[AMA] Hi Ozb - I'm a Private Wealth Advisor

LSplice89 on 06/02/2025 - 15:16

Hey OzB,

I'm an experienced Private Wealth Financial Advisor, and I’ve spent over a decade helping professionals, business owners, and high-net-worth individuals navigate the complexities of personal finance and wealth management. Whether it’s retirement planning, investment strategies, tax efficiency, intergenerational and legacy planning I’ve seen and handled it all.
Given the ever-evolving financial landscape and the unique challenges it presents, I thought it would be great to host an AMA. I'm here to answer your questions about:

  • Investment strategies – How to build and grow wealth effectively
  • Retirement planning – Making sure you're on track for financial independence
  • Market trends & economic shifts – What they mean for your portfolio
  • Risk management & insurance – Protecting your wealth and family
  • Estate & legacy planning – Ensuring a smooth wealth transfer
  • Financial planning for business owners & executives – Maximizing opportunities
  • Debt management & tax-efficient strategies – Keeping more of what you earn

A bit about me: I spent the first deceade of my career as a Private Wealth Advisor in Australia’s largest Private Banks and now run recently running my own business, focusing on helping clients make confident, informed financial decisions without the fees associated with the Private Bank offering.

Disclaimer: While I’m here to provide general financial insights and information, this does not constitute personal financial advice. Every situation is unique, and I recommend consulting a financial professional for specific guidance.

So, OzB, what do you want to know about financial planning and wealth management? Ask me anything!

Introduce Yourself

Comments

  • altomic on 06/02/2025 - 15:19
    +1

    What is your net worth?

    • Splice89 on 06/02/2025 - 15:21
      -3

      I still have a smaller amount of non-deductible home loan debt which I should extinguish over the next 5 years but my home is approx $2.5m. Super $250k.

      • ihbh on 06/02/2025 - 15:27
        +1

        Net worth without age is not very meaningful.

        • MS Paint on 06/02/2025 - 15:29
          +6

          36 is my guess

          • ihbh on 06/02/2025 - 15:30
            +12

            @MS Paint: Either that, or 88 other people took the splice username before him.

          • Splice89 on 06/02/2025 - 15:32

            @MS Paint: roughly :)

            • montorola on 06/02/2025 - 17:55
              -4

              @Splice89: Lol @ AMA but refuses to disclose age

              • eug on 06/02/2025 - 18:24
                +11

                @montorola: Well you can ask anything, but he doesn't have to answer everything. :)

              • R-Man on 06/02/2025 - 20:04

                @montorola: Id say they disclosed their age before even posting the AMA

      • JIMB0 on 06/02/2025 - 19:36
        +3

        Why such a low super balance and no other assets besides a ppor?

        • onceupon8 on 07/02/2025 - 09:42
          +3

          Because your PPOR is one of the best investment opportunities - property appreciates so much in Australia, and the capital growth is tax free.

          It is similar to super but without the age restrictions to get it out. Advantage over super: you can easily leverage at low rates (home loan rates). Disadvantage over super: you don't get the tax deduction on the way in on your contributions. But as you are limited to $30k per year concessional contributions, if you are already contributing that much (or if your income is over $250k which lowers your tax saving due to Div 293), your PPOR is a better investment.

  • AustriaBargain on 06/02/2025 - 15:20
    +2

    Are investment properties necessary to grow wealth the most? Why shouldn't we be buying Australian company shares instead, or even shares like Apple or whatever Buffet favours these days. And is there a chance that the ALP will follow through and build "too many" houses and curbing migration to match and pop the housing investment bubble forever (outside of inner Sydney at least)?

