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Lorica Partners
Financial Services
Sydney, NSW 329 followers
Helping our clients live their best life possible.
About us
Lorica Partners is an independent advice firm seeking to find ever more thoughtful and effective ways to help our clients live their best life possible. Our services fall into three broad categories: • Investing • Wealth Management • Family Office The chances are, our clients will need aspects of each over time and won't fit neatly in any of them - but that doesn't bother us. We're far more interested in how we can help our clients and their families achieve whatever is most important to them.
- Website
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http://www.loricapartners.com.au
External link for Lorica Partners
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Sydney, NSW
- Type
- Privately Held
- Founded
- 1998
- Specialties
- Strategic Planning, Intergenerational Wealth Transfer, Investment Management, Philanthropy, Investing Sustainably, Family Foundations, Family Office, and independence
Locations
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Primary
68 Pitt Street
Level 11
Sydney, NSW 2000, AU
Employees at Lorica Partners
Updates
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You don’t need a fortune to make an impact. Whether it’s donating 1% of your income, volunteering as a family, or having conversations about causes you care about, mindful giving can shape values, strengthen relationships, and preserve wealth across generations. The paradox? Sometimes, the best way to manage wealth is by learning how to give it away wisely. #Philanthropy #FamilyWealth #Legacy #FinancialEducation #PurposeDrivenLiving Read more in our recent article.
Building Legacy Through Generosity "It is more difficult to give away money intelligently than to earn it in the first place," observed Andrew Carnegie, a 19th century Scottish-American steel magnate and philanthropist. This insight might surprise, and it certainly doesn’t detract from the old saying your first million is the hardest million to make. Yet for families who have achieved financial success, the thoughtful distribution of wealth can prove more complex than its accumulation. One of the most overlooked benefits of structured giving is its effectiveness as an educational platform. Philanthropy can allow young family members to learn about investment management, financial statements, and governance without the complicated emotions that often accompany personal inheritance. This "emotional distance" is invaluable. They can make decisions and develop their judgment in a context that's meaningful but not personally threatening. The book Die With Zero by Bill Perkins highlights the idea of maximising life experiences rather than simply accumulating wealth. Perkins talks about the importance of being intentional with how you give money away, whether through gifts to loved ones or through charitable donations. He encourages readers to think about the impact their money can have on others’ lives while they’re still around to witness it. Research consistently shows that financial success alone doesn't correlate strongly with life satisfaction. However, when wealth is aligned with purpose and used as a tool for positive change, it becomes a source of profound fulfillment. You don’t need $1 million to create a meaningful philanthropic impact. In fact, you don’t even need 1% of this amount. Whilst we do have clients who are able to establish family foundations, any family can create their own structured giving plan. It can start with a family discussion around the causes you care about and how much you can reasonably commit to giving each month or year. For children, you may encourage them to allocate a small portion of their allowance to donate to a cause of their choice. Or rather than money, you could offer time and effort to causes that can have a significant impact. Volunteering as a family can foster a sense of shared purpose and create meaningful experiences. The fascinating paradox is that the preservation of family wealth often depends on the wisdom to give it away. History shows that families who avoid the challenge of effective generosity often fall prey to more insidious threats to their wealth. Encouraging a family member to mindfully donate 1% of their money to a meaningful cause can help them better manage the 99% of the wealth they retain. Through philanthropic engagement, families can pass down values, financial acumen, and a legacy of positive impact – addressing multiple dimensions of wealth transfer simultaneously. Full article here - https://lnkd.in/g7B5XjU8
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Lorica Partners reposted this
