GWPO was set up earlier this year<\/a>\u00a0as a new division of Melbourne-based advice firm Grimsey Wealth which has been\u00a0operating\u00a0for 43 years.\u00a0The GWPO business will act as a private office to elevate the firm\u2019s service offering for these wealthier clients, offering services such as tax advisory, risk protection, insurance, property\u00a0advocacy\u00a0and lending.\u00a0\u00a0\u00a0<\/p>\nThe decision to launch a dedicated private office was driven by the rising volume of assets held by its clients, who are primarily all working in the medical profession.\u00a0\u00a0<\/p>\n
Speaking to Money Management, managing director and principal adviser\u00a0Harris,\u00a0discussed what he believes HNW clients value from their practice.\u00a0<\/p>\n
\u201cI would say they value whole-of-wealth reporting, strategic advice and making informed,\u00a0and well-researched decisions is underrated. Leading with that sets you apart from other firms.\u00a0<\/p>\n
\u201cBeing part of a community with other likeminded households and then having access to best-of-breed investments.\u201d\u00a0<\/p>\n
For example, GWPO uses Drummond as its research and asset consultant for portfolio construction\u00a0whereas\u00a0the wider Grimsey Wealth business uses Drummond\u2019s separately managed accounts (SMAs).\u00a0<\/p>\n
\u201cI strongly believe you\u00a0need to be\u00a0really sharp\u00a0on the strategic advice and\u00a0understand their\u00a0whole-of-wealth\u00a0position\u00a0so that clients can make critical decisions but also provide access to institutional-grade investments.\u00a0\u00a0<\/p>\n
\u201cIf you are a single adviser,\u00a0it\u2019s\u00a0impossible to have all the research you need to make a high conviction decision on pc\/ compared to an industry fund, for example, who have a team of 30 analysts. The change in the industry has brought down the cost and barriers to entry to access institutional-grade portfolios via asset consultants so\u00a0that\u2019s\u00a0a big\u00a0change.\u00a0<\/p>\n
\u201cThat\u2019s\u00a0come out of the US.\u00a0If you went to a private bank, you would talk to an\u00a0adviser,\u00a0but they\u00a0wouldn\u2019t\u00a0be the one putting the portfolio together then,\u00a0they would have a team running that model in the background. Asset consultants have thought that concept to the mainstream.\u00a0<\/p>\n
\u201cUsing Drummond gives us access to institutional-grade portfolio management, that\u2019s their\u00a0work, day\u00a0in and day out, and it means we know our clients have best-of-breed investments and we can focus on providing the advice.\u201d\u00a0<\/p>\n
The firm also has a partnership with fintech provider\u00a0HeirWealth\u00a0where its technology gives\u00a0clients the ability to view their wealth all on one page\u00a0as well as include sentimental items or collectibles.\u00a0This has helped the firm to win client relationships purely\u00a0on the basis of\u00a0allowing them to view their finances in this way, Harris said.\u00a0<\/p>\n
\u201cClients say they\u2019ve trying to do this for years,\u00a0it\u2019s\u00a0the sleep-at-night factor,\u00a0there\u2019s\u00a0so much going on in their life that it can be hard to wrap their head around their total position.\u00a0\u00a0<\/p>\n
\u201cTo be able to look that up or to call their adviser and ask what would happen if they sold an asset and for the adviser to be able to show how it would affect their long-term financial position, it gives them that confidence.\u201d\u00a0<\/p>\n
Last week, Money Management covered<\/a>\u00a0how another Melbourne UHNW advice firm has separated from Stellan Capital and set up as its own family office,\u00a0Cetina Family\u00a0Office\u00a0.\u00a0<\/p>\nCetina may have changed its name but founder Ivan Rados said the business proposition will remain unchanged with the firm providing a \u2018hyper-personalised service\u2019 to its clients with services such as inbound due diligence support, cashflow and bookkeeping and administration as well as the traditional portfolio construction.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"With\u00a0more and more\u00a0firms pivoting to\u00a0focus on\u00a0high-net-worth clients, Daniel Harris, head of\u00a0Melbourne\u00a0private wealth firm GWPO, has shared his three…\n","protected":false},"author":2,"featured_media":502736,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[79,218407,18,218408,43065,19,17,234,235,43070,6101],"class_list":["post-502735","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-drummond-capital-partners","tag-eire","tag-gwpo","tag-hnw","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-uhnw","tag-wealth-management"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116638691106766594","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/502735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=502735"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/502735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/502736"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=502735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=502735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=502735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}