    • Splice89 on 06/02/2025 - 15:25
      +1

      Great question and a common one I receive from clients. I truly believe property should be considered as part of an overall investment strategy but not solely relied upon. Firstly you PPR (Principal Place of Residence) is tax-free which is incredibly beneficial long term, investment properties can obtain the benefit of negative gearing, however, the appeal is reducing at present (particularly here in Melbourne) due to ongoing costs (i.e Land Tax etc). Majority of my clients would have 1 or 2 Investment Properties but they have been selling in the past 3-4 years due to the reasons I outlined above. The final thing around property is it is illiquid and comes with high transaction fees (agent costs, maintenance etc) which you don't get from an Investment Portfolio. As for Political changes you mention, I can't foresee what will happen but housing is a political football and therefore maybe another reason as to why you shouldn't rely on it solely.

      • AustriaBargain on 06/02/2025 - 15:31
        +3

        If I came to you and said I'm a young guy in my 30s, I just inherited 500k, I already own the home I want to live in for the next few decades, should I buy an investment property or Apple shares if I want the most spending money by the time I'm 60, which would you recommend? Buying 500k in shares or using the money to borrow to buy a 1.2 million dollar investment property or whatever. Maybe the housing market is more predictable, but which of the two will probably make a lot more money over the next 30 years? Buffet says he bought his house for a song many decades ago and it's worth millions now, but he would have made more if he bought stocks and bonds instead.

        • Splice89 on 06/02/2025 - 15:36

          Congrats on owning your own home. I would suggest building a multiple asset class portfolio that is well positioned given your age and timeframe ahead. This would be in Australian Equities, International Equities, Property (liquid), Private Assets (Hedge Funds, Private Equity, Infrastructure etc). Your ability to benefit from compounding returns given your age, if modelled up, will be significant. Compounding returns after all are the 8th wonder of the world (Einstein). I wouldn't just put it into Apple shares, absolutely not. An Investment Property could make sense but once again, you are just invested in one asset class in one jurisdiction which isn't our preference.

    • 1st-Amendment on 06/02/2025 - 17:45
      +4

      And is there a chance that the ALP will follow through

      There is zero chance of that… they are one of the most incompetent governments in living memory.

      pop the housing investment bubble forever

      Also zero chance of that… because it's not a bubble. People will always need some where to live, and while there's more of them every year and government creates more and more red tape to restrict developers from creating more supply, then demand will ensure prices continue to rise.

      • AustriaBargain on 06/02/2025 - 18:25
        +1

        Seems like red tape is being cut. Keep reading about local homeowners complaining about apartments being built near them that are are made up majority apartments rent controlled for low income people. That has to put downward pressure on houses when there's 100 households who now aren't competing for rent in those nearby houses. And it's to like the PM has his finger on the migration knob and is like "data says there's 100 extra apartments now, better let in 100 more migrants to fill that new gap in the rental market". Or maybe that's how politicians do work, feels like it at the moment.

        • 1st-Amendment on 06/02/2025 - 22:44
          +4

          That has to put downward pressure on houses when there's 100 households who now aren't competing for rent in those nearby houses.

          Problem is that for every 100 apartments being built, they're letting in a 1000 more people. Pressure on prices will continue to go up until one of those two things change drastically, Adding 10% more apartments or cutting immigration by 10% simply won't cut it.

      • Butterchurner on 07/02/2025 - 13:52
        +1

        "There is zero chance of that… they are one of the most incompetent governments in living memory."

        Imagine thinking that after witnessing the last LNP government. Perhaps you need to rephrase to 'I don't like the things they followed through on' or 'I don't agree with taxing the upper class more'.

  • Benoffie on 06/02/2025 - 15:20

    Given the incoming changes to nursing home bonds on 1/7/25, what is the current market murmurs on the realities of Australia reintroducing either/both a death tax and an inheritance tax?

    And, if either/both of these occur, what do you believe is the likelihood of Trusts being included in this (considering their existing tax obligations)?

    • AustriaBargain on 06/02/2025 - 15:22
      +1

      Wouldn't the "death tax" be like in some American states, where let only affects money above 10 million dollars or whatever? Is there a single member on OZB who has more than 10 million of wealth per child lined up!? Wouldn't surprise me if JV was Rupert Murdoch actually…

    • Splice89 on 06/02/2025 - 15:28
      +2

      There is already a death tax which isn't talked about enough, this is the tax paid by beneficiaries when they receive proceeds from a deceased superannuation portfolio (only on the taxed portion), however, there are strategies we employ overtime to reduce this as much as possible. As for other death taxes and inheritances taxes, given the way politics is going (and i'm no political expert by any means) you could likely expect one in the future to pay down our looming fiscal debt. I would think it would be more Personal rather than Trusts but I haven't heard too much in the industry on this as yet.