Building Legacy Through Generosity "It is more difficult to give away money intelligently than to earn it in the first place," observed Andrew Carnegie, a 19th century Scottish-American steel magnate and philanthropist. This insight might surprise, and it certainly doesn’t detract from the old saying your first million is the hardest million to make. Yet for families who have achieved financial success, the thoughtful distribution of wealth can prove more complex than its accumulation. One of the most overlooked benefits of structured giving is its effectiveness as an educational platform. Philanthropy can allow young family members to learn about investment management, financial statements, and governance without the complicated emotions that often accompany personal inheritance. This "emotional distance" is invaluable. They can make decisions and develop their judgment in a context that's meaningful but not personally threatening. The book Die With Zero by Bill Perkins highlights the idea of maximising life experiences rather than simply accumulating wealth. Perkins talks about the importance of being intentional with how you give money away, whether through gifts to loved ones or through charitable donations. He encourages readers to think about the impact their money can have on others’ lives while they’re still around to witness it. Research consistently shows that financial success alone doesn't correlate strongly with life satisfaction. However, when wealth is aligned with purpose and used as a tool for positive change, it becomes a source of profound fulfillment. You don’t need $1 million to create a meaningful philanthropic impact. In fact, you don’t even need 1% of this amount. Whilst we do have clients who are able to establish family foundations, any family can create their own structured giving plan. It can start with a family discussion around the causes you care about and how much you can reasonably commit to giving each month or year. For children, you may encourage them to allocate a small portion of their allowance to donate to a cause of their choice. Or rather than money, you could offer time and effort to causes that can have a significant impact. Volunteering as a family can foster a sense of shared purpose and create meaningful experiences. The fascinating paradox is that the preservation of family wealth often depends on the wisdom to give it away. History shows that families who avoid the challenge of effective generosity often fall prey to more insidious threats to their wealth. Encouraging a family member to mindfully donate 1% of their money to a meaningful cause can help them better manage the 99% of the wealth they retain. Through philanthropic engagement, families can pass down values, financial acumen, and a legacy of positive impact – addressing multiple dimensions of wealth transfer simultaneously. Full article here - https://lnkd.in/g7B5XjU8
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Building Legacy Through Generosity "It is more difficult to give away money intelligently than to earn it in the first place," observed Andrew Carnegie, a 19th century Scottish-American steel magnate and philanthropist. This insight might surprise, and it certainly doesn’t detract from the old saying your first million is the hardest million to make. Yet for families who have achieved financial success, the thoughtful distribution of wealth can prove more complex than its accumulation. One of the most overlooked benefits of structured giving is its effectiveness as an educational platform. Philanthropy can allow young family members to learn about investment management, financial statements, and governance without the complicated emotions that often accompany personal inheritance. This "emotional distance" is invaluable. They can make decisions and develop their judgment in a context that's meaningful but not personally threatening. The book Die With Zero by Bill Perkins highlights the idea of maximising life experiences rather than simply accumulating wealth. Perkins talks about the importance of being intentional with how you give money away, whether through gifts to loved ones or through charitable donations. He encourages readers to think about the impact their money can have on others’ lives while they’re still around to witness it. Research consistently shows that financial success alone doesn't correlate strongly with life satisfaction. However, when wealth is aligned with purpose and used as a tool for positive change, it becomes a source of profound fulfillment. You don’t need $1 million to create a meaningful philanthropic impact. In fact, you don’t even need 1% of this amount. Whilst we do have