New firm Providence Wealth has opened in Adelaide and will target the high-net-worth family business market.
The new Adelaide office falls under the umbrella of the wider Providence group, who’s flagship firm started in Sydney 22 years ago, followed by Melbourne six years later.
The Adelaide office will be managed by founder Tony Michaels who has 25 years’ experience in financial services, most recently working as a director at Hood Sweeney where he headed up the private wealth division.
Currently, Providence boasts over $1 billion in funds under care.
“The model of big name, large institutional-style wealth advisory simply doesn’t fit what many of our clients are looking for these days,” Mr Michaels said.
“Effective investment advice needs to be 100 per cent independent. We don’t offer any in-house products or take commissions; it is just a fee for service. That’s very important. We are not constrained in our investment approach and can look at all opportunities on their merit. Clients appreciate that transparency.”
“I think people are now wanting more of a connection with someone they know and trust to discuss their investment strategies. Wealth advisory is largely about community, legacy building, and families – it’s very personal.”
The Adelaide office, situated in the east end of the city in Ebenezer Place, will strive to work with a small niche client list with a clear focus on successful family businesses.
“South Australia has a rich history in the establishment of high-profile, successful family-run businesses. Some clients are now bringing in fourth generation members to operations with significant worth,” Mr Michaels explained.
“Families often need assistance with their custodian duties and succession planning – they need help guiding younger beneficiaries joining the business in both governance of existing investments, and in deciding on future financial directions.
“Nobody wants the next generation to lose what has been built up over decades of hard work.”