      • AustriaBargain on 06/02/2025 - 15:31
        +3

        Is that really a death tax, or tax that the original person would have paid anyway even if they cashed it out themselves?

        • Splice89 on 06/02/2025 - 15:36
          +1

          It is only paid on death so yes https://legalconsolidated.com.au/super-death-tax/

          • AustriaBargain on 06/02/2025 - 15:40
            +1

            @Splice89: It's still just on the taxable components though yeah? i.e., contributions that were made using pre-tax income, such as employer super guarantee contributions and salary-sacrificed amounts? And no tax would apply if the beneficiary is a dependent (such as a spouse or a child under 18)?

            • Splice89 on 06/02/2025 - 15:46
              +1

              @AustriaBargain: Spot on mate! You have no idea how many clients we see though who don't pay attention to this and recycle it overtime to reduce it.

            • mskeggs on 06/02/2025 - 15:47
              +1

              @AustriaBargain: Completely avoidable if you bequest to a spouse or dependent, or withdraw before death.
              If other taxes were so easy to avoid we would have no tax base.

              • Splice89 on 06/02/2025 - 15:49
                +1

                @mskeggs: Correct, only 'non-dependants' pay it which is the children largely - the hard part is knowing when someone will die but we've had cases when the parents are in palliative care and actioned this.

                • Benoffie on 06/02/2025 - 16:07
                  +1

                  @Splice89: Appreciate the replies 👍

                • sam-1966 on 06/02/2025 - 17:18

                  @Splice89: So if the superannuation is paid out before death, what are the tax implications on it?

                  • Splice89 on 06/02/2025 - 17:35
                    +1

                    @sam-1966: Zilch additional death taxes. Might incur tax on any capital gains not sitting in pension mode though … those gains are only 10% though if held for > 12 months

            • Worf on 06/02/2025 - 20:54

              @AustriaBargain: I thought salary sacrificed contributions are still taxed at the concessional rate (I.e., 15% for the average punter)… am I missing something?

              • SlickMick on 07/02/2025 - 13:16

                @Worf: They are Income is also taxed at 15% until pension phase, then no more tax. But if you don't have a spouse or child < 18, it is taxed when you die.
                Hence the death tax. The payout is unfairly being re-taxed.

  • MS Paint on 06/02/2025 - 15:25
    +12

    Do you prepay your tax using discounted gift cards?

    Do you have a tax credit with the ATO that you cannot access?

    • Splice89 on 06/02/2025 - 15:31

      I don't prepay tax using discounted gift cards nor have a tax credit with the ATO.

      • MS Paint on 06/02/2025 - 15:32
        +2

        So I know someone who isn't a client of yours then.

        • Splice89 on 06/02/2025 - 15:41
          +1

          That's a great strategy. One I wasn't aware of.

  • 1st-Amendment on 06/02/2025 - 15:27
    +1

    What is the threshold to be considered 'wealthy' by the industry?
    I had a friend of a friend in private banking years ago and he told me once that there was a 'loose' guide for the entry level to private banking was that you owned your own home plus had $2.5M in other assets or net worth. This was just to get your foot in the door. Is this true, if so what would be considered the threshold for such a thing?

    • Splice89 on 06/02/2025 - 15:31

      Yes, the going rate is $2.5m for either debt or for investible assets (cash, share portfolio etc). I felt this was just a loose entry point and clients have been accepted for less depending on relationships. I will openly say, if you 'Bank' with a Private Bank, you are doing yourself a disservice as the mortgage rates are generally higher than what you would receive from a mortgage broker due to you having a relationship, not always the case but something I did see quite alot. The Financial Advice is reputable though given the amount of assets managed by Wealthy individuals there is cost / scale benefits.

