Advisers launch ‘education-based’ firm for HNW clients

Established in December 2023, Freshwater Wealth provides financial advice to high-net-worth (HNW) individuals and aims to improve their financial literacy, helping them identify, understand, and solve their financial problems.

Operating under the Centrepoint Alliance AFSL, the firm said it has received an overwhelming market response, already needing to expand the team with two new experienced advisers and establishing a client wait list after only six months of operation.

Freshwater founder Roger Perrett said the demand is the result of the “perfect storm” currently raging caused by the improved financial education and awareness of Baby Boomers as they approach retirement, the strong demand for advice, and the lack of advisers available to service them.

The founder has more than 25 years of industry experience holding a number of positions including executive financial adviser at Viridian Advisory and partner, executive financial adviser - commercial and private bank for Westpac Group.

Joining Perrett are two partners, Jonathan Harris who joined the firm last month from Manly Financial Services, where he worked as a financial adviser for almost five years, and Dean Fuchs who joined in March and, like Perrett, worked at Viridian Advisory and Westpac as an executive adviser and executive financial adviser, respectively.

Soon to be accompanied by the new advisers is Queenie Shen, the senior associate for Freshwater, who also worked at Viridian Advisory as an associate adviser.

According to Perrett, the emphatic response the firm has already received highlights the continuing unmet demand of Australians seeking financial advice, particularly as they begin to approach retirement.

“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,” Perrett said.

“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.”

Perrett emphasised the need to educate clients as well as advise them, equipping them to make better decisions about their finances in the future.

“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,” he said.