Australia’s high net worth (HNW) individuals are increasingly being offered 'one-size-fits-all’ solutions despite their diverse needs, a start-up wealth management firm believes.
Hamilton Wealth Management, a venture launched this week by former NAB wealth manager Will Hamilton and ex-Credit Suisse wealth management head Ian Gilles, said the lack of tailored solutions for the HNW market puts Australia well behind the US.
“Locally, we see a fragmented market providing disparate wealth management solutions,” Hamilton said.
“In Australia, we are typically looking at people in the mid-30s to 60s age demographic. They have diverse needs – anything from post-divorce wealth management strategies to provisioning for a second career or business launch; the objectives are similar. This is a much under-serviced market segment.”
In starting Hamilton Wealth Management, Hamilton said he hoped to reduce what he saw as a multi-billion dollar gap in the market.
“Our research predictions indicate the number of HNW individuals who are in the $3 million-plus sector will increase significantly in the short- to -medium term by approximately 4 per cent a year from current estimated numbers of 275,000 to reach over 330,000 individuals by 2015.
“We see this as a significant potential market – and one whose needs are not being met by Australian providers,” he said.