clients who are able to establish family foundations, any family can create their own structured giving plan. It can start with a family discussion around the causes you care about and how much you can reasonably commit to giving each month or year. For children, you may encourage them to allocate a small portion of their allowance to donate to a cause of their choice. Or rather than money, you could offer time and effort to causes that can have a significant impact. Volunteering as a family can foster a sense of shared purpose and create meaningful experiences. The fascinating paradox is that the preservation of family wealth often depends on the wisdom to give it away. History shows that families who avoid the challenge of effective generosity often fall prey to more insidious threats to their wealth. Encouraging a family member to mindfully donate 1% of their money to a meaningful cause can help them better manage the 99% of the wealth they retain. Through philanthropic engagement, families can pass down values, financial acumen, and a legacy of positive impact – addressing multiple dimensions of wealth transfer simultaneously. Full article here - https://lnkd.in/g7B5XjU8
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Financial markets demonstrated impressive resilience in 2024, continuing the bull market that began in late 2022. This performance came despite headwinds such as global geopolitical tensions, interest rate fluctuations, uncertainty surrounding the U.S. elections, and the rollercoaster performance of the "Magnificent 7" technology stocks. Global Market Performance The U.S. stock market posted a gain of more than 20% for the second consecutive year, a feat last achieved in 1998–1999. While periodic downturns tested investor confidence, these were followed by swift recoveries. Globally, developed markets led the charge, producing broad-based positive returns: +25.0% - U.S stockmarket (S&P 500) +29.6% - NASDAQ +11.4% - Australian stockmarket (ASX 300) +17.8% - Global stockmarket (ex-Australia) +17.6% - Australian listed property trusts +8.0% - Emerging markets +4.5% - Fixed interest (short-term) +2.3% - Fixed interest (global longer-term) The Role of Interest Rates and Inflation The U.S. Federal Reserve cut interest rates by 1.0% during 2024, bringing the target range to 4.25%–4.5%. These cuts—the first since the pandemic—reflected easing inflationary pressures and mixed labour market signals. Meanwhile, the Reserve Bank of Australia (RBA) maintained the cash rate at 4.35% throughout the year, highlighting confidence in the nation’s inflation trajectory and economic resilience. While investors may worry about the impact of interest rate changes, it’s helpful to remember that the market and the Fed/RBA don’t necessarily travel in lockstep. Since 1983, the average US stock market return was similar in months with target rate increases, decreases, and no change. It’s a reminder that the market is constantly incorporating new information into prices—including expectations for moves by the Reserve Banks. Lessons for Investors The US elections concluded with Republicans winning the presidency as well as control of the Senate and House of Representatives. Election outcomes aside, history shows stocks have trended higher regardless of which party is in power in Washington. Whether you are optimistic or pessimistic about the future, there’s reason for optimism about the market. 2024 reaffirmed an essential truth: markets thrive on resilience and adaptability. As we step into 2025, the biggest risks often remain those we cannot anticipate. Investors are best served planning for what could happen rather than trying to predict what will—by having a diversified portfolio that aligns with one’s risk tolerance and sticking with it. After all, the market reflects the efforts of companies to solve problems and provide goods and services. In the long run, innovation wins the race even amid a changing world.
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Life Lessons from the Camino de Santiago In a todays episode of Lawyers Weekly’s podcast, Host Jerome Doraisamy sits down with Rick Walker, to explore the unique journey that has shaped Rick's life and approach to financial planning. Rick shares insights into how upbringing influenced his values and professional outlook. Why he made the decision to undertake the 800-kilometre Camino de Santiago, stepping into the unknown with no expectations. There is a lesson for all as we get ready to recharge, and reset during the summer break to prepare for a successful 2025. 🎧 Listen now and take a moment to reflect on your own journey: https://smarturl.it/j16wfb What transformative experiences will you take in 2025?
