Tool 12 of 14

Adviser review and search

A fair, documented test of every adviser the family relies on.

The scenario

Meet the Hartleys (fictional)

Margaret was widowed eight months ago. The family business was sold in 2024, leaving about $82m across eight structures: five companies, a family trust, a unit trust and a super fund. Her private bank wants the portfolio reinvested within 60 days, and she does not know who now holds the family trust’s appointor role.

  • MargaretAge 58

    Widowed eight months ago (Richard). Sole director of all five companies.

  • JamesAge 31

    Commercial lawyer, married to Priya, one child.

  • SophieAge 27

    Ceramic artist, irregular income.

  • TomAge 19

    Engineering student.

  • Family Trust discretionary
  • Investment Trust $38m
  • Property company $14m
  • Distributions company $6m
  • Super Fund (SMSF) $7m
  • Held personally $17m
  • About $82m · eight structures

Adviser review and search

What it is

What it is

Each adviser is rated from 1 to 5 on six criteria: all-in cost, performance against the Investment Policy Statement, service, reporting, continuity of the people serving the family, and conflicts. Where a search is needed, we run a structured request for proposal. A replacement is suggested only at the family’s request or for a documented reason; the family decides who stays.

What the family gets
  • A scorecard for each adviser: keep, discuss or replace
  • All-in costs benchmarked, from the Total Cost of Wealth report
  • A tender run to a clear brief, when the family asks for one
  • Fees negotiated against real benchmarks
Step by step

How it works

  1. Gather

    Costs, reports, mandates and service history.

  2. Score

    Six criteria, from 1 to 5.

  3. Discuss

    Findings taken to the family first.

  4. Search

    A request for proposal, if the family asks.

Illustrative sample

A worked example, using the Hartley family

The Hartley advisers, year one

Illustrative sample
  • Private bank2.4
  • Accountant (25 years)3.8
  • Business lawyer3.0
  • Property manager3.1

  1. Private bank: discuss. Costs above benchmark and no mandate yet.

  2. Accountant: keep. Deep knowledge of the structures.

  3. Lawyer: discuss. An estate specialist is needed alongside.

  4. Property manager: keep. A named owner is needed for the warehouse lease review.

The Hartley family is fictional and all figures are illustrative. This material is general information only and is not personal financial, tax or legal advice.

Where it’s used

See it

WEALTH PICTURE

Not used at this stage.

Solve it

ADVISER SEARCH AND REVIEW

Tender, benchmark and negotiate fees.

Run it

PRIVATE OFFICE

An annual review of every adviser.