Investing in tomorrow: Wilsons Advisory on wealth & the next generation 

As Baby Boomers prepare to pass on their fortunes to Millennials, wealth management firms find that the next generation is increasingly proactive about their financial future. As a result, forward-thinking institutions like Wilsons Advisory are also changing with the times.

The first misconception of those who will inherit the fortunes of high-net-worth Boomers is that they are more flippant and uninformed than their parents. As more advisory firms are learning Australia-wide, they are found to be anything but. 

Wilsons Advisory Head of Private Wealth Casimir Skillecorn speaks with over 25 years of experience. “I think how the next generation consumes information is entirely different,” says Skillecorn. “The next generation has read widely on investment matters, and their questions can be quite pointed.” 

Millennials, the majority of whom are in their thirties and born in the ‘80 and ‘90s, are armed with more accessible information than their parents had at the same age. This ranges from online education to taboo-free conversations about money with their peers, which ensures they arrive at firms like Wilsons Advisory knowing more of what they want. 

The firm has in excess of $13 billion of funds under management and advice and 80 advisers. Like the wider financial world, they are bracing for a fourfold growth in inherited wealth between now and 2050. 

“I think the number one thing that is going to change is the point of relationship,” says Skillecorn. “We’re bringing in a team-based approach [and] ensuring that we’ve got a younger generation of advisers coming through the business, with an understanding of the challenges that are faced by the next generation.” 

Younger advisers, targeted discussions

The firm has targeted contemporary financial thinkers like Brooke Simpson, who joined in 2023, with the modernised vision of the organisation being a contributing factor.  

Simpson grew up on a First Nations reservation in Canada’s Northern British Columbia called Gitanmaax. This ensured her education married by-the-book learnings with practical necessity. 

“We were essentially hunting and fishing for our main food source,” says Simpson. “My parents were looking for opportunities to change our futures for the better. After sending my brother to work in a gold mine, they rapidly built a successful mining contracting business.” 

With her family’s new financial position, Simpson realised the importance of money management which only increased her will to become more financially adept. 

In her early thirties, Simpson is comfortably in the demographic Wilsons Advisory is increasingly catering to. 

“Our generation prefers everything to be efficient, easy and accessible, whereas in previous generations, relationships meant more,” she says. 

Think fewer long lunches with clients and more topic-orientated Zoom calls. 

“[Past generations wanted] to have chats about their personal lives, and they want to go for lunch and dinner, and that’s fine as well. But I think this generation is more to the point and focuses on the value of time.” 

One constant of change

At a primary level, Skillecorn says it is crucial to remember that although the goals, needs, and objectives may differ slightly over generations, every client still wants to generate healthy returns on their capital and good risk-adjusted returns on investments. 

“They don’t necessarily want to just keep investing in banks and resources,” says Skillecorn. “They’ve got a much broader remit regarding an investible universe. We find that having grown up with the technology from early lives, they’ve got a much more open embrace to these new technologies and the newer investments that they can see.” 

They also want people in the room to reflect themselves, which Simpson credits as a great opportunity for female advisers. “We’re seeing more and more affluent females looking for advice and wanting to work with like-minded women, and our offering aligns to this growing group of investors,” says Simpson. 

The Pillars of Wilsons Advisory’s Approach

Skillecorn and Simpson agree that with inheritance, a family’s portfolio must be assessed on a case-by-case basis, regardless of the generations. “It’s important to have an actionable plan and start developing that early, and that’s the approach we take,” says Skillecorn. 

1. Knowing clients  

Prioritising clients’ interests and developing a deep understanding of their position and financial ambitions.  

2. Tailoring outcomes  

Bespoke portfolios and risk-based returns. Crafting customised wealth strategies for clients at all stages of life, from foundation to future.  

3. Expertise  

Investment specialists provide experienced advice across various asset classes, including equities, fixed interest, cash, and alternatives.  

4. Research-Driven Approach  

Utilising extensive research from the Investment Strategy Group to create informed, tailored investment strategies for each client. 

Disclaimer : This is general information and has been prepared without considering individual circumstances. Please seek appropriate advice and review relevant disclosures. Past performance is not an indication of future performance. For more details please refer to wilsonsadvisory.com.au/disclosures.