  • ihbh on 06/02/2025 - 15:30

    Have you set up family trust/corporate trustee structure for yourself or do you just advise wealthy clients to do it?

    • Splice89 on 06/02/2025 - 15:31

      Absolutely!

      • ihbh on 06/02/2025 - 15:32

        Do you do your own tax return - all of the structures?

        • Splice89 on 06/02/2025 - 15:38
          +1

          No I don't. Whilst I was originally an accountant, I spend more time on what I'm passionate in and using an accountant is always beneficial imo.

          • ihbh on 06/02/2025 - 15:50

            @Splice89:

            I spend more time on what I'm passionate in

            Like sales and marketing? ;)

            My different take:

            I realise there's a school of thought that you should focus on what you're good at, the big picture, where you can add the most value, etc., and outsource the rest (e.g. Ferriss' crap), in some areas, you need to be across the big picture but also some of the details, … like wealth management, investments.

            I mean WB does his own tax returns.

            And the ability to do some of the details, means you have the ability to set up systems, etc., which I assume would be needed in wealth management. Also, in your case, at a young age, with fewer assets/complexity, it wouldn't be that onerous.

            • Splice89 on 06/02/2025 - 15:55
              +1

              @ihbh: Yes I guess time is the most valuable commodity anyone has. Tax legislation is also forever changing so I just pass this service on. I think I pay my accountant $325 per year which to me is money well spent. I have multiple structures but less complex of course than most of my clients I deal with.

      • original15 on 06/02/2025 - 15:50
        +1

        At what point do trusts make sense for your clients?
        Is it different if self employed / running a business vs salaried?
        Does it depend on investment returns?

        • Splice89 on 06/02/2025 - 15:53
          +3

          Trusts aren't that expensive to setup through the right channels… maybe $1-2k. So assuming the tax benefit you get from setting one up is higher than that (and the ongoing fees with the accountant) then I'd say speak to your accountant about it. You benefit most from splitting the income / tax across spouse/children. You also get asset protection in the case you are ever personally sued then these assets are much more difficult to access.

        • ihbh on 06/02/2025 - 16:17
          +5

          The best advice I can give (can't say advice because I don't know your personal situation) to individuals is: do you think you'll earn a decent income (salary and/or investment income) and be able to retire early and you're not a loner. If so, you're partner is unlikely to work. A family trust lets you conveniently split some income (e.g. investment income) with them to take advantage of their tax-free threshold and lower rates. Not helpful with children (can only really split $416 to kids) until they turn 18.

          Obviously, you can manually do it - buy the investments in the lower income spouse's name.

          To move assets into a family trust later could incur CGT and stamp duty. There are some ways around this like drawing down equity, but easier to have it in place at the start.

          It only costs ~$1-2k to set up and the annual tax return is more than an individual's. If you have corporate trustee, etc., you also need to pay ASIC fee.

          Like SMSFs, most individuals don't need it, but they sound sexy and unscrupulous service providers can sell them for much more, attaching the fear of people going after your assets, etc.

          If you've got a risky business, and you've got assets, for sure, you'd need it for yourself for the asset protection. but in general for businesses, you'd need more specialist advice (e.g. to put the company in a separate trust, etc.).

          • Splice89 on 06/02/2025 - 16:42

            @ihbh: I'd agree entirely with this.

            • original15 on 06/02/2025 - 16:55

              @Splice89: Thanks @Splice89 and @ihbh on my mind for future, a lot with my skills and training end up running their own business and pretty much being sole operators advising and coaching, can see benefit from a trust down the track, for now maybe not so much, income from investments isn’t huge (accumulating shares only at this stage) but if running my own shop benefits would be different for splitting income across spouse etc
              Thanks

          • eek on 07/02/2025 - 09:52

            @ihbh: In this situation if one parent is a PAYG employee making over $250K + super, have 2 young kids and spouse isn't working, how does that parent split their income with a trust to reduce income tax?