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The Hard Problem of Intergenerational Wealth (Part 2) A Wider View of Family Wealth According to Dennis T. Jaffe, Ph.D., a pioneer in family legacy planning, wealth should not be measured solely in monetary terms. Instead, he proposes a broader framework consisting of six interconnected dimensions of wealth, providing families with a roadmap for effective legacy transfer: 1. Spiritual Capital encompasses a family's core values, mission, and shared purpose. 2. Financial Capital: includes not only monetary assets and investments but also how families manage and utilise these resources. Wealth should be a tool for achieving broader family goals, not just an end in itself. 3. Human Capital: focuses on the development of each heir's character, skills, and identity to manage wealth responsibly and find meaningful work. 4. Family Capital: Strong, positive relationships among family members are crucial for sustaining wealth across generations. Families that prioritise communication, conflict resolution, and shared experiences create a supportive environment for wealth to flourish. 5. Structural Capital: As financial means grow, families may require more formal governance and decision-making frameworks to manage their wealth. For ultra-high-net-worth families, establishing structures such as family constitutions and councils can provide clarity and accountability. The Lorica team has helped clients draft these documents which can include policies for supporting parental leave and child-care within the family unit. 6. Societal Capital encompasses the family's engagement with the community and the world at large. Jaffe points out that philanthropy and social responsibility are integral to wealth. Families that actively contribute to societal well-being—whether through volunteering or financial support—enhance their legacy and cultivate a sense of purpose and fulfillment among their members. By embracing Jaffe's insights, families can embark on a journey of wealth transfer that creates a thoughtful and impactful legacy. Looking Ahead The journey of intergenerational wealth is an evolution. It requires continuous reflection, open communication, and a holistic approach that goes far beyond financial spreadsheets. By understanding wealth as more than just money—as a combination of financial resources, family relationships, personal development, and shared values—families can create a legacy that truly matters. Our goal at Lorica is not to offer a one-size-fits-all solution to clients, but to equip them with the tools and perspectives needed to write their family's unique wealth story. And you can start writing it now by answering the question... What do you want to leave your kids in non-financial terms? Something to ponder over the summer break.
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The Hard Problem of Intergenerational Wealth (Part 1) It doesn't take our 100+ years of collective wealth management experience to know that intergenerational wealth is a hard problem. It doesn't take the sensational TV drama Succession to see families have trouble bridging the gap between their objective realities and their subjective experiences. Many families find themselves caught in a delicate dance of financial planning, personal dynamics, and long-term vision. With so much written and said about money, you could be forgiven for thinking this is a topic that should have been somewhat solved centuries ago. Or at least have some widely accepted wisdom. While there is plenty to learn, why does it seem like everything written about what to do feels like it's written by someone else? How come it never quite fits my family? Where's the unifying theory, the 8-step guide, the Accenture-inspired framework, that neatly packages this up? We're sorry to report there is no neat solution. No perfect pattern, just a hard problem. When you try to untie it, you quickly find the knot of money, relationships, and family is made of sand. And we're sorry if this is disappointing news but there is a beautiful thing about leaning into hard problems; it's where progress starts. Progress begins where problems are understood. In our planned series of articles on families and money, we will equip you to better understand the problem and, in doing so, hopefully let money play a more productive role in your family. Defining Terms To ground what can be an ambiguous topic, let's start with a definition and an assumption about intergenerational wealth. Firstly, by intergenerational wealth we mean wealth that is accumulated by families that is unlikely to be consumed by the oldest generation. That can range from industrial empires worth hundreds of millions to a simple unencumbered house. This intergenerational wealth transfer tends to become a bigger issue as the financial windfall becomes more impactful to the next generation. Secondly, we assume that families want their wealth to benefit future generations. And we mean benefit holistically, not just in terms of a material standard of living. To illustrate, we don't think people would say a successful intergenerational wealth transition could be solely measured by wealth continuously compounding so that grandkids or great-grandkids are all flying first class. We do think people want to see wealth allow them opportunities, to live more generously, and pursue meaningful work. While these assumptions are intuitive enough, here we hit the first part of the problem – what is wealth? Is it just money? We don't think so, and we're not alone. (Continued in Part 2)
