Journeys spanning generations - in life and business

By

Paul Ashworth, Managing Partner
Anne-Marie Tassoni, Partner
Campbell Cooke, Sr Analyst


Posted 12 September 19

Knowledge is nothing without understanding – it takes deep insights into the subtleties of all our clients’ ages and stages of life to craft a wealth strategy and long-term legacy that is truly intergenerational.

The parallels between our clients and us are no coincidence. Like the families we serve, we are one ourselves spanning multiple generations. In the same way, we help our clients to pass the baton down their family line, our founding partners have shared their knowledge and expertise to develop a skilled team of talented people to advise our clients and their successors.

The long tenure of our client relationships means it is inevitable that succession occurs throughout the course of our stewardship. In fact, our clients achieve great comfort and pride when they confidently hand over the reins from one generation to the next. We are fortunate to witness these milestones alongside our clients.

Complexity through the Generations

Peter was first introduced to one of our founding partners more than 30 years ago. At that time, Peter was embarking on what would become an impressive executive career. As a top 20 ASX-listed CEO, Chairman and later various other board appointments, Peter’s journey would take him all over the world. So it was no surprise that as his career propelled, and with it his financial situation, Peter’s picture would become more complicated over time.

Occupying such a public role, Peter’s position was always going to be fraught with risk and as a personal exertion income earner, sufficient wealth accumulation for retirement would only be possible through planned and prudent investment of surplus remuneration. Discipline in executing a long-term plan was the key to Peter’s success, and with the guidance of our partners, Peter was able to navigate his journey with relative ease all the while balancing his three most important objectives – asset protection, tax management and responsible investment.

Fast-forward 30 years and you’ll find Peter enjoying a slower-paced lifestyle, now as a retiree and a grandfather. A situation not dissimilar to that of our founding partner who advised Peter for much of his three-decade-long relationship. Whilst Peter’s career has wound down, his complexity has not necessarily followed to the same extent, and with the evolution of his family and structures, Peter’s three key concerns remain. The difference today is that he is now guided by our next generation of partners who are simultaneously working with the next generation of Peter’s family.

As a long-time listed company Executive, the team at Cameron Harrison helped me hone my wealth strategy into three core areas – the protection of my assets, the generation of sustainable wealth gains and effectively managing tax. These are big foundations which are crucially important to me and my family. It takes a particularly skilled professional adviser to understand and manage across my position and needs and over the years, Cameron Harrison have been exactly that.

The complexity in my tax and family structures means my financial and strategic advice needs to be strategic and comprehensive to account for the many and sometimes conflicting objectives of my family. Most recently, they have helped me implement an estate plan that untangles this complexity and has allowed me to begin transferring wealth to my beneficiaries during my lifetime. They have devised a much simpler estate strategy than what I had in the past, now largely meeting all my family's interests. This was a complicated exercise, having to take into consideration the various ages and requirements of my family members. The way Cameron Harrison has been able to achieve my desired balance between asset protection and tax is a testament to their ability to listen to what their clients seek, properly consider and then advise.

Retired public-company CEO. A client of Cameron Harrison since 2012 (and of founding partners since 1988).

Intergenerational Wealth Strategy and Management

We’re in the business of mapping strategy. However long it may be or how many avenues travelled, it’s a journey where our navigators’ insights and experience are vital in helping our lifelong clients – from their ambitious beginnings to the corner office and beyond.

Achieving success in your individual journey occurs not only through thoughtful planning, but also diligent and excellent execution of the details. In Peter’s case, achieving a clarity of vision was about carefully balancing opportunity and risk.

Our Intergenerational Wealth Management framework threads together core strategy with technical nous to provide clients with strategic, life-long continuity through each age and stage of life to help them achieve security for their families. It’s how we measure success – both theirs and ours.

If you'd like to learn more about how intergenerational planning could support your family, please reach out. We'd be delighted to hear from you. Please contact us on +613 9655 5000.