What is Considered High Net Worth in Australia?

In Australia, there isn’t a fixed threshold that is universally recognised, but high net worth individuals are generally defined as individuals with investable assets that exceed $1 million, excluding the value of their primary residence.

Some financial advisers may also categorise high net worth individuals into different tiers based on their wealth, such as “ultra high net worth clients” who have significantly larger assets, often in the tens of millions or more.

One thing that is important to note, however, is that the definition of a high net worth individual can evolve over time due to factors such as economic fluctuations, changes in asset value, and adjustments in financial regulations. This is one of the many reasons why working with financial advisers is so important for high net worth individuals, as you’ll have access to personalised guidance and advice based on your specific needs and goals.

Our Approach to Working with High Net Worth Individuals

Understanding the unique needs and aspirations of high net worth clients is at the core of our approach to wealth management, and by forging strong relationships and delving deep into both your personal and financial objectives, we’re able to create bespoke strategies that offer you peace of mind and keep your best interests at heart.

Discuss Personal & Financial Goals

At the start of the process, we’ll have a detailed discussion with you in order to understand your financial objectives fully. Whether you’re looking to secure a comfortable retirement, fund education for future generations, or have philanthropic endeavours in mind, we’ll look at your goals and talk about potential strategies to help you achieve them.

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Outline a Tailored Strategy

We’ll then draw upon our experience in retirement planning to create a customised strategy designed to optimise your financial resources and make achieving your desired lifestyle possible. This involves a comprehensive analysis of your financial situation, income sources, investment portfolios, risk tolerance, and estate planning needs. Learn more about our retirement planning services.

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Take Action & Build Wealth

Now your plan is in place, we’ll execute it meticulously, leveraging a diverse range of investment vehicles, tax planning, and asset allocation techniques. We’ll also stay vigilant at all times and adapt to market dynamics to capitalise on investment opportunities and ensure you generate sustainable wealth over time.

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Remain Proactive with Frequent Reviews & Adjustments as Required

We know that wealth & investment management isn’t a one-time thing; it requires ongoing portfolio review to ensure alignment with evolving goals, market conditions, and regulatory changes. Through proactive monitoring and periodic adjustments, we’ll make sure your portfolio’s performance is optimised, and any risk is mitigated, helping to secure your financial position into the future.

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At the start of the process, we’ll have a detailed discussion with you in order to understand your financial objectives fully. Whether you’re looking to secure a comfortable retirement, fund education for future generations, or have philanthropic endeavours in mind, we’ll look at your goals and talk about potential strategies to help you achieve them.

Enquire Now

We’ll then develop a customised roadmap that is tailored to your unique position as a high net worth client. This will involve analysing your existing assets, risk tolerance, tax considerations, and estate planning needs. All of this comes together to create a robust financial strategy that optimises wealth preservation and growth.

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Now your plan is in place, we’ll execute it meticulously, leveraging a diverse range of investment vehicles, tax planning, and asset allocation techniques. We’ll also stay vigilant at all times and adapt to market dynamics to capitalise on investment opportunities and ensure you generate sustainable wealth over time.

Enquire Now

We know that wealth & investment management isn’t a one-time thing; it requires ongoing portfolio review to ensure alignment with evolving goals, market conditions, and regulatory changes. Through proactive monitoring and periodic adjustments, we’ll make sure your portfolio’s performance is optimised, and any risk is mitigated, helping to secure your financial position into the future.

Enquire Now

Common Challenges for High Net Worth Individuals

High net worth individuals face a unique set of challenges stemming from the complexities of managing substantial wealth, and while their financial success opens up multiple opportunities, it also brings intricate issues to the table that require specialised expertise to navigate effectively.

Here are some of the most common challenges faced by high net worth investors and how working with a financial adviser can provide valuable assistance.

Complex Wealth Management Needs

High net worth individuals often have diverse investment portfolios, multiple income streams, and intricate estate planning requirements. A financial adviser can offer holistic wealth management solutions tailored to specific needs, including asset allocation, tax optimisation, and succession planning, making everything much more manageable.

Risk Management and Asset Protection

With significant assets at stake, high net worth investors are exposed to various risks, including market volatility, legal liabilities, and unforeseen events. Financial advisers employ sophisticated risk management techniques, such as diversification, insurance strategies, and asset protection trusts, to safeguard and preserve capital.

Tax Planning

Complex tax regulations and changing legislative landscapes can also have a significant impact on the tax liabilities of high net worth individuals. Financial advisers work closely with tax specialists to develop comprehensive tax planning strategies aimed at minimising tax exposure, maximising deductions, and optimising investment structures.

Lifestyle Sustainability and Long-Term Planning

Maintaining a desired lifestyle while preserving wealth for future generations is another issue many high net worth individuals face, and it requires careful planning and foresight. A financial adviser can help with this by establishing sustainable spending rates and creating effective retirement income strategies.

