Investing Locally: Why We Keep Financial Advice in Tasmania and NSW
At Wealth Financial we provide financial advice to clients across Tasmania and New South Wales. With offices in Smithton, Burnie and Devonport, an adviser presence in Hobart, and an office in Bungendore near Canberra, we employ 14 advisers and more than 40 staff who manage over $1 billion in client assets. Every role is filled by people who live and work in these communities.
Local employment as a deliberate choice
We have chosen not to offshore any operations, even though offshore service providers can reduce costs. This decision keeps jobs, wages and expertise inside the towns and regions we serve. Our local staff bring practical knowledge of North-West Tasmania’s economy, regional business cycles, and the specific needs of families, business owners, pre-retirees and retirees in the Southern Tablelands. Clients work with a consistent local team they can meet in person rather than remote or rotating offshore resources.
Control, client protection and community investment
Keeping operations onshore gives us direct control over people, processes, systems and data. Client information remains subject to Australian privacy laws and our own internal controls. Supervisory arrangements are direct rather than delegated through overseas intermediaries. Wages stay in the local economy, supporting other businesses, schools and community organisations.
These choices align with findings from the Australian Securities and Investments Commission’s review of offshore outsourcing in financial services, published on 10 October 2025. ASIC examined the use of offshore service providers and found that the quality of risk management varied widely. There were inadequate policies for assessing, appointing and monitoring offshore providers. The review identified risks including loss of control over key functions, challenges protecting the confidentiality of client information, potential conflicts with foreign laws, difficulties detecting and responding to cyber incidents, and operational disruptions.
ASIC Commissioner Alan Kirkland stated that businesses “can outsource services but they cannot outsource their fundamental obligations,” and that risks increase when functions are outsourced internationally without sufficient supervision. By remaining fully local, we avoid those structural risks while continuing to meet our obligations under the Corporations Act.
Scale built locally
We have grown to more than $1 billion under management over more than 20 years without relying on offshore cost savings. We have instead invested in local people, local offices and long-term client relationships. This approach supports continuity of advice and a measurable contribution to the regions where we operate.
If you’re looking for financial advice delivered by people who are part of your community, we’d be pleased to talk. Contact any of our offices in Smithton, Burnie, Devonport or Bungendore near Canberra.
References
Australian Securities and Investments Commission (ASIC), Review of offshore outsourcing – Financial services advice licensees, 10 October 2025.
https://www.asic.gov.au/about-asic/news-centre/articles/review-of-offshore-outsourcing-financial-services-advice-licensees/
See also: ASIC media release 25-234MR, “ASIC flags risks in offshore outsourcing after review identifies governance gaps”, 10 October 2025.
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-234mr-asic-flags-risks-in-offshore-outsourcing-after-review-identifies-governance-gaps/
Image by Bryan Ross from Pixabay
Wealth Financial Pty Ltd (ABN 24 671 399 634) trading as Wealth Financial is an authorised representative and credit representative of Charter Financial Planning Ltd ABN 35 002 976 294, Australian Financial Services Licence and Australian Credit Licence No. 234665. Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Before making any decision, you should consider the appropriateness of the advice with regard to those matters. Any general tax information provided is intended as a guide only and not to be relied upon.