New wealthtech to address impending intergen. wealth transfer

A new wealthtech practice, promising to address the unique needs of clients and their families amid the impending intergenerational wealth transfer trend, has launched last week.

HeirWealth seeks to assist individuals, families and their financial advisers to navigate the administrative and efficiency challenges that will present when the $3.5 trillion estimated to be transferred by Australians aged 60 and over comes into play across the next decade.

“HeirWealth was borne from a personal need after I was executor of my father’s modest estate,” Tubman said.

“That pivotal time led me to search for a platform that helped my family organise our wealth and document family entities, financial institutions, properties, private investments and collectables. But there was nothing in the market that suitably served this purpose. I am so proud to say that now there is and it’s HeirWealth.

“The platform also supports improved financial literacy outcomes and engagement with particularly among younger generations and women. Over the next 20 years we will see an unprecedented amount of wealth being transferred from the baby boomers to the millennials.

“We are about to witness the feminisation of wealth and the transfer of wealth to a new generation who invest and interact completely differently to their forebears. The times are changing and it’s vital for advisers to engage with the next generation and digitise their
offerings to satisfy the new order.”

Tubman said the platform will provide all stakeholders with visibility over more than 40 asset classes including shares, property, digital currencies and prized collectibles such as art, jewellery and motor vehicles.

The HeirWealth platform is also integrated with open banking standards in both Australia and the United Kingdom, giving users the opportunity to automatically access and synchronise financial data from several sources.

“The platform provides visibility and valuations across traditional investments and alternatives, but it also uses artificial intelligence to bring that sentimental aspect to family wealth by enabling photos to be upload and expression of wish video recordings to capture a family’s legacy,” Tubman said.