            • ihbh on 07/02/2025 - 11:43
              +1

              @eek: Unless you can get the salary paid into a company owned by the FT, it can't be split. That's why a FT is not beneficial for most people, and at least not immediately.

              I gave example of investment income. E.g. FT owns shares, dividends can be streamed to beneficiaries to optimise. Also, FT ownership of a business, etc.

  • Gdsamp on 06/02/2025 - 15:43

    Do you follow your own advice

    • Splice89 on 06/02/2025 - 15:45
      +1

      Yes, I have invested in a similar manner to my clients with variations due to my age / access etc. I have since sold to pay off home loan debt, however, felt it was a useful exercise to understand my own behavioural biases. Structure and discipline is key in investing.

  • mskeggs on 06/02/2025 - 15:48

    Do you feel that wealthy people have any moral duty to help others?

    • Splice89 on 06/02/2025 - 15:50
      +2

      I do. Some of my client's do and don't share that view and I respect that as making money (esp first gen) is hard and they want to benefit their family before society. In saying that, we setup a number of Philanthropic Funds for clients which donate money to charity (4%) into perpetuity. This is also a great tax reduction strategy and a good way to involve the next generation.

      • rangabeard on 06/02/2025 - 16:27

        as someone who works on the philanthropic side, how do your clients generally arrive at their giving strategy? and any tips you would have for influencing or informing that decision?

        • Splice89 on 06/02/2025 - 17:00
          +1

          I generally bring this up in initial discussions with clients. I.e "Do you wish to give to charities" "Is leaving a legacy important to you" "Are you interested to deductible tax benefits that also contribute to your specific cause". It is also part of our initial fact finding documentation to make clients consider it. Public Ancillary Funds can be started for $15k these days so if client's are already donating $3k per year it already makes sense.

  • Dollar General on 06/02/2025 - 16:01
    +1

    Do many people ask how to get wealthy the old school way - slow, or is it all about crypto and onlyfans these days?

    • Splice89 on 06/02/2025 - 16:12
      +1

      I did actually have a prospect client who has made quite a fortune from OF. Haven't met too many Crypto Millionaires just yet but I'm sure I will in the future. The one theme I've seen across many client's I've met is largely business owners generally do the best given the tax concessions they've received over their lifetime as opposed to paying personal income tax unless of course you're a CEO/Doctor etc. Old school way still works for many people its just the way in which you do it.

  • blueduck4 on 06/02/2025 - 16:07

    I am a NZ citizen, and I live in Australia. I am eligible to apply for Aus citizenship as of now.
    However, I am confused with tax. I want to register my business overseas as I might move, or perhaps mitigate tax as I'll be in-between both countries. But there is a tax rule that stipulates that I have to pay tax on foreign income if I satisfy these residency tests.

    Do I bother applying for the citizenship? What benefits do I even get? Does it even matter since NZ citizens are considered perm residents for tax purposes (dont quote me on this one)?

    • Splice89 on 06/02/2025 - 16:15
      +1

      Ooo this question is a good one but I would generally refer clients to a specialised cross-border tax agent to weigh up pros/cons of receiving citizenship. If you are a foreign resident, you are not entitled to the main residence exemption from capital gains tax (CGT) for property sold after 30 June 2020 which I think is one big thing. But yes sorry, I can't specifically answer your question sorry!

    • 1st-Amendment on 06/02/2025 - 17:34
      -1

      Do I bother applying for the citizenship? What benefits do I even get?

      Ask not your country can do or you, ask what you can do for your country.

  • Gdsamp on 06/02/2025 - 16:22
    +1

    Do you appreciate when companies price gouge and make products/services worse for the customer because it generates more value for shareholders?

    • Splice89 on 06/02/2025 - 16:26
      +1

      I find it incredibly frustrating and short-sighted. The customer is the heart of any business, so any decision that could jeopardize that relationship should always be carefully considered first. I've seen this mistake happen far too often, which is one of the reasons I chose to run my own business—to have full control over these decisions.

