A new wealth management firm has launched and is looking to meet the increasing demand from the high net worth (HNW) segment of the market.
Hamilton Wealth Management will offer product and service capabilities to what it calls the “millionaire-plus” market, which it says has been previously under-tapped in Australia.
“The US is way ahead of Australia in its complete wealth management solutions offer,” co-director Will Hamilton said.
“Locally, we see a fragmented market providing disparate wealth management solutions.”
“They have diverse needs- anything from post-divorce wealth management strategies to provisioning for a second career or business launch, the objectives are similar.”
Mr Hamilton said that the HNW individuals market is comprised of 274,000 people who hold a combined wealth of around US$845 billion.
The wealth of the ‘millionaire-plus’ group increased by 8.9 per cent over 2007-2011 and rose by 4.0 per cent last year; a figure that is estimated to reach US1.1 trillion in 2015.
Mr Hamilton said that clients in this market are looking to grow and retain wealth which differs from other areas of the finance market.
“Independence is a key factor and a significant drive for HNW [investors],” Mr Hamilton said. “HNWs are sophisticated. They don’t want to be part of the scale game.”
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