Case Study – Michael Xia

How Strategic Wealth Helped Michael Xia Start His Business and Build a Thriving Portfolio

Mortgage Channel is an Australian wealth management firm that helps clients secure home loans. Its owner, Michael Xia, has been working with Strategic Wealth Management since 2013, growing his property portfolio and establishing a successful business helping Australians achieve their property goals and generate passive income.

Here’s how Strategic Wealth has supported Michael’s journey, providing expert advice and a strong foundation for success.

Finding the right partner

Michael first discovered Strategic Wealth in 2013, while he was still working a corporate job. Initially, he saw them through online property investment forums, where they were highly recommended. Michael was searching for an accountant to help him build his property portfolio and interviewed several candidates. Ultimately, he chose Nick from Strategic Wealth because he felt that Nick had his best interests at heart.

“There was one question I asked every accountant I interviewed, ‘Should I buy the property in my own name or in a trust?’” Michael says. “I still remember the answer Nick gave me, which was, ‘Since you’re starting out, just keep it simple and buy it in your name.’ A lot of the other accountants told me to buy in a trust and keep multiple properties in the trust, but I realised later this recommendation was to make more money from me.”

Starting small and growing big

In 2013, Michael had just two investment properties. With the support and guidance of Strategic Wealth, he and his family have since expanded their portfolio to 40 properties and now run three to four different businesses. They have also set up Self-Managed Super Funds (SMSFs) and multiple trusts, demonstrating the versatility and adaptability of the services provided by Strategic Wealth.

In 2015, Michael started his business, Mortgage Channel. Strategic Wealth played a crucial role in helping him build the business, handling all accounting needs and providing valuable advice on structure and ownership. Even during the COVID-19 pandemic, they helped Michael navigate claims and other financial challenges.

The Strategic Wealth team

Michael credits the entire Strategic Wealth team for their exceptional service. He says Seven [Wang], who he has worked with for ten years, is always on the ball and responsive to urgent requests. Cathy [Chitty], the front desk staff member, is friendly and welcoming, fostering a strong relationship with the whole team, which Michael appreciates.

Benefits of working with Strategic Wealth

Strategic Wealth has not only helped Michael grow his property portfolio but has also provided invaluable advice on running his business. The team is knowledgeable and trustworthy, always putting their clients’ interests first. This trust has been instrumental in Michael’s success, as it has allowed him to confidently rely on their guidance and expertise.

“It’s been great being able to have advice here and there. I’ve never run a business before, so I have zero ideas in terms of running a business, how to structure it, or what the ownership should be. They helped me with all that. Any time I have a question, I can bounce that past them. I’ll share my plan for the next year and get ideas from them.”

Recommendation

Michael highly recommends Strategic Wealth to anyone seeking a good accountant. Though their services may not be the least expensive, the quality of advice and long-term cost savings make the investment worthwhile. In Michael’s words, “Pay peanuts, get monkeys.”

Mortgage Channel’s experience with Strategic Wealth highlights the importance of finding a trustworthy, knowledgeable, and dedicated accountant. By fostering a strong relationship with their clients, Strategic Wealth has played a pivotal role in Michael’s success and the growth of his property portfolio and business.

“If you’re going into business or property investing, you should form a strong team. You’re only as strong as the weakest link in your team, that’s why I spent a lot of time interviewing for accountants. Any time anyone needs a good accountant, I recommend them. They’re trustworthy and the money they save you in the long run is worth it.”