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Introduction

Accumulating significant wealth is one challenge. Keeping it intact across generations is an entirely different one. Australian families with substantial assets face a compounding set of risks that grow more complex with every decade: tax erosion, legislative change, family disputes, governance failures, concentration risk, and the slow drift that happens when structures built 20 years ago are never reviewed against today’s rules. Most of these risks are invisible until a triggering event forces them into the open, and by then the cost of correction is measured in millions, not thousands.

Build MyWealth works with high-net-worth families and family offices in Australia who need a financial adviser capable of operating across the full scope of their wealth. That means superannuation strategy at scale, trust structuring, estate planning that accounts for blended families and cross-generational complexity, investment governance that matches the family’s values and time horizon, and ongoing coordination with the legal, accounting, and tax professionals who serve the family. We do not operate in isolation. We operate as the strategic layer that connects every other adviser the family works with.

Multi-Generational Wealth

The defining challenge of multi-generational wealth is not investment returns. It is structural decay. Structures that worked well for the generation that created the wealth often become inefficient, misaligned, or outright harmful for the generation that inherits it. Trust deeds drafted decades ago may not accommodate the current family structure. Superannuation death benefit nominations may conflict with the intentions expressed in a will. Investment mandates may reflect a risk appetite that no longer exists.

Build MyWealth approaches multi-generational wealth with a focus on structural integrity. We review the full architecture of the family’s wealth, not just the investment portfolio, and identify the points where the structure no longer serves the people it was built for. That includes reviewing trust deeds and vesting dates, superannuation binding death benefit nominations, powers of attorney, control and succession provisions, and the alignment between entities.

For families with superannuation balances approaching or exceeding $3 million per member, the proposed Division 296 legislation is a significant planning consideration. Division 296, now referred to as the Better Targeted Superannuation Concessions tax in the revised 2026 Bill, is proposed to apply from 1 July 2026, subject to Royal Assent. This legislation has not yet been enacted. The revised measure applies a two-tier structure: an additional 15% tax on earnings attributable to superannuation balances above $3 million, resulting in a combined 30% rate, and an additional 10% tax on earnings above $10 million, resulting in a combined 40% rate. Both thresholds will be indexed to inflation. The tax applies to realised earnings only, not unrealised gains. The first assessments are expected in the 2027-2028 financial year based on balances at 30 June 2027. All planning should be treated as provisional until Royal Assent is granted. Build MyWealth is actively monitoring the progress of this bill and advising clients on provisional strategies that can be confirmed or adjusted once the legislative position is settled.

Illustrative scenario (for educational purposes only; actual outcomes will vary):

A family with two members each holding superannuation balances of $4.5 million faces a combined potential liability under Division 296 (the Better Targeted Superannuation Concessions tax). Under the revised two-tier structure, earnings attributable to balances above $3 million would attract an additional 15% tax (combined 30% rate), with an additional 10% tax (combined 40% rate) applying to earnings above $10 million. The tax applies to realised earnings only, not unrealised gains, with the first assessments expected in the 2027-2028 financial year based on balances at 30 June 2027. This legislation has not yet been enacted, and all planning should be treated as provisional until Royal Assent is granted. The interaction between Division 296, transfer balance cap rules, and contribution cap limits for the current financial year creates a planning environment where decisions made in 2026 may have compounding effects over a 20-year drawdown period.

Family Trusts

Family trusts remain one of the most widely used structures in Australian wealth management, and one of the most frequently neglected. A trust created in 1995 to distribute investment income across a young family may be entirely inappropriate for a family in 2026 where the children are adults, some are in high tax brackets, some are overseas, and the assets inside the trust have grown well beyond what the original deed contemplated.

Build MyWealth reviews family trust structures against the current legislative environment and the family’s actual circumstances. Key areas of focus include: whether the trust deed permits the distributions the family intends to make, whether the vesting date is approaching and what that means for the assets held, whether the appointor and trustee succession provisions reflect the family’s current wishes, and whether the trust is being used in a way that is consistent with ATO guidance on trust taxation, particularly in light of Section 100A and the ATO’s compliance approach to trust distributions.

