Wealth Manager

Wealth ManagerWith the Australian economy currently enjoying an upswing, now is a good time to invest your money in different options.

Diversifying your investment portfolio can be tricky, which is why it might be best to hire a wealth manager or a wealth management firm. If you decide to do so, here are some qualities and traits you should look for in an ideal wealth manager.

Who They Work With

Often, wealth managers have a wide range of clientele. Firms can work with people whose assets are as low as $50,000, to corporations whose assets are at $50 million. Pinpointing the type of clients a wealth manager or a wealth management firm works with is important because it gives you an idea of the wealth manager’s area expertise.

If you’re looking to have your money invested in such a way that it provides you and your family with steady revenue streams in the future, then a wealth manager who focuses on individuals might be your best option. In contrast, if you’re hiring a wealth manager for your business and are looking to grow your money, then an established firm whose specialty is generating large amounts of revenue will be more beneficial.


While you’re not expected to speak with your wealth manager every day, it’s best to remain in regular contact, if only to make sure that your finances are in order.

Especially if your wealth management plan involves investments in managed funds or company shares, having a wealth manager that can answer your calls and meet with you on a semi-regular basis allows you to monitor your wealth when the market becomes volatile.

A wealth manager that you can reach can also put you at ease about your investments, not to mention provide clarity for any questions you may have regarding your fees.

Proven Track Record

Although it is a good indicator of success if a wealth manager or a wealth management firm has amassed a fortune handling and building up other people’s assets, it’s not the only factor to consider.

Rather than looking solely at the firm’s or the wealth manager’s assets, it would serve you well to look at the current financial situation of their clients. This will be a better indicator of how good such managers are with handling other people’s assets. Are their clients enjoying an increase in revenue? Have their client’s investments grown in the past couple of years? These are the questions you need to ask your potential wealth manager.

Established Fees

Currently, the prevailing fee model for wealth management in Australia is called an Asset Under Management fee, or AUM. This fee allows you to pay the wealth manager directly via the investment platform you decide on. While this has its drawbacks, it works well because it takes away a lot of the stress of managing your funds, which is why you invested in a wealth manager in the first place.

Other fee models include performance incentive fees, which allow you to pay for the wealth management service depending on the performance of your investments, or direct service fees, which allows you to pay only for the set types of services you choose in your initial meeting.

Ask your wealth manager what the best fee model works best for the type of management you require. A good wealth manager will be flexible in terms of payment, and will be more focused on earning money for you.


Perhaps the hardest factor to quantify, a wealth manager should show you that they are dedicated to providing you the service that you pay (or will pay) for.

One way to establish the level of dedication you can expect from a wealth manager is by looking at their fee model. Often, different fee models offer different incentives to the individual manager. Ask yourself: with the current fee model, what incentive does my wealth manager have to grow my investment? How many clients is he or she handling? Will my wealth manager be able to give me and my assets the attention I require?

While the current financial atmosphere in Australia is enticing for investments, it’s always best to consult with an expert. Find the right wealth manager, and they’ll be able to grow your investment or investments.

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