Understanding the client

Being a high net worth individual, you have financial planning needs that include more complicated issues than the average Australian business owner and investor.

As a general rule, high net worth individuals need specialist financial planning because their needs are more complex, they require more time and attention, and they understand that smart decision making requires a variety of disciplines and a holistic approach to the client’s needs and circumstances.

At Collins Mann, we understand that the wealth of high net worth individuals often does not sit in the individual’s name but will be comprised in trust and companies and other controlled family structures.

To properly manage these arrangements, high net worth individuals also need specialised:

• investment advisory services;

• tax planning and compliance services;

• insurance and risk management advice;

• superannuation and pension fund advice;

• asset management and portfolio administration services;

• legal and asset protection advice;

• personalised accounting and bookkeeping services;

• profile and reputation management services; and

• family office and lifestyle concierge services.

High net worth individuals typically look to pass on their wealth in a structured and controlled way through family trusts and companies, rather than waiting until involuntary life events occur, like death and incapacity.

Delivering strategic business and investment advice with a focus on succession and risk management is essential to effective financial planning for high net worth individuals.

Most high net worth individuals have unique family concerns that impact their thinking on financial and business matters. We understand that ensuring your portfolios serve your personal values and arrangements (not the other way around!) is very important to you.

Leverage every opportunity

Your success has arisen not by good fortune, but hard work and effort. High net worth individuals expect the same commitment from their advisors and demand more time and attention than the average financial planning client.

Financial planning can be tough and very challenging, especially if you’re a high-net-worth individual. Not only are the nuances of financial planning fairly complicated, but things in the industry are also constantly changing, which often makes it difficult to keep up.

Dan Moskowitz, Investopedia

High net worth individuals need a financial planning advisor that will pursue every opportunity by focussing on:

• the financial efficiency of your legal structures;

• opportunities for tax minimisation and savings;

• tightening legal arrangements to avoid costly disputes;

• maintaining peak asset and investment performance;

• keeping track of financial opportunities; and

• protecting assets from financial risks.

High net worth individuals will not be satisfied with a ‘set and forget’ approach, but need advisors who continually monitor, maintain and advance their financial position.

High net worth individuals require financial planning advice that is tailored to their specific needs and prepared, communicated and executed in a way that suits their living and working arrangements.