A new advice business targeting high-net-worth individuals has already established a wait list for potential new clients seeking its services.
Freshwater Wealth, which was founded in December 2023 by Roger Perrett, say it’s providing “…a professional, education-based advice service to high-net-worth individuals including retiring baby-boomers and single and widowed women seeking a tailored and proactive advice service.”
A statement from the company says it has “…been met with overwhelming demand, with the practice already expanding to include a further two experienced advisers and establishing a wait list for potential new clients seeking its services.”
Perrett says this market response demonstrates the current unmet demand for advice and that the advice industry “…is in a ‘perfect storm’ – greater awareness by baby-boomers of the choices ahead of them, strong demand for advice, yet not enough advisers to supply the service.”
He says demand is extremely high “…and there is a huge opportunity with retirees, women and those who have inherited money or who are facing an illness, to provide a service that focuses on achieving clients goals and maximising available opportunities but also solve potential problems.”
The firm says these financial problems and challenges include:
- Avoiding debt mistakes
- Living confidently without paying income tax again
- Caring for elderly parents
- Cybersecurity
- Safely transferring money
- Gifting funds and inheritance with the desired outcomes
Perrett says while greater information has increased awareness of these issues, understanding how to manage them and the role advisers can play to help clients, has not been achieved.
The team at Freshwater Wealth has combined financial advice experience of more than 93 years. Perrett brings more than 25 years executive financial advice experience to the business having spent more than 20 years at Westpac Financial Advice.
He is joined by Jon Harris, a former senior business advice with BT Advice and senior financial planner with Westpac, and Dean Fuchs, who also worked for more than 30 years as a executive financial planner and in the private client division at Westpac.
The firm, which is licensed by Centrepoint Alliance, also sees itself as part of the on-going transformation in the advice industry “…where the largest segment of licensees is privately-owned practices made up of 1-10 financial advisers.”
This segment now accounts for 26.8% of advisers and while overall adviser numbers are now stabilising, 29% of unadvised Australians are now seeking advice, says the firm quoting Adviser Ratings reports.