  • welcomeUniverseWorld on 06/02/2025 - 16:30

    Do you look after smsf that invests in Bitcoin & crypto?

    • Splice89 on 06/02/2025 - 16:41
      +1

      I don't unfortunately but understand why people wish to invest in those asset classes. I have a duty of care in my role to provide recommendations to clients which are back tested and based on fundamentals. Whilst I always watch the surge and fall of crypto's, I only seeing it playing a small part in a client's portfolio (i.e through an ETF) as it is hard to quantify it's value. This may change overtime but is not something I look after at present. Good luck!

      • 1st-Amendment on 06/02/2025 - 17:35

        I don't unfortunately but understand why people wish to invest in those asset classes

        Same reason they play pokies…

      • welcomeUniverseWorld on 06/02/2025 - 17:52

        Does your back test show Bitcoin is a bad investment? And why? What negative flags do you get in your back test?

        • askbargain on 06/02/2025 - 21:38
          -1

          Past performance doesn’t guarantee future performance. Back testing is useless.

  • dust on 06/02/2025 - 16:51
    +4

    Are you hoping to drum up some business on OzBargain? If so, what's the range in fees you charge (from simple to more complex advice)?

    • ihbh on 06/02/2025 - 17:04

      … or are you looking at a subscription model?

    • Splice89 on 06/02/2025 - 17:47

      Ha thanks! My first inclination to do this was not with that in mind but rather answer some questions as I know the threshold typically to even speak with Private Wealth Advisors can be high generally speaking so happy to pass on any knowledge I have (without specifically giving advice of course!). For my business, we charge 0.85% of Assets under Management up to $1m and a reduced rate after $1m depending on the size of assets. We felt this was a fair fee as it covers our fixed costs as well as being much lower than the Private Banks (1.1 - 1.3%). Our minimum account size is $1m (which could be combined across multiple accounts). If it is complex advice, we typically charge an upfront fee for the initial Statement of Advice which is tailored to the circumstances.

      • ihbh on 06/02/2025 - 21:02
        +2

        Can I get clarification of pricing model (not for me; just to understand).

        Say a client had a spare $1m and the best course of action was to put it all into super.

        1. Would you classify this $1m as AUM? Or is it AUM only if the $1m goes into a fund recommended by you - e.g. not an industry fund, but some other fund on your list?
        2. What about other assets the client owns such as a principal residence, investment property, direct shares, managed funds in their own name - would this be considered as AUM? And if so, how would you value the illiquid assets?

        How do you track/demonstrate your value add to a client? Is there some benchmark (representative, but not too onerous to calculate) you agree on at the start of a relationship?

      • JIMB0 on 06/02/2025 - 22:49
        +3

        Do you have a track record of outperforming the Vanguard funds that charge a fraction of the fees?

  • Godric on 06/02/2025 - 17:15

    Any recommended personal financial advisors or firms in Melbourne?

    • Splice89 on 06/02/2025 - 17:55
      +1

      I’m also based in Melbourne and have worked with many advisors, so I can provide some recommendations if needed. When selecting a financial advisor, consider the following:

      Qualifications & Accreditation – Do they hold credentials such as CFP®, Master of Applied Finance, or CFA?

      Client Satisfaction & Transparency – Are their client satisfaction scores independently tracked? Are they open to having you speak with existing clients about their service?

      Investment Independence & Access – Is their investment approach truly independent and best-in-class? Do they offer access to all asset classes, including alternatives?

      Scope of Services – Do they provide comprehensive financial planning, or only investment management? The best advisors integrate strategic advice with investment planning to maximise your chances of achieving your goals. I've worked in just Investment Firms are have seen this go wrong too many times.

      Firm Reputation – Is the firm well-regarded and reputable in the industry?

      Hope this helps or PM me :)

  • randomusername2017 on 06/02/2025 - 17:45

    No AMG mention yet?

  • theHMASfriendship on 06/02/2025 - 18:03
    +1

    I have a couple of questions.
    1) What is your favourite pizza topping?
    2) If you were stranded on desert island what 5 albums would you take?

