Summary
The Australian wealth market offers significant opportunities for wealth managers despite its high level of development. The local HNW segment is significantly older than their global peers, suggesting that intergenerational wealth transfer will offer a significant source of new business over the coming years. In particular, inheriting female spouses are often overlooked and should be given more attention. In the expat space, wealth managers will find those migrating under the Significant Investor Visa a lucrative target market. To appeal to this segment as well as the wider HNW market, providers have to up their game when it comes to the provision of tax advisory services, given that there continues to be a significant gap between supply and demand. One of the main challenges facing the Australian wealth market is the lack of new advisor talent. This is magnified thanks to investors’ strong preference for high-touch, time-consuming advisory mandates.
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Companies mentioned
ANZ
Credit Suisse
NAB
HSBC
and Westpac
CBA
Citi Private Bank
Estate Planning Equation
This report analyzes the investing preferences and portfolio allocation of Australian HNW investors. The report is based on our proprietary Global Wealth Managers Survey. Specifically the report –
– Profiles the average Australian HNW investor in terms of their demographics.
– Looks at which wealth management mandates are preferred among Australian HNW investors and how demand will develop going forward.
– Examines the allocation of Australian HNW investors’ portfolios into different asset classes and how this is expected to develop in the future.
– Analyzes HNW investors’ propensity to invest offshore, their preferred booking centers and asset classes, and Australia’s standing as an offshore center.
– Explores product and service demand among Australian HNW investors.
Scope
– 46% of male HNW investors are older than 60 compared to 26% of female ones. Wealth managers should pay increased attention to women, as more will take over the reins of family wealth.
– Only 12,824 HNW individuals in Australia are expats, but those migrating under the Significant Investor Visa are a lucrative segment thanks to their greater likelihood to migrate permanently.
– Wealth managers that reach out to the expat segment with a one-stop service proposition will have an advantage over specialized boutiques.
– A lack of time is driving uptake of advice, but investors are reluctant to relinquish control and advisory mandates remain the preferred type of asset management, accounting for 64% of assets.
– In stark contrast to the global trend, Australian HNW investors are moving away from property and equities. They currently constitute a noteworthy 48% and 15% respectively, but diversifiers such as alternatives and bonds will attract an increasing share of HNW wealth.
– Australian HNW individuals only hold 16% of their wealth abroad, but providers will not encounter any difficulties reaching out to investors in the wider region.
– Only a third of providers targeting HNW investors offer tax advice, despite strong and rising demand.
Reasons to buy
– Develop and enhance your client targeting strategies using our data on HNW profiles and sources of wealth.
– Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investors’ preferences for the various styles of asset management.
– Tailor your investment product portfolio to match current and future demand for different asset classes among HNW individuals.
– Develop your service proposition to match the product and service demand expressed by Australian HNW investors and react proactively to forecasted changes in demand.
Table of Content: Key Points
1. EXECUTIVE SUMMARY 2
1.1. Already a mature wealth market, Australia still offers room for growth 2
1.2. Key findings 2
1.3. Critical success factors 2
2. OVERVIEW 8
3. INHERITING SPOUSES MEAN BIG BUSINESS, BUT FEW PROVIDERS ARE SET UP TO CAPITALIZE 15
4. TAX STRUCTURING SERVICES ARE KEY TO KEEPING EXPAT WEALTH IN THE COUNTRY 20
…Continued
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