A new financial advice business, licensed by Centrepoint Alliance, has recently commenced operations.
Freshwater Wealth is a Sydney-based advice practice that was first established in December last year. It seeks to help high-net-worth (HNW) clients achieve their lifestyle goals and make proactive steps to help manage common financial challenges.
The practice is led by founder and partner Roger Perrett, who brings over 25 years of experience in the advice industry. Perrett spent 20 years at Westpac Group’s advice division and four years as an executive financial adviser at Viridian Advisory.
Since December, the business has experienced “overwhelming demand” prompting a waitlist for new clients seeking its services. Moreover, Freshwater Wealth has recently expanded with the appointment of two experienced advisers.
Jon Harris is a former senior financial planner also at Westpac and was a senior business financial adviser at BT Financial Group. Dean Fuchs spent 20 years in Westpac’s advice division and nearly five years as an executive adviser at Viridian Advisory.
Freshwater Wealth is licensed by Centrepoint Alliance, which has close to 800 advisers under its Australian financial services licence (AFSL) including approximately 500 licensed advisers. The licensee has described itself as a “leader in financial adviser recruitment”, with 46 advisers joining since the beginning of the financial year (as at 15 May).
According to Perrett, the current unmet needs for advice coupled with the lack of supply in adviser numbers provides a “perfect storm”.
“Demand is extremely high and there is a huge opportunity with retirees, women and those who have inherited money or who are facing an illness, to provide a service that focuses on achieving clients’ goals and maximising available opportunities but also solve potential problems,” he explained.
Common financial issues the firm is observing include avoiding debt mistakes, living confidently without paying income tax again, caring for elderly parents, cyber security and planning inheritances.
While consumer awareness of these issues continues to rise, Perrett recognised the crucial role advisers place in mitigating these challenges.
“The Baby Boomer generation is more aware than ever before of the complex web of issues that they face around housing, retirement, aged-care and inheritance, but they are unsure where to get the answers.
“Financial advice is about having a strategy in place to protect and grow wealth, but it also needs to educate clients on how they can manage common financial and lifestyle challenges. Freshwater Wealth is excited to be bringing this premium service to the Australian advice market.”