    • ForkSnorter on 07/02/2025 - 07:33

      1) What is your favourite pizza topping?

      Gorgonzola cheese with honey, and if available: black truffle

      2) If you were stranded on desert island what 5 albums would you take?

      5 albums would only keep boredom at bay for about half a day. Listening to the same things over and over is mind-numbing. It's so much nicer to constantly listen to new music, so wifi access is preferable, but here you go:

      1. Scheherazade by Rimsky Korsakov (if they could squeeze the first movement of Antar on the disc, that would be even better)
      2. Kind of Blue by Miles Davis
      3. Bryter Layter by Nick Drake
      4. Piano Concerto No. 2 by Rachmaninov
      5. Revolver by the Beatles
      • theHMASfriendship on 07/02/2025 - 07:39
        +1

        Nice, mine are
        1) Onion
        2) 5 copies of the Shrek 2 Motion Picture Soundtrack

        • ForkSnorter on 07/02/2025 - 07:43

          Haha. I'll try onion on my next pizza. Any cheese on that?

  • Reggie74 on 06/02/2025 - 18:46

    What's a common myth about investing?

    • cloudy on 07/02/2025 - 10:09
      +3

      Efficient market hypothesis

      • ChatGPT on 07/02/2025 - 14:58

        There's a reason why it's still a hypothesis!

  • SBOB on 06/02/2025 - 20:34
    +5

    How do you justify to investors your service fee compared to say VDHG/DHFF/VGS&VAS and chill kind of investing, which likely over the long term returns equal or more than your higher fee 'management' investing option?

  • Typical16-bitEnjoyer on 06/02/2025 - 20:59
    +1

    Did you dust off your OzB to spruik for new clients?
    Be honest. You've barely touched it in 4 years other than some qantas points banter.

  • pencilman on 06/02/2025 - 21:05
    +4

    Reading Splice89's replies so far on this on this thread, I've been impressed.

    My opinion is that he/she has provided solid general info, so Splice89, you pass the crapologist test for me.
    Look forward to reading more of your replies.

  • jv on 07/02/2025 - 00:43
    +1

    Ask me anything!

    What colour is your underwear?

    • shoppe on 07/02/2025 - 15:56

      One will never get wealthy by spending your money on unnecessary clothing items. (Does that answer your question?)

  • wannagrababargain on 07/02/2025 - 08:30

    Not everyone has $1m cash lying around to invest but many people in their middle ages are easily hitting $1m+ net worth. This industry is very confusing to a lot of people who might have a little bit of financial literacy but are not yet classed as 'high worth.'

    Say someone already has a few investments, are moving through stages of life, marriage etc, looking to continue expanding their portfolio with the aid of a professional but not necessarily looking to have their investments under management of an advisor. What would you call this type of professional? Financial advisor? Wealth advisor? Financial planner? First thing people do is often go to their bank but as you say the banks have stitched it up with high fees and own goals. Is it possible just to pay someone a one-off fee to review everything and make recommendations?

  • Oztack on 07/02/2025 - 08:54

    I remain intrigued by the common pricing model of charging fees based on assets under management. Can that be rationally justified?

    Does a $5 million dollar account with 25 securities in it take less 'work' for you than a $10 million account with 25 securities?

    Shouldn't the cost be based on work involved (perhaps reflected in the number of securities) rather than based a simple number?

    Having a client declared as a 'wholesale investor' reduces the amount of paperwork you need to generate (a lot!) when offering advice - do you charge your wholesale investors less?

  • eels are best on 07/02/2025 - 09:19

    @Splice89 Hi thx for taking time to start this thread. So my understanding is that when I turn 60 and not employed/retired I can withdraw my super tax free as a lump sum?
    So at age 60, technically I'm not employed but could I earn income from doing market research/surveys for various companies?
    Could I also earn short term capital gains regularly by trading Aussie futures markets? Would doing these still be classed as being retired from the workforce in the ATO's eyes?

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