The Essentials of High-Net-Worth Wealth Management
Independent, fee-for-service, wealth management puts the focus where it belongs, on clients.
High net worth wealth management starts with clients in a strong position who are looking to grow and preserve their wealth. In our experience, these clients are looking for financial planning expertise, high net worth wealth management experience, and a record of strong results. Here are some of the things we think are important to consider, when you are choosing your wealth advisory.
Expertise
Is your chosen advisory capable of handling the complexity and nuance of your financial situation?
High-net-worth clients bring a different level of complexity to a standard client. It is essential to make sure that your financial adviser is experienced with handling large portfolios and understands the variety of options available at your level of wealth. At a certain level of wealth, clients become eligible for wholesale investment. It is important to select a wealth management firm that is experienced with these options to ensure you receive all the relevant information and your advice is comprehensive.
Independence
Independent wealth management advice is focused on the best interests of the client and independent financial advisers can often provide you with a wider range of products through a number of product providers. This variety means more options and diversity for independent wealth management clients. Independent is a restricted term under the Corporations Act (Section 923A), to use the term independent financial advice your adviser must receive no remuneration or gifts from product providers, and have no conflict of interest in the products or services they recommend. This allows you a level of wealth management advice, tailoring, and diversity, that is not possible through non-independent providers with a restricted product range.
If your wealth manager is part of a financial institution, they are not independent. Don’t compromise on the management of your financial future.
Fee-for-Service
Fee for service wealth management is a must have for any high net worth wealth advisory client. It means you pay only for the work your wealth management team does. There are no asset based fees, and there are no commissions. Fee only financial advice is a must have for wealth management, because it is designed to facilitate the growth of your wealth, not to take a cut of it. Tupicoffs, and many other fee-for-service providers, will only take on clients where they know they can add value relative to the cost of their advice. This also means that from the outset, your wealth management team are certain their advice will grow your wealth, or they wouldn’t have taken you on.
Versatile & Bespoke
When you are choosing your wealth management provider we recommend looking for a financial advice team who can tailor your plan for you. Your wealth is important and it’s growth and preservation should be handled carefully. This means choosing a wealth management team who can offer you a range of product options, and then tailor them to how you would like to use and grow your wealth. Lots of advice says grow your wealth for the future, which we strongly recommend, but not to the detriment of your goals. Tupicoffs believe in growing our clients wealth so they can spend it on whatever is important to them. This requires a strong client relationship and understanding of client goals, it also means changing your financial plans to allow you to spend your money when you want to. Tailored from start to finish, not just for your finances, but also for your life.