Navigating Family Dynamics and Interests

Family dynamics, differing financial priorities, and intergenerational wealth transfer can also pose significant challenges for a high net worth individual. By facilitating open communication between families and implementing tailored strategies that address concerns related to inheritance and more, a financial adviser can help foster harmony and stewardship across generations.

What Our Clients Think of Us…

EXCELLENT
23 reviews on
Jo Crawford-Bryde
Jo Crawford-Bryde
2023-09-27
I recently met with my financial advisor Scott Quinlan to discuss proposed plans for retirement. As always, Scott was able to set out the information, processes and options in a clear and easily understood manner. Aside from the clear and sound financial advice, what most impressed with was the time that Scott took to actually talk to me about my readiness to retire. To check that I was mentally ready to enter this next phase and transition from work. I came away from the meeting feeling valued and reaffirmed that this was the right time as all of the issues I had been pondering were discussed openly. I cannot recommend Scott highly enough. He has been a valued advisor of myself and my husband for over 15 years and his management of our retirement funds has placed in a great financial position.
KEVIN BRAY
KEVIN BRAY
2023-08-30
My Wife and I started with Scott when he was with Whittaker Macnaught and have been with him to this day. We are now retired, and self funded thanks to Scott and Solace Financial. Kevin & Lorraine Bray. 👍👌
Gary Rigg
Gary Rigg
2023-08-24
Scott and his team take the time to understand what your goals and needs are and then provide an ongoing service to achieve those goals in a friendly, professional and committed manner.
Lois Jewell
Lois Jewell
2023-08-24
Scott and the team at Solace Financial are magnificent. We came to them in a quite a mess after the GFC, and they have confidently guided us to a stronger financial position with an investment strategy aligned with our risk profile and life goals.
Richard Dart
Richard Dart
2023-08-23
We have been with Scott Quinlan and his team at Solace Financial every since they emerged from Whittaker Macnaught over 10 years ago. Their advice and service has been outstanding and we would highly recommend them to any future investor.
Kevin Goos
Kevin Goos
2023-08-23
Scott has looked after our finances for many years and we have absolute trust in his expertise and judgment. Thanks to his sage advice, we are well set up for a comfortable retirement. He’s such a terrific person and has wonderful people skills. Very highly recommended for anyone looking for sensible advice and strategising to achieve your long term financial and lifestyle goals.
Bronwyn C
Bronwyn C
2023-08-22
Scott Quinlan at Solace Financial has been advising me since 2017. Scott actively manages your investment and he thinks about it through the lens of your individual needs. Scott's support staff, in particular his EA Mel, are quick and efficient in attending to the daily management of his client portfolios.
Sarah Day
Sarah Day
2023-07-31
Steve has been my financial advisor for years and he has always been there for me for advice and assistance. Steve’s advice is always amazing and he is so considerate and generous with his time. Thank you Steve!

Experienced Team of Financial Advisers

scott quinlan 2023 scaled

Scott Quinlan

Principal / Financial Adviser
Masters of Financial Planning
Bachelor of Commerce
CFP®
P (07) 3106 3114  |  F (07) 3106 3100
scottq@solacefinancial.com.au
www.solacefinancial.com.au

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stephen horton 2023 scaled

Stephen Horton

Principal / Financial Adviser
Bachelor of Commerce
CFP®
P (07) 3106 3113  |  F (07) 3106 3100
M 0418 155175
stephenh@solacefinancial.com.au
www.solacefinancial.com.au

Discover more about Stephen
giles stratford 2023 scaled

Giles Stratford

Principal / Financial Adviser
Masters of Financial Planning
AFP®
P (07) 3106 3112  |  F (07) 3106 3100
giles@solacefinancial.com.au
www.solacefinancial.com.au

 

Discover more about Giles

What Are the Benefits of Working With a Financial Planner as a High Net Worth Individual?

Working with a financial adviser as a high net worth individual offers numerous benefits. Firstly, it provides you with access to personalised expertise that is tailored to your complex financial needs, and you’ll be offered guidance and support that will maximise your investment opportunities and mitigate risk.

You’ll also be assured of long-term financial stability and growth, as a financial adviser will look at addressing things such as retirement planning, estate management, and philanthropic endeavours.

This planning and expertise also offers you a great deal of peace of mind, as you won’t have to personally worry about navigating intricate financial landscapes or adapting to change. Instead, everything is handled for you and you can relax safely with the knowledge that you’ll be able to achieve your financial future with confidence.

Take the first step to getting the right financial advice & building your ideal financial future

Are you ready to take the next step on your financial journey as a high net worth individual? Contact us today to book a consultation or fill in our financial analysis form, and you’ll be one step closer to growing and protecting your legacy.

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