A Beginner’s Guide to Wealth Management

Great wealth is accompanied by a great deal of responsibility, and an essential part of having assets is handling them. Studies have shown a 25% growth in wealth management activities in Australia, and with business booming, no one should be unaware of the benefits of having your assets managed. 

Choosing the perfect manager for your assets begins by approaching the right firm and understanding wealth management in Sydney.

What is Wealth Management?

Wealth managers offer a spectrum of financial services to their clients. These services range from tax advice, investment and asset management to detailed financial planning. Such services are offered based on a client’s needs, and a wealth management firm usually has different managers suited to varying requirements.

Their services also usually require them to work beside other experts such as their client’s lawyer or accountant.

When is the right time to approach a wealth management advisor?

Wealth management services require quite a steep account. Every firm has a prerequisite minimum for its services, and some start at a baseline of $1-2 million in investable assets. 

On the other hand, wealth management firms also offer various services for retirement or investment planning. Every firm has varying services that address simple financial questions that a client cannot answer at different rates. It is always better to prepare, and many wealth management services have a comprehensive description of their services online, so read up before reaching out!

Is Wealth Management worth it?

If one can afford wealth management, it is worth it. The service itself costs lesser than the benefits one reaps from it. While financial planners may offer similar services, they work on a service basis that may not provide one with the support they require. Wealth managers handle, preserve and assist in every aspect of their client’s finances, including tax ramifications, regardless of the rising and falling of the market. Their work is more client-focused than service-focused, and this means that a wealth manager knows more and can, therefore, advise and guide better. 

With the correct investment and asset handling, clients reap more benefits than they invest in acquiring services. 

How does one pick the perfect wealth manager?

While enlisting the services of a firm, a client has to worry less about the right manager. However, it is always helpful to know how one can make the right choice regarding their manager. 

Asset Management History

A manager who has handled assets in and around their potential client’s range will have more experience with similar assets. Managers who work with smaller clients may be inexperienced in managing more expensive assets or accounts. 

Typical Time of Service

Enquiring about the period clients usually enlist a manager’s services for can speak for their work. Seeing clients jumping in and out every few years or months can be a glaring red flag. Most wealth managers stay on for over five years or even decades in a project. 


Fiduciaries are needed actually to act in their client’s best interests at all times. During their service, they disclose every aspect of an advised investment vehicle. They prioritise their client’s goals and outcomes and work solely towards the interest, and upon asking them if they are fiduciaries, one should hear a yes. 

Active vs Passive Wealth Management

Wealth management in Sydney can either be active or passive. Neither is worse than the other and depends on the client’s preferences. Active wealth management involves buying and selling equities frequently and is overseen by the wealth manager who tries to outperform the market for returns. On the other hand, passive management relies on the market to determine one’s returns. 

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