Wealth Managers & Wealth Management
Wealth management deals with the investment needs of affluent clients. Wealth management involves working with your adviser to act as custodian of your wealth for generations to come.
Our privately owned company, Mainview Securities Pty Ltd, which trades as Hudson Financial Planning, holds its own Australian Financial Services License which allows us to provide unfettered advice. Our approach to managing our clients wealth is one of diligence, research and transparency and we collaborate at all times to make sure that you retain control of your investment strategy and direction at all times.
Working with an adviser to manage your wealth can help alleviate financial stress and can provide long term protection of your wealth.
Key Private Wealth Management Strategies
Wealth Management starts with financial planning but continues deeper into more complex strategies and considerations that emerge one you amass a certain level of wealth.
Once your net wealth reaches a certain level, in addition to financial planning services, wealth management services involve:
- Advanced investment management and advice.
- Tax planning and management
- Advanced estate planning – important in order to preserve as much wealth as possible for your loved ones after you die.
- Gifting strategies
- Guidance around more complex plans, involving trust structures and companies.
The best wealth management strategies have many different facets to them. It’s about growing your wealth, but also about protecting it and utilising it in a way that is fulfilling. The strategy should look to minimise tax (now and after you die) and manage assets efficiently through diversification, tax loss harvesting and consistent rebalancing. An example of this may be when your wealth manager advises you to sell a fund that has been underperforming in order to harvest your losses to offset against a tax burden during a given year. A wealth manager can help you be strategic about when to withdraw funds and can help with devising safe income streams (annuities) in combination with market aligned income streams. Your strategy should grow with you through good times and bad, and should match up with your goals and objectives.
Hudson Wealth Managers leverage their expertise of markets and the economy, as well as their understanding of you as an individual, to craft an individualised portfolio. A good wealth manager will understand the macro and micro economic trends that may impact your portfolio at any given time. This will allow them to anticipate changes in the market and adjust your portfolio accordingly. A good wealth manager will work with other professionals (your lawyer and accountant) in order to facilitate a comprehensive and tax effective plan that aligns with your values and personal beliefs. At Hudson we believe in holistic wealth management and have been helping clients for over 30 years, manage their wealth.
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How Hudson Supports You To Achieve Your Financial Goals
Hudson Financial Planning provides the expertise and commitment clients need for their wealth creation, protection and preservation. Our recommendations come from intensive investment committee meetings and we commit to meeting many of the fund managers that we are recommending.
Our history of client success and continuity proves our dedicated and committed approach to achieving your financial goals. We are privately owned and we have a strong network of alliances to help reach your financial goals sooner.
Benefits Of The Having The Right Wealth Management Strategy
Having the right financial strategy can help keep you on the path if you start to take a wrong turn. It can provide a form of discipline by keeping you accountable and give you purpose with your cashflow. It will help ensure that the wealth that you have created will remain with you and become part of your legacy.
Step By Step Process For Wealth Management
The Hudson step by step financial planning & wealth management process is simple;
Step 1: Reach out to one of Hudson’s friendly and expert financial advisers by calling 1800 804 296 to book an initial meeting via telephone or zoom. Matt Paul is our Operations Manager and he will co-ordinate a time with you and at the same time send out a copy of our Financial Services Agreement (FSG).
Step 2: Our adviser will call or meet with you at the appointment time and this is where we will get to know you a little better, what matters most to you and what you are hoping to achieve. We can then confirm how we are able to hep you navigate your financial journey. It may be specific advice that you are after, regarding a situation like a redundancy or an inheritance, or it may be a short, medium or long-term holistic plan that you are looking for. Whatever the reason for reaching out to us, we will find the best way to help you in the appointment and will quote the appropriate fees.
Step 3: Once fees have been agreed upon, we will ask you to fill out a full personal financial profile. Your adviser will analyse the information and will make another time to talk you through different strategy options.
Step 4: A strategy will then be presented. This may be product specific or it may be a full financial plan.
Step 5: Once you are happy with the Strategy presented, it will be implemented, and we will confirm once everything is in place.
Step 6: We will then provide ongoing support to help you navigate through the financial complexities associated with each stage of life. Adapting to your changing needs is the key to long term success. As part of your initial agreement, we will have annual, biannual or quarterly reviews, but we are always here if you need to speak to us or if your circumstances change.
At Hudson we have an intimate knowledge and love of all things financial. This gives us the enthusiasm and desire to help you and we will go to great lengths to help you achieve your goals. We are committed to providing you with the best service possible to achieve a result that will set you up for the rest of your life.
FAQs For Wealth Management
Discover our most commonly asked questions relating to Wealth Management at Hudson.
What Is Wealth Management?
Wealth Management is designed specifically to help high-net-worth clients continue to grow their wealth, protect their assets and reduce their financial risk. Wealth management is more than picking investments, it is like a premium service that combines all of the financial services together to meet the needs of wealthy individuals.
What Is The Minimum Amount For Wealth Management?
Some firms will offer a form of wealth management if you have around $250,000 or $500,000, but for the most part you’ll need to have $1million or more, with some brokerage firms requiring $5 million or even $10 million to get started. At Hudson, we believe that wealth is different for everyone, and what is plenty for some is not enough for others. We do not put a figure on our wealth clients, instead we work with our clients to determine when their situation requires Wealth Management. For some it’s at $250,000, for others it’s $5 million.
What Is The Difference Between A Financial Planner And A Wealth Manager?
A financial planner primarily assists with lifestyle planning, budgeting, cashflows, saving for a new house, a new car, retirement, basically managing the finances of everyday clients who want to get ahead. A wealth manager provides services to high net worth clients, such as capital gains planning, estate planning and risk management, wealth managers manage actual wealth. Financial planning evolves into wealth management over time.
Is A Wealth Manager Worth It?
As your wealth grows, your financial situation becomes more complex and things like estate taxes, fees and inflation can chip away at your wealth. Having a wealth manager work with you can help you navigate these complex issues and avoid some financial pain.
How Much Does Wealth Management Cost?
Different wealth managers charge clients in different ways. The most common way is to charge a percentage of the assets that the wealth manager has under management. The percentage is often reduced, the greater the asset value. As an example clients with $1million under management typically pay around 1% of assets per year, while those with $10million pay closer to 0.7%, according to an industry study.
At Hudson, we have the economies of scale to be able to offer fees of no more than 0.6% of assets managed per year, and with clients with over $1 million in investments, the fees reduce.
Fee schedules should just be the starting point, its important to consider the other services provided, such as assistance on specialised areas such as accountants, estate lawyers and insurance advice, and overall level of relationship service that will give you peace of mind. A good Wealth Manager will be aware of personal issues and will offer advice far outside the financial realm.
What Age Should I Start Working With A Wealth Manager?
Rule of thumb is when you accumulate at least $250,000 in assets, however, financial planning often evolves into wealth management and there is no better time that today to start working with a financial planner.
What Are Common Assets That Go Into Managing Wealth?
Large cap stocks, mid-cap stocks, small-cap stocks, international securities, emerging markets, fixed income securities, money market (typically bonds), real estate investment trusts (REITs) and bricks and mortar real estate.
What Are Popular Wealth Management Strategies That Work?
Buy when others are selling and sell when others are buying. Diversify your asset mix, collaborate with a wealth manager and stay on the path as much as possible, hold throughout downturns if possible and set financial and lifestyle goals, reviewed twice annually to adapt to your changing needs whilst keeping you on your financial path ahead.
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Plant a tree with us today, to sit in the shade in the future.