The New Currency of Wealth: Educating Heirs Before They Inherit
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,753,972 (-0.73%)       Melbourne $1,062,314 (+0.41%)       Brisbane $1,175,991 (+1.10%)       Adelaide $993,595 (-1.57%)       Perth $1,025,778 (+0.53%)       Hobart $809,475 (+2.24%)       Darwin $841,727 (-2.01%)       Canberra $987,577 (+1.04%)       National $1,152,128 (-0.13%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $797,933 (-0.21%)       Melbourne $527,051 (-0.01%)       Brisbane $752,499 (+0.23%)       Adelaide $552,694 (-3.40%)       Perth $572,300 (-2.12%)       Hobart $536,914 (-0.12%)       Darwin $484,035 (+4.13%)       Canberra $487,742 (+1.66%)       National $610,081 (-0.27%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 11,765 (+531)       Melbourne 14,185 (+548)       Brisbane 7,279 (+100)       Adelaide 2,372 (+146)       Perth 5,324 (+46)       Hobart 850 (+5)       Darwin 146 (-3)       Canberra 1,031 (+78)       National 42,952 (+1,451)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,316 (+179)       Melbourne 6,990 (+3)       Brisbane 1,321 (-6)       Adelaide 365 (+19)       Perth 1,159 (+6)       Hobart 169 (+7)       Darwin 239 (-2)       Canberra 1,148 (+16)       National 20,707 (+222)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $580 ($0)       Brisbane $670 ($0)       Adelaide $620 (-$10)       Perth $700 ($0)       Hobart $615 (+$15)       Darwin $780 (+$5)       Canberra $695 (-$5)       National $690 (+$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $590 (-$5)       Brisbane $658 (-$3)       Adelaide $540 (-$5)       Perth $650 ($0)       Hobart $480 (+$8)       Darwin $600 ($0)       Canberra $575 (+$5)       National $615 (-$)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,429 (+47)       Melbourne 7,717 (+7)       Brisbane 4,044 (+45)       Adelaide 1,536 (+16)       Perth 2,457 (+53)       Hobart 171 (0)       Darwin 83 (+2)       Canberra 417 (-3)       National 21,854 (+167)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 7,712 (+98)       Melbourne 6,032 (+56)       Brisbane 2,076 (+55)       Adelaide 428 (+21)       Perth 754 (0)       Hobart 73 (+7)       Darwin 160 (+7)       Canberra 654 (-15)       National 17,889 (+229)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.37% (↑)        Melbourne 2.84% (↓)       Brisbane 2.96% (↓)       Adelaide 3.24% (↓)       Perth 3.55% (↓)     Hobart 3.95% (↑)      Darwin 4.82% (↑)        Canberra 3.66% (↓)     National 3.12% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 4.89% (↑)        Melbourne 5.82% (↓)       Brisbane 4.54% (↓)     Adelaide 5.08% (↑)      Perth 5.91% (↑)      Hobart 4.65% (↑)        Darwin 6.45% (↓)       Canberra 6.13% (↓)     National 5.24% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 2.0% (↑)      Melbourne 1.9% (↑)      Brisbane 1.4% (↑)      Adelaide 1.3% (↑)      Perth 1.2% (↑)      Hobart 1.0% (↑)      Darwin 1.6% (↑)      Canberra 2.7% (↑)      National 1.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 2.4% (↑)      Melbourne 3.8% (↑)      Brisbane 2.0% (↑)      Adelaide 1.1% (↑)      Perth 0.9% (↑)      Hobart 1.4% (↑)      Darwin 2.8% (↑)      Canberra 2.9% (↑)      National 2.2% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 27.4 (↑)      Melbourne 27.6 (↑)      Brisbane 28.7 (↑)      Adelaide 25.1 (↑)        Perth 33.7 (↓)       Hobart 26.2 (↓)       Darwin 25.3 (↓)       Canberra 25.6 (↓)       National 27.5 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 27.2 (↑)      Melbourne 28.1 (↑)        Brisbane 26.2 (↓)       Adelaide 23.2 (↓)     Perth 35.1 (↑)        Hobart 23.8 (↓)     Darwin 33.4 (↑)        Canberra 36.1 (↓)     National 29.1 (↑)            
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The New Currency of Wealth: Educating Heirs Before They Inherit

Australia’s wealthy families are shifting focus from building wealth to preparing the next generation to handle it.

By Jeni O'Dowd
Wed, Jun 25, 2025 11:25amGrey Clock 3 min

For Australia’s high-net-wealth families, the question is no longer how to grow wealth—it’s how to ensure the next generation knows what to do with it.

“Most affluent parents aren’t staying up at night worried about the next investment opportunity,” says wealth adviser Antony Selby. “They’re worried their money will mess up their kids.”

