Growing numbers of HNWs seeking advice

Australian high net worth (HNW) are becoming increasingly reliant on financial advice, according to new research released by LGT Wealth Management.

The LGT Wealth 2025 State of Wealth report has delivered a bottom line that “Australia’s wealthy are more affluent than ever, but also more disciplined, more values driven, and more reliant on advice”.

At the same time, it found that Australia’s HNW population has risen by 18% to 760,000, controlling a record $4 trillion in assets.

The report is based on a survey of 1,191 Australians with more than $1 million in investable assets, including 168 untra-high net worth investors with over $10 million.

It said there had been a shift towards greater resilience in the face of political and economic shocks, with investors building portfolios designed to navigate uncertainty and create wealth for future generations.

The report suggests that HNW’s increased reliance on advice reflects the manner in which they are seeking to deal with uncertain times.

Commenting on the survey findings, LGT Wealth Management Australian chief executive, Michael Chisholm said what was striking was how calm investors had been.

“Staying the course takes discipline and perspective, and Australia’s wealthy are showing both. They’re thinking more like global institutions – measured, diversified, and focused on long-term goals – while leaning on advice and making informed decisions with family and legacy in mind,” he said.

The research found that intergenerational planning is at record levels, with an estimated $2.26 trillion already in motion.

“This marks a fundamental shift in how legacy is viewed – less about inheritance after death and more about empowerment and shared prosperity across generations,” it said.

The analysis said 61% of HNWs are now actively discussing inheritance and estate planning with advisers, and 70% of advised HNWs have already started, or plan to start, transferring wealth during their lifetimes.

“Yet even as advice engagement rises, significant gaps remain. More than half of wealthy Australians say they still lack adequate support – particularly in tax and estate planning, legal and administrative complexity, preserving family wealth and preparing heirs.”

“The opportunity for advisers is clear. The persistence of unmet needs across the broader HNW population underscores the critical role of professional advice in guiding succession and intergenerational planning as the nation’s great wealth transfer accelerates,” it said.