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Financial Forecasts are Entertainment not Insight The financial media thrives on our innate tendencies toward fear and greed. Every headline can be viewed through this lens, and seeking forecasts from so-called “gurus” only fuels the cycle, drawing attention and clicks. Personally, I ignore these so-called experts entirely. If you haven’t yet realised that these “gurus” are more about entertainment than financial insight, consider two reports—though there are countless others with similar findings. The CXO Advisory Group analysed 6,584 U.S. stock market forecasts from 68 experts between 2005 and 2012. Their conclusion? Accuracy was worse than flipping a coin—just under 47%. The highest accuracy rate was 68%, while the lowest was 22%. The distribution of forecasting accuracy resembled a bell curve (as shown in the graphic), as you’d expect from random chance. A second academic study, Do Financial Gurus Produce Reliable Forecasts?, focused on forecasts for stocks in the S&P 500 from 1998 to 2012. Its results mirrored those of the CXO report: only 48% of forecasts were accurate. Yet the forecasters’ confidence? Unshakable. Even the Fed Can’t Predict the Future Stop relying on predictions. Here’s a prime example: If anyone should be able to accurately forecast short-term interest rates, it’s the U.S. Federal Reserve. They’re economists with access to vast data and, of course, they set the Federal Funds Rate. But at the beginning of 2022, the Fed projected just three rate hikes for the year ahead, with their policy rate ending below 1%. By year’s end, they raised rates seven times, bringing the range to 4.25%–4.50%. Markets are often swayed by surprises—events that, by their nature, can’t be predicted. In 2022, inflation more than doubled the Fed’s forecast, adding a shockwave to their predictions. Market movements are often dominated by surprises, which by definition are unforecastable. One of the surprises, at least to the Fed, was that inflation turned out to be more than double what it forecast. It gets even more complex for investors. While most studies focus on basic economic variables—GDP, inflation, unemployment—investors are trying to anticipate second-order effects: How will markets react to these changes? The complexity multiplies, making any forecast inherently unreliable. Investor Takeaway The bottom line is simple: Ignore market forecasts, no matter who delivers them. Warren Buffett warned Berkshire Hathaway shareholders in 2013: “Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous, because it may blur your vision of the facts that are truly important.” Source of graph for article: Larry Swedroe (www.wealthmanagement.com)
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Canterbury Crusaders – Empowering Teams: Lessons for High-Performing Professionals This month I had the privilege of attending a leadership session with the Canterbury Crusaders in Christchurch. Statistically, the Crusaders are the most successful sports teams in Australasia over the past 25 years, and their insights to how they build a strong team culture can extend beyond the sporting field to high-performing professionals. Making People feel Connected Every morning when you arrive at the Crusaders office, every team member from the CEO to the cadet will walk around and fist pump and make eye contact with everyone. This ritual is designed to provide energy and connection for all subsequent interactions throughout the day. The CEO, Colin Mansbridge, (an ex-banker) conceded an initial hesitancy to adapt to this routine, but it did not take him long to appreciate the benefits. The Crusaders want a work environment where it is not all about you, but they do want you to bring your authentic self, so you give your best. They quote Muhammad Ali’s famous “me we” poem frequently. As Colin noted, you are more likely to invest in people when you know them well. Making People feel they Belong An interesting exercise had us rank in priority the importance of purpose, core values, belonging, vision and environment to an organisation. If you could only pick one to prioritise, what would it be? The Crusaders noted both good teams and bad teams have the same core values written on their walls. In their experience, a sense of belonging drives everything. People are more likely to adjust their behaviour to your values over time if they want to feel part of your team. Fundamentally, people have a desire to conform and feel like they fit in. If people don’t feel like they fit in, they leave. A feeling of loneliness has the same impact on your brain as pain – both encourage you to be less productive. Leadership Starts with Self-Leadership The first rule of leadership is to learn to lead yourself. The Crusaders challenge us to ask: “What would it be like to be led by me?” Not necessarily an easy question to answer(!), but if there are cultural problems in the team, the Crusaders have found it likely reflects problems with leadership. They stressed the importance of being clear and caring when giving feedback. They use a simple model: 1. Be clear about what you expect. 2. Show genuine care for the person. Care means being honest. The word culture originates from the Latin “cultus” meaning care. If you have a difficult message to deliver, frame it up as “I am telling you this because you can handle it”. 3. Provide specific next steps. Being clear is kind, being unclear is unkind. This approach ensures that even difficult conversations are productive and focused on growth. You can read the full article at https://lnkd.in/gXxZR7eW
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