We also work with families who hold multiple trusts, bucket companies, and corporate structures to map the full flow of income and capital across entities. In many cases, structural simplification can reduce compliance costs, improve transparency, and reduce the risk of inadvertent breaches without sacrificing any genuine tax benefit.

Investment Governance

For families managing significant investable assets across multiple entities, the absence of a formal investment governance framework is one of the most common and most costly gaps we identify. Without a documented investment philosophy, a defined asset allocation, a clear rebalancing discipline, and an agreed process for evaluating and replacing investment managers, decisions tend to be made reactively, inconsistently, and emotionally.

Build MyWealth helps families establish an Investment Policy Statement that sets the boundaries for how the family’s capital is managed. An IPS is not a legal requirement, but it is widely regarded as best practice for families and entities managing significant pools of capital. It provides a reference point for every investment decision and, critically, it provides a mechanism for resolving disagreements within a family about how money should be managed.

For families with environmental, social, and governance preferences, we construct portfolios that align investment strategy with the family’s values without compromising on return expectations or diversification. ESG integration is not a marketing exercise at Build MyWealth. It is a documented, measurable component of the investment governance framework.

Estate Structures

Estate planning for high-net-worth families is not a single document. It is an architecture of interlocking structures that must be reviewed as a system, not in parts. A will drafted by a solicitor, a superannuation binding death benefit nomination lodged with a fund trustee, a family trust with its own succession provisions, and a self-managed super fund with multiple members each create separate pathways for the transfer of wealth on death. If those pathways are not aligned, the result is delay, dispute, unintended tax consequences, and in some cases, outcomes that directly contradict the deceased’s wishes.

Superannuation does not generally form part of a deceased estate. Death benefits are paid according to the fund trust deed, trustee discretion, and any valid binding death benefit nomination in place. For families with large superannuation balances, the interaction between death benefit taxation, the definition of tax dependants under superannuation law, and the family’s actual beneficiary intentions is a planning area that requires specialist attention.

Build MyWealth works alongside the family’s solicitor and accountant to ensure that every element of the estate structure is aligned. We do not draft wills or trust deeds. We ensure that the financial strategy sitting behind those documents is coherent, current, and reflective of what the family actually wants to happen.

For families navigating blended family structures, the complexity increases substantially. Competing claims between a current spouse, children from a prior relationship, and other beneficiaries require careful structuring across multiple entities to reduce the risk of challenge and ensure that the intended distribution is achievable.

The Four-Gate Family Wealth Review

Every high-net-worth family and family office client of Build MyWealth is taken through our Four-Gate Family Wealth Review. This proprietary framework ensures that the full architecture of the family’s wealth is assessed before any recommendations are made.

Gate 1: Structural integrity. Are all entities (trusts, companies, SMSFs, personal holdings) current, correctly documented, and aligned with the family’s actual circumstances and intentions? Are trust deeds, appointor provisions, trustee succession plans, and binding death benefit nominations up to date?

Gate 2: Legislative exposure. Are any structures or strategies exposed to current or proposed legislative change? This includes Division 296, now referred to as the Better Targeted Superannuation Concessions tax in the revised 2026 Bill (proposed to apply from 1 July 2026, subject to Royal Assent; this legislation has not yet been enacted; the revised measure applies a two-tier structure with an additional 15% tax on earnings above $3 million and an additional 10% tax on earnings above $10 million, both thresholds indexed to inflation, applying to realised earnings only; all planning should be treated as provisional until Royal Assent is granted), transfer balance cap rules, contribution caps for the current financial year (verified at ato.gov.au), and ATO compliance activity on trust distributions.

Gate 3: Investment governance. Is there a documented Investment Policy Statement? Is the asset allocation appropriate for the family’s time horizon, liquidity needs, and risk tolerance? Are investment managers being evaluated against a consistent benchmark? Are ESG preferences documented and implemented?

Gate 4: Succession and estate alignment. Do the will, superannuation death benefit nominations, trust succession provisions, and powers of attorney all point in the same direction? If a death or incapacity event occurred tomorrow, would the outcome match the family’s intentions?

