By Anne Hamieh, Head of Private Wealth and Broking, HUB24
Unmet advice needs among High Net Worth (HNW) clients represent a significant opportunity for private wealth advisers to strengthen relationships and deliver more complete and secure whole of wealth solutions.
Inheritance and estate planning, tax efficient structuring, and investment strategy and portfolio review remain the most common gaps in advice for HNW clients. They are closely followed by retirement planning, intergenerational advice, asset protection, investing for a regular income, identifying undervalued assets, aged care, and trust structures.1
This extensive list of unmet needs reflects a broader shift in client expectations, a likely response to the increasing complexity of financial services.
An integrated advice ecosystem can help address these needs by bringing together client relationships, specialist expertise, and connected technology into an advice delivery framework – enabling holistic advice, better client outcomes, and efficiency gains.
Private wealth advisers are uniquely positioned to deliver whole of wealth solutions for their clients because they can coordinate custody and non-custody assets, complex ownership structures, and multigenerational needs.
The extent of the opportunity
Australia’s HNW population continues to expand, reaching approximately 760,000 individuals in 2025, representing 10% year‑on‑year growth, while total investable assets grew by 18%.1
Total investable assets have climbed to around $4 trillion, driven by structural trends including a maturing superannuation system, ageing population, and the accelerating intergenerational wealth transfer.1
While the number of HNW investors who have engaged an adviser is increasing, rising from 22% in 2024 to 26% in 2025, advice needs remain unmet.1
Notably, 63% of investors with $5–$10 million in assets report outstanding advice needs, the highest of any HNW segment. Importantly, this growth in demand for advice is not just about wealth.1
Clients are managing more assets across more entities, often with added complexity around beneficiaries, reporting, and regulatory change. For example, proposed changes such as Division 296 tax and the $3 million super balance cap highlight why forward-looking advice on tax, structure, investment strategy, and family outcomes matters more than ever.
A single view of wealth is expected
Nearly half of HNW clients still rely on spreadsheets to understand the total value and performance of their portfolios.1
At the same time, demand for more complex portfolio structures is accelerating, with more than one in four HNW-focused advisers seeing increased client demand for off-platform and non-custodial assets compared to prior year.2
This disconnect highlights a growing advice gap – as HNW portfolios become more sophisticated, many clients still lack a clear, consolidated view of their total wealth, making it harder for them to make timely decisions and for private wealth advisers to deliver coordinated advice.
The rise of alternative assets demonstrates the need for that consolidated view. HNW investors now allocate around 11% (up from 4%) of their portfolios to alternatives, with private equity and private credit comprising the largest share.1
While alternatives can enhance diversification and returns, they also introduce administrative complexity, fragmented reporting, and manual processes that make it harder for advisers to deliver timely, informed advice across a client’s entire balance sheet.
Innovative solutions redefine how this gap is addressed
Whole of wealth solutions have emerged in response to these evolving client needs. By enabling both custodial and non-custodial assets to be viewed and administered together, advisers can move beyond fragmented portfolio snapshots and provide advice that reflects the client’s true financial position.
Solutions such as HUB24 Private Invest have been designed to support private wealth advisers in solving this challenge. Private Invest offers a broad range of investment options and the flexibility required to meet the needs of advised HNW investors, including access to alternative assets alongside traditional investments, supported by administration and reporting that provides transparency and confidence.
Further, by bringing platform investments together with the administration of assets held directly through HUB24’s non-custodial service, Private Invest can enable a whole of wealth solution. The result is greater clarity, more informed decision-making, and a stronger foundation for advisers to deliver truly holistic advice.
Emerging technology has the power to enable advice
Emerging technology is also redefining what’s possible in private wealth advice and unlocking a significant opportunity for HNW investors.
As portfolios become more complex and span multiple providers, asset classes and structures, advisers increasingly need technology that enables them to deliver coordinated, whole of wealth advice at scale.
For private wealth advisers, the challenge is no longer access to investments, but access to connected, high quality data. Better integration across the advice ecosystem is critical yet today, 25% of HNW clients still do not have access to an online portal for their investments.1
Client portals provide a secure, centralised environment where advisers, platform providers, and other service partners can share and access client information, while giving clients real-time visibility over their wealth. When done well, portals move beyond static reporting to become an active advice enabler.
HNW investors increasingly expect sophisticated digital experiences that reflect the complexity of their financial lives. Transaction capability, and the ability to track goals and monitor progress are no longer “nice to have”; they are foundational to delivering a premium advice experience.1
By leveraging emerging technology, private wealth advisers can improve coordination across providers, keep client data secure, and spend more time delivering high value strategic advice.
The result is stronger client engagement, deeper insight across the entire portfolio, and the ability to meet HNW clients’ growing expectations for transparency, control, and confidence in their financial decision making.
Emergence of younger generations set to drive HNW growth
The next wave of demand for HNW advice is emerging earlier in the wealth journey, driven by generational change, and a growing focus on outcomes across generations. More than six in ten HNW clients are now discussing intergenerational wealth transfer with their adviser, reflecting growing awareness of succession and tax effective planning.1
New insights from the Class Annual Benchmark Report data show Millennials (30-44) and Gen X (45-59) are extending their dominance in new SMSF establishments, with their combined share rising to 90.3% over the past six months, up from 87% at 1HFY25. Generation Z (13-29) and Alpha (0-16) are beginning to appear in new fund establishments data, accounting for 1.7% in 1HFY26.3
These emerging trends highlight a generational shift, with younger investors beginning to engage with wealth structures earlier in their financial journeys.
Conclusion
The increasing scale and complexity of HNW wealth is revealing unmet advice needs that private wealth advisers are uniquely positioned to address through whole of wealth solutions.
Clients are no longer seeking advice confined to individual products or portfolios, but guidance that brings together all aspects of their financial lives, across structures, generations, and asset types.
Meeting this expectation requires more than access to investment choice alone. It demands an integrated advice ecosystem that combines deep client relationships, specialist expertise, and connected technology to deliver a true whole of wealth view.
For private wealth advisers, the opportunity lies in closing the gap between complexity and clarity. Those who can do this effectively will be best positioned to deepen engagement, build trust, and support better outcomes for HNW clients across generations.
Footnotes
- Investment Trends 2025 High Net Worth Investor Report.
- Investment Trends 2025 Adviser Technology Needs Report.
- Class Annual Benchmark Report Half Year Findings – in the six months to 31 December 2025.
Issued by HUB24 Custodial Services Ltd ABN 94 073 633 664, AFSL 239 122 (HUB24) and is current at March 2026. HUB24 is the Operator of HUB24 Invest (an investor directed portfolio service), administrator and custodian of HUB24 Super which is a regulated superannuation fund. The trustee and issuer of interests in HUB24 Super Fund is HTFS Nominees PTY Limited (ABN 78 000 880 553, AFSL 232500, RSE L0003216). This information is intended to be general information only and not financial product advice. Disclosure documents for HUB24 Invest and HUB24 Super are available at www.hub24.com.au. Accordingly, before acting on any of this information, the viewer should consider the appropriateness of the information having regard to their or their clients’ objectives, financial situation and needs. Past performance is not indicative of future performance. No representations or warranties express or implied, are made as to the accuracy or completeness of the information contained in this document.
