Welcome to the latest news for Wealth Management here at 5 Financial.Last month I mentioned we installed a new back office system. I am happy to say its benefits have exceeded our expectations (a pleasant surprise after purchase!).Rovena has been tasked with the job of integrating the system into our operations and is enjoying the new system’s speed and functionality. She hopes by Xmas to have ironed out most of the initial bugs and be using it for all our workflow management.As many of you realise with Wealth Management, one of our key focuses in managing your portfolio is to give a great deal of consideration to your after tax return and manage the amount of tax you pay on your investments by keeping it to a minimum.I came across an interesting article on this subject a few weeks ago which I thought you may be interested in.In its research paper entitled ‘What Should Managers Manage’, Parametric, a portfolio solutions provider, explained that while most large superannuation funds are now required by law to consider tax, many are still struggling to determine how best to do this.The paper said the cost of investment taxes borne by superannuation members is hardly marginal at around $3.253 billion per year, making investment taxes the “largest explicit costs to members”.“This is much larger than investment management fees and other costs, which tend to attract far more attention,” said the paper.I couldn’t agree more. In many instances when new clients first come to see me I frequently see how they have paid excessive amounts of tax. In some cases this is in the tens of thousands of dollars each year inside their managed superannuation fund - unnecessarily so. This eventuates simply because their fund manager has no way of controlling their superannuation members’ tax position.In the field of Wealth Management here at 5 Financial over the last month, we: