When you have significant wealth, I think it is a mistake to rely on just one adviser.
Managing a high net worth portfolio is complex. Markets change, opportunities evolve and no single adviser can be across everything.
In my experience, the best outcomes often come from having multiple advisers and drawing on a range of perspectives.
Running sleeves of capital with different advisers, whether they are private bankers, financial advisers or stockbrokers, makes complete sense to me.
One of the biggest benefits of using multiple advisers is access to a broader range of expertise.
Over the years, I have worked with many private bankers and wealth managers. It becomes clear very quickly that each has their own strengths.
Some have strong deal flow.
Some are excellent in alternatives.
Some are very good at reading markets.
No one does everything well.
By using multiple advisers, you can lean into their individual strengths and use those skill sets to build a more thoughtful portfolio.
Different advisers operate in different parts of the market.
If you choose them well, you gain access to a wider range of ideas, opportunities and investment structures.
That gives you the ability to compare, challenge and select what genuinely adds value, rather than simply accepting what is put in front of you.
It also helps improve the overall diversity of your portfolio.
We all have biases. Advisers do too.
Relying on a single source of advice can reinforce a particular way of thinking.
Having multiple advisers introduces different perspectives. It challenges assumptions, highlights risks and can bring ideas you may not have otherwise considered.
That is an important part of good investing.
The obvious challenge with multiple advisers is coordination.
More advisers can mean:
Without a clear structure, it can quickly become overwhelming.
This is where I come in.
One of the families I work with has three external advisers, alongside me acting as their independent Outsourced Chief Investment Officer (OCIO).
My role is to:
I act as a sounding board and an independent second set of eyes across their entire position.
Each quarter, we meet with each adviser to review their sleeve of the portfolio, discuss outlook and test new ideas.
I then work with the family to distil everything into clear actions and set the strategy for the next period.
The results have been very positive.
Each adviser contributes their area of strength, and together they create a stronger overall portfolio.
More importantly, the family now has:
They are getting more value from their advisers, not less.
Because everything is working together.
Collaboration, when done properly, works.
But it needs structure, clarity and someone to bring it all together.
If you are working with multiple advisers or thinking about how to better coordinate your wealth, you can learn more about how I act as an independent Outsourced Chied Investment Office (OCIO) and bring everything together here.
Kind regards,
Shelley Marsh
Outsourced Chief Investment Officer (OCIO) & Founder
Wealth Differently
General Advice Warning: Wealth Differently holds an Australian Financial Services licence to provide services to wholesale clients only. The information on this website is only for persons who are wholesale clients as per s761G of the Corporations Act. The information includes general advice which does not consider your particular circumstances and you should seek advice from Wealth Differently who can consider if the strategies and products are right for you. You should also understand that past performance is often not a reliable indicator of future performance and should not be solely relied upon to make investment decisions.
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