In an era marked by skyrocketing intergenerational transfers of wealth, Selby has observed a dramatic shift in his clients’ priorities. Increasingly, they’re not just seeking financial strategies—they’re seeking guidance on how to prepare their children for the emotional, practical, and psychological burden of inheritance.

“It’s one of the most common requests I get: ‘Can you help educate our children about money?’” Selby says. “There’s a growing realisation among wealthy families that simply leaving money isn’t enough. If the recipients aren’t prepared, that wealth can quickly become a liability instead of a legacy.”

Selby, who has advised Australia’s affluent for decades, says the old model of wealth management—built around transactions and product sales—is obsolete. In its place, a new approach has emerged: one that blends traditional financial advice with legacy planning, values-based education, and even elements of family therapy.

“We’ve moved from preparing money for heirs, to preparing heirs for money,” he explains. “That’s a fundamental change.”

The timing couldn’t be more critical. With Baby Boomers now well into retirement and multi-generational estates becoming more common, the next wave of wealth recipients—many of them in their 20s and 30s—face an unprecedented challenge. Unlike their parents, who often built wealth through work, these heirs risk inheriting it without the context, responsibility, or resilience to manage it.

And that, Selby says, is the real risk.

Antony Selby

“Wealth can distort perspective. It can create dependence. It can rob young people of direction, and of the emotional tools they need to live independently,” he says. “That’s why so many of my clients now see their role not just as benefactors, but as mentors.”

What does that mentorship look like? For Selby, it often involves structured conversations about money values and family purpose. It means involving children early in philanthropic decisions, educating them about investment basics, and creating environments where financial literacy is as important as academic success. In some cases, it includes working with external coaches, psychologists, and advisers to help adult children develop their own identity outside the family’s financial narrative.

“There’s no simple formula,” he admits. “But three things make a difference: being intentional about values, developing real-life skills, and giving heirs the right mix of independence and support.”

While popular culture paints the ultra-wealthy as laser-focused on returns and deal flow, Selby says the reality is more nuanced. “Behind closed doors, it’s not about chasing more wealth. It’s about risk management, family cohesion, and the question we hear again and again: ‘How do we make sure this wealth is a force for good?’”

He points to the old proverb, “shirtsleeves to shirtsleeves in three generations,” a warning that’s echoed across cultures. “It’s a reminder that financial inheritance must be matched with emotional and intellectual inheritance too.”

As the face of wealth management continues to change, Selby believes the industry must evolve alongside it—offering not just financial tools, but guidance through some of the most deeply personal challenges families will ever face.

“Money isn’t neutral,” he says. “It shapes families, for better or worse. The difference lies in how well we prepare the next generation to carry it.”



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Strong earnings reports briefly helped power the Dow Jones Industrial Average above 47000 for the first time, the latest milestone in stocks’ three-year bull run. The blue-chip average pared gains to close below the mark, but still finished at a record.

With sky-high earnings expectations baked into stock prices, Wall Street has been watching this third-quarter reporting period closely. So far, Corporate America has delivered.

Heavyweights Coca-Cola , 3M and General Motors all reported results that exceeded analyst expectations before the opening bell on Tuesday. 3M shares rose 7.7% to a four-year high, leading the Dow.

GM soared 15% to the highest level since its 2010 post-bailout initial public offering after Chief Executive Mary Barra raised guidance and told analysts the automaker can’t make enough full-size SUVs to keep up with demand.

GM said it is making faster-than-expected progress reducing a multibillion-dollar tariff bill—a key topic for investors who are still laser-focused on trade tensions between the U.S. and China.

A solid start to third-quarter earnings has helped buoy investor sentiment, taking stocks back toward record highs after concerns over trade and credit quality bubbled up earlier this month.

As of last Friday, 86% of companies overshot earnings estimates, according to FactSet. Nearly one-fifth of S&P 500 companies are scheduled to give financial updates over the course of this week.

The S&P 500 was little changed Tuesday, while the Nasdaq composite dropped 0.2%. The Dow rose 0.5% to a record closing level of 46924.74. Treasury yields slipped, with the benchmark 10-year yield closing at 3.962%, its lowest reading since October 2024.

“This is a market being driven by strong fundamentals,” said Scott Helfstein , head of investment strategy at asset manager Global X. “Earnings growth is largely driving equity values.”

Elsewhere Tuesday, it was a historically ugly day for precious metals after an epic run-up switched abruptly into reverse. Gold tumbled 5.7%, its worst single-day decline since 2013. Silver fell 7.2%.

Some analysts tied the selloff in safe-haven assets like gold to optimism that the U.S. will reach a new trade deal with China, after the U.S. and Australia signed a rare-earths trade agreement on Monday. The drop followed a remarkable run of gains : Gold remains up 55% on the year and only fell to its lowest level since Oct. 10.

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