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Explaining Wealth Advice – who is it for? name

Explaining Wealth Advice – who is it for?

Most of us understand the concept of wealth – but do you have a full grasp of what wealth advice is? You’ve probably seen the phrase pop up in articles on investing, in retirement literature or even thrown around by family and friends.

One of the myths pervading wealth advice is that only the rich or those with money to invest can benefit from it. However, that’s not entirely accurate. Our clients often tell us that they wish they had come to see us earlier in their lives – before they had money to invest.  Many young ambitious New Zealanders can gain advantages from a wealth advisory programme before they’re ready to invest.  In fact, the earlier you start planning your future lifestyle, the more opportunity you have to create better financial outcomes throughout your life.

What is wealth?

Most people have some degree of wealth, but not everyone has a clear understanding of what their true wealth is. If you are younger, you may not feel “wealthy” – especially if you have children or mortgage repayments draining your income. Yet if you were to look closely at your current assets, what you have tied up in KiwiSaver, and other pockets of savings, you may be surprised about how “wealthy” you really are.

Once you understand your current financial situation and where you need to get to, there’s a raft of things you can do to make your money work harder for you. This can range from behavioural changes, developing cash, debt and investment strategies, looking at your insurance, managing your taxes better and much more. If this sounds overwhelming, don’t worry – this is exactly where wealth management comes into play.

What does a wealth adviser do?

Wealth management is about looking holistically at your current financial position and putting into place a strategy to help you achieve your lifestyle goals. It’s about understanding what is important to you and building a plan to make that happen. 

A well thought out wealth management programme will help you become financially resilient. Everyone has ups and downs in life, and the same goes for money – but with a good wealth management strategy you’ll have a roadmap to weather any situation, from job loss to retirement. Research shows that there is a direct relationship between money and wellbeing[1].  Having a plan in place will help you stay in control of your wealth, reduce worry and help you feel reassured should the worst happen – something the recent global pandemic has certainly shown us the value of having!

Why are there so many misconceptions about wealth advice?

There’s a lot of misunderstanding about who wealth advice is for, when to use it and where to find the right advice. Often wealth advisory services are only sought when there has been a life or financial event, such as the sale or purchase of a business or property, or an inheritance.  This misperception about wealth creates a barrier to people seeking advice. While a wealth adviser can certainly help you if you’ve sold your business or the family home, many are unaware that you can actually start planning your wealth much earlier than that.   

Should I consider working with a wealth adviser?

We think everybody should consider wealth management services, because research shows that those who seek professional financial advice achieve better financial outcomes. They are “more able to live within their means, have more savings and are able to pay down debts quicker, and tend to have more investments.”2

As wealth compounds over time, a young person with 30 years left in the workforce has a real advantage. By putting the right strategy in place early, they have the opportunity of living the life they want by growing their wealth to its full potential.

The key thing to remember is that wealth management isn’t just the domain of the uber rich or those ready to invest. It’s a journey to a better lifestyle, enabled through the best possible plan to manage your personal financial situation. Whether it’s making work optional earlier in life, buying your dream house or financial security for your family, creating a plan today to manage your wealth will help you reach your financial goals tomorrow.


Quartz Wealth has developed new services and has a new wealth portal to help people start their wealth management journey earlier in life. Contact us to find out how you can start planning for your future.


[1] Money and You - Financial Services Council consumer research report, June 2020

[2] Money and You - Financial Services Council consumer research report, August 2020 

Date published 29/10/2020

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