“Talk to my adviser”: the statement that changed everything for this adviser

Early in his career as a stockbroker, Scott Carmichael gave a client some advice on a share portfolio. The client’s response stopped him in his tracks. Thanks, he said, he’d take that on board and go and run it past his own financial adviser.

Carmichael was left wondering what exactly his role was. He was advising on a single asset class. Someone else was making the real decisions about a family’s wealth. What was the point?

That moment became the spark for Escala Partners. The firm was built specifically to serve ultra-high-net-worth families. It covered their entire financial lives, not just their share portfolios.

Not many people have the insight and confidence to create change in their career path. Fewer still do it at exactly the right moment. Scott did. That is what makes him such a compelling guest on the Capital Conversations podcast.

What is Capital Conversations?

Hosted by investment consultant Steve Robertson, Capital Conversations is a financial podcast that peers behind the curtain of Australia’s wealth and asset management industry.

Rather than chasing market calls or rate predictions, each episode is a conversation with someone who has built a business from the ground up. It digs into the how of winning clients, leading teams and turning hard lessons into lasting success.

From stockbroking to the whole balance sheet

Carmichael’s path to Escala ran through some of the biggest names in global finance: Deutsche Bank in London, Intersuisse as a stockbroker back in Australia, Merrill Lynch and eventually UBS Wealth Management, the old Potter Partners. There, he cut his teeth advising large families on their entire investment picture rather than a single product.

In 2011, he and a group of seven others set out to build something of their own: an advisory firm focused squarely on the unique needs of ultra-high-net-worth families, offering what amounted to an outsourced family office.

For Robertson, that journey is intriguing.

“Scott’s journey from a private banking and retail advice background to founding Escala is an instructive one,” Robertson says. “What stands out to me is how much he truly understands the type of client he wants to work with, and how deliberately he has built his business around helping families work out where they want to be in 20 years, not just where they are today.”

Robertson also notes Carmichael’s approach to the more personal side of the job.

“Scott asks the right questions and guides families through some of the hardest conversations they’ll ever have, about the purpose of their wealth and the values they want to pass on,” Robertson says.

“He has real principles around helping families define what their wealth is truly for, and that clarity is what allows them to make good decisions later on. He’s also incredibly open about the importance mentors have played in his own career, and how he now tries to do the same for the next generation.”

The pre-meeting

Ask Robertson what makes Carmichael such an effective capital raiser, and the answer starts with communication.

“Scott has built his entire business on deep relationships and trust,” Robertson says. “He talks about showing urgency, seeking feedback constantly, and building a team around him with clear roles, because he knows he can’t do it all himself. He’s also deeply focused on being the best leader he can be for that team.”

One idea Robertson keeps coming back to is Carmichael’s approach to meetings.

“Scott describes himself as being in the meeting business, and he’s genuinely tried to perfect the art of running a great one,” Robertson says. “He’s a big believer in the pre-meeting, getting ahead of the conversation before it happens so nothing is wasted once you’re in the room. It’s a simple idea, but it says a lot about how deliberately he approaches his client relationships.”

What listeners should take away

For Robertson, the episode offers a handful of lessons any adviser could put into practice immediately.

“Build trust through effective communication, and never stop seeking feedback,” Robertson says. “Scott is crystal clear with clients about what he does and the services he provides, because as he puts it, you can’t be all things to all people, but you can be everything to your selected audience.

He finishes every meeting by asking whether it met the client’s expectations and what feedback they have, and that discipline is something every adviser could adopt.”

Capital Conversations, featuring Scott Carmichael, is available now on the Capital Outcomes website, Spotify and Apple podcasts.