News & Insights
News & Insights
11/06/2026
HNWs are focused on volatility abroad and tax change at home
August 26, 2026, Melbourne: A year of geopolitical upheaval has kept Australia's advised high-net-worth investors active and defensively positioned, new Praemium research reveals — while, closer to home, capital gains tax has emerged as a leading issue they're raising with their advisers.
More than four in five investors adjusted their portfolios in response to geopolitical developments over the past year, with defensive positioning the most common move.
That activity comes against a backdrop of cautious optimism. Almost six in ten expect markets to improve over the coming quarter, even as 43% report concern about the impact of geopolitical events on their portfolios and describe current conditions as unstable.
On the domestic front, capital gains tax changes remain front of mind, with 47% of investors seeking adviser support to understand the impact on shares, ETFs and other investments. Tax implications for assets held in trusts rank second at 40%, followed by negative gearing changes at 32%.
Denis Orrock, Chief Strategy Officer at Praemium, said the findings reflected two distinct pressures on investors and their advisers. "Geopolitical volatility has prompted many investors to reposition their portfolios, while the Federal Budget has raised a separate set of questions about capital gains tax and investment structures," Mr Orrock said. "Advisers need a consolidated view of each client’s wealth, holdings and structures to address both. Platforms can bring that information together, helping advisers assess the implications and respond with advice that reflects each client’s circumstances."
"Clients want clarity. They want to understand what has changed, whether it affects them and what action they should consider. That depends on advisers having timely, accurate information and the tools to turn it into a clear picture for each client."
The research also highlighted how much communication itself shapes the advice relationship during volatile periods. Half of investors heard from their adviser within 24 hours of a significant market event, and satisfaction was highest among those who received the fastest response.
Asked what they valued most during volatility, investors pointed to portfolio reviews and clear explanations. More than half wanted a clear explanation of what was happening and why it mattered, while nearly half, prioritise confirmation from their adviser that they remained on track.
"Market volatility and policy change are inevitable," Mr Orrock said. "What matters is helping clients understand what those events mean for their own circumstances. Platforms that give advisers consolidated visibility across portfolios, structures and assets can make it easier to identify who is affected, communicate sooner and provide more relevant advice. That responsiveness can strengthen client relationships when uncertainty rises."