbbc.com/members/farnoush-farsiar4lccdd22/  These new technologies make it necessary for the lines between family office and private bank blur. The best banks will keep the trust and loyalty of their family office , while being ahead of the curve in terms of technology and finding deals.
 
 You'll be successful if can leverage traditional methods, such as reputation and network-based approaches to dealsourcing while also making use of online tools to identify opportunities and deals. Wealth managers can use deal sourcing websites to find deals and opportunities. They're much more convenient than the large, cumbersome banks who are stuck in large-firm bureaucracy. These platforms allow for dealmakers to review multiple deals simultaneously and make it easier to save time and energy.
 
   https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/  Another online service that is revolutionizing the way family offices communicate with clients is Wealthica. The dashboard service automatically consolidates investments from multiple sources and puts clients into daily communication. It's a vast improvement of the days where wealth managers provided periodic updates on the progress of clients' money.
 
 Of course the tools are just tools - the methods to help wealth managers increase the efficiency and speed with the way they work. The most crucial aspect in investing is the strategy that supports the strategies. The key to success is combining the traditional with the new. You will continue to seek out deals on real estate as well as exploring investments that aren't explored before, like food security and climate science. Impact investing has definitely arrived in the world of family offices - according to the UBS Global Family Office Report 2018 revealed that a third of family offices are involved in impact investing and many expect to become more active in the near-future.  https://www.talk-business.co.uk/2022/11/23/farnoush-farsiar-on-queen-elizabeth-iis-impact-on-uk-finances/  There are definitely challenges in this field, including the difficulty of measuring impact and conducting due diligence, the upcoming generation of HNWIs and UHNWIs are expected to anticipate family offices to be able find and secure these types of investments.  https://www.crunchbase.com/person/farnoush-farsiar  Plato Capital is a boutique bank that provides advice on investing. It draws upon the experience of its founders from large family offices, banks and the technology industry to provide entrepreneurial investment guidance. Our clients are able to achieve maximum returns and reduce the risk through our personal network.
 
 Wealth managers of all kinds can be successful in turbulent times by mixing the traditional with the modern while experimenting and risking their structure and techniques.  https://bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/