No recommendations are made until all four gates have been reviewed. This framework is not a product pitch. It is the diagnostic process that ensures every recommendation we make is built on a complete picture of the family’s position.

Why HNW Families Choose Build MyWealth

Sangram Rana is an IFA Excellence Awards finalist for Risk Adviser of the Year 2022, 2023, and 2025. SMSF Adviser of the Year 2022 and 2023. Client Outcome of the Year 2022. Published in Australian Financial Review, Money and Life, Professional Planner, Life Insurance Guide, CommBank Brighter Magazine, and Benefolk.

Build MyWealth is a boutique firm that works with a limited number of high-net-worth families and family offices. We do not scale by adding clients. We scale by deepening the work we do with the families who choose us. That means longer meetings, more detailed modelling, closer coordination with your other advisers, and a level of attention that larger firms cannot replicate.

Frequently Asked Questions

What financial issues do high-net-worth families most commonly overlook?

The most frequent gap is the misalignment between entities. A family may have a well-drafted will, a properly established SMSF, and a family trust that has operated for decades, but those three structures may point in different directions when a death or incapacity event occurs. Superannuation death benefit nominations may conflict with the will. Trust succession provisions may not reflect the family’s current intentions. The second most common issue is the absence of a formal investment governance framework, which means that investment decisions across entities are made inconsistently, often without a documented rationale or a clear benchmark for evaluating outcomes.

When does an SMSF become worth reviewing for a high-net-worth family?

An SMSF becomes a genuine consideration when the combined family superannuation balances have reached a level where the administrative costs are proportionate to the benefits of greater control over investment strategy, insurance structuring, estate planning precision, and the ability to hold specific asset classes. For families with multiple members, an SMSF can also provide more efficient coordination of death benefit nominations and pension strategies across the family unit. The decision should be made in the context of the family’s full financial architecture, not in isolation, and must account for the ongoing compliance obligations, trustee responsibilities, and ATO reporting requirements that come with operating an SMSF.

How can Division 296 affect families with large superannuation balances?

Division 296, now referred to as the Better Targeted Superannuation Concessions tax, is proposed to apply from 1 July 2026 subject to Royal Assent. If enacted, it would apply an additional 15% tax on earnings from superannuation balances above $3 million, and an additional 10% on earnings above $10 million, with both thresholds indexed. For families where multiple members hold significant superannuation balances, the cumulative impact across the family unit can be substantial and may affect retirement income projections, contribution strategies, and the relative attractiveness of superannuation versus other structures. All planning should be treated as provisional until Royal Assent is granted.

What happens when a family’s wealth has grown but the structures around it have not kept pace?

This is one of the most common and most costly situations we encounter. Trust deeds drafted 20 or 30 years ago may not accommodate the current family structure, may be approaching their vesting date, or may not permit the distributions the family intends to make. Superannuation strategies may not have been updated to reflect changes in contribution caps, transfer balance caps, or the family’s actual retirement income needs. Estate planning documents may predate a second marriage, the birth of grandchildren, or a significant change in asset values. The cost of correcting these misalignments increases with time, and the risk of a triggering event occurring before correction is proportional to the value at stake.

How does Build MyWealth coordinate with existing accountants, lawyers, and other advisers?

We operate as the strategic coordination layer across the family’s advisory team. In practice, this means we work directly with your solicitor on estate planning alignment, with your accountant on tax structuring and trust administration, and with any investment managers or platforms the family uses. We provide the financial modelling, scenario analysis, and strategic rationale that connects the work of each specialist. We do not replace any of those professionals. We ensure the financial strategy underpinning their work is coherent, current, and aligned with the family’s actual objectives. For families with complex structures across multiple entities, this coordination role is where the most significant value is created.

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Build MyWealth is a trading name of Accounting Cloud Pty Ltd. Sangram Rana is a Corporate Authorised Representative (ASIC No. 1306106) of Lifespan Financial Planning Pty Ltd (AFSL 229892).

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