Intergenerational Wealth Transfer – The Dilemma of Legacy?
Stories | Wealth Management Solutions

Paul Ashworth, Managing Partner

Anne-Marie Tassoni, Partner

Tristan Bowman, Director

Blood is thicker than water, and money is thicker than both. Families are a complex collective of related but diverse individuals with their own motivations and drivers. Motivations vary us to how family controllers seek to address current and future generations. It can be about legacy, empowerment or frankly, very little. Navigating the journey of planning, structuring and implementing the transfer of family wealth to future generations is no easy feat.
Posted 07 June 2023

As specialist wealth management advisers, we’ve been at this for 50 years, ‘walking alongside’ our clients in their respective journeys, which are all so different and varied. We avoid a specific label for ourselves in this role and process. We are something between lawyers, accountants, financial advisers, and wise old counselors reading the circumstances and potential changes which will inevitably occur inside any family.

Peter & Phillipa’s Wealth Journey
Peter & Phillipa, retired business owners, built, successfully managed and sold their family’s Australian apparel business that they had operated for over 40 years.

With the considerable business sale proceeds combined with significant accumulated wealth along their business journey, Peter and his wife Phillipa, “doubled-down" on their intergenerational wealth transfer planning. They have two adult children with three grandchildren.

Both vibrant characters who largely saw the sale of a business they had built over four decades, as an end to one chapter and the beginning of the next – in fact, seeking to open various new chapters. This is often the perspective of many of our clients who pursue an active, multi-faceted post-business life.

Peter & Phillipa identified three areas of focus:

  1. Core Lifestyle Funding Strategy

  2. Moderate risk: Commercial Property acquisition & value add strategy (independent of the Core Funding Strategy)

  3. Intergenerational Wealth Transfer: Strategy addressing the next 20 to 30 years and beyond in a knowing and meaningful way.

Peter & Phillipa's journey with Cameron Harrison began in the 1990’s. With business succession planning for the sale of the apparel business a few years later, a clear business owner path was put in place. This was complemented with a “Core Lifestyle Funding Strategy” (which became fully funded on the sale of the business, with other capital to pursue their intergenerational wealth strategy).

We are able to advise & guide Peter & Phillipa because of our over 50 year focus to the wealth of business owners and families. This sees us uniquely experienced and skilled to help guide our clients across their active wealth (business, projects) & passive wealth (investment, lifestyle, property) and ensure fully integrated solutions and service delivery across tax effectiveness, asset protection and economic management.

We have been able to assist Peter & Phillipa in varied ways but most importantly via integrated advice and wealth solutions.

This is illustrated below:

Cameron Harrison’s Private Wealth Management (’PWM’) is designed for investors who wish to maintain independent control on their wealth yet want a professionally managed strategy formulated to address their individual needs and circumstances.

Our wealth management framework offers client four progressive service levels:

Investment Solutions: our investment managers are specialists in single asset class and multi-asset allocation strategies, portfolio design and construction, investment selection and risk management.

Wealth Management Solutions: integrated strategic and technical wealth advice across investment and tax management, asset protection, business planning, estate planning, philanthropy and intergenerational wealth transmission.

Specialist Advice Solutions: tailored solutions for specific or complex circumstances, such as strategic planning, business succession, project planning, risk management, estate administration, philanthropic endeavours, business and family governance.

Significant Wealth Owner Solutions: our team of experts can work with you and your advisers to assist with the complex issues faced by owners of significant wealth.

Each of our clients has different tolerances but they all seek a Peace of Mind path. Importantly, it means different things for each client.

For Peter and Phillipa, it was a ‘basket’ of considerations and risk structures that we helped them build and operate. As for legacy, they erred to empowerment for their adult children and economic assistance at differed juncture points in their lives.

Fortunately, they have more chapters left...

For more information on our approach to Journey Mapping or any other inquiries, please contact us on +613 9655 5000.

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Photo by John Moeses Bauan