Building trust across borders and generations: Angela Ray's advice journey

Angela Ray’s story doesn’t fit neatly into a single geography, or a single mould of what a financial adviser should look like. Born in Taipei, educated in Beijing and Auckland, and now based in Brisbane, she describes herself simply as a “Taiwanese Kiwi Australian.” The combination is more than biographical sequence; it underpins a career defined by perspective, adaptability and, ultimately, trust.

Ray entered wealth management more than two decades ago, graduating with a Bachelor of Commerce from the University of Auckland at just 19. What followed was a traditional but rigorous apprenticeship through some of the world’s largest financial institutions – Commonwealth Private Bank, Citi Smith Barney, Morgan Stanley and UBS – each shaping her understanding of how advice can, and sometimes cannot, be delivered.

“Working across these large institutions was incredibly valuable,” she says. “You see the strengths – the scale, the resources, the processes – but also the limitations.”

That experience would prove formative. A turning point came in 2015, during maternity leave, when a former colleague invited her to join Koda Capital as the firm was establishing its Brisbane presence. Ray became an equity owner

Today, as senior associate, she works with high-net-worth families – sometimes Mandarin-speaking – and not-for-profits, working-through complex financial decisions and long-term stewardship of capital. But if there’s a unifying theme in her career, it’s not technical expertise alone. “A financial adviser is ultimately shaped by the people they serve,” she says. “Technical capability is essential, but what truly defines the profession is trust.”

Ray describes the ideal client relationship not as transactional, but as a partnership.

“The best outcomes come from clients who are engaged and curious, but also comfortable delegating,” she says. “They understand the long-term nature of investing and stay disciplined through market cycles.”

While many relationships begin with an individual, they often evolve into multi-generational engagements – particularly among the Mandarin-speaking families with which Ray works closely.

Her bilingual ability and multicultural background have allowed her to build a strong network within the Asian community, largely through referrals developed over two decades. But she is quick to note that language alone is not enough.

“Trust is built over time – through relationships and understanding how different families think about wealth, legacy and responsibility,” she says. Cultural values such as a strong emphasis on family continuity and inter-generational responsibility can naturally lend themselves to multi-generational advice relationships. But, again, it is the quality of advice that sustains them.

Asked whether advice is a science or an art, Ray frames it as a necessary duality.

“The science forms the foundation,” she says, pointing to portfolio construction, asset allocation, risk management and tax structuring. “Without that, advice isn’t credible.” But it’s the art – understanding people – that distinguishes good advisers from great ones.

“Every client has different priorities, fears and family dynamics,” she says. “The art is knowing how to communicate, when to reassure during volatility, or how to guide a family through generational wealth transfer or major life events.”

In her view, the science builds the portfolio; the art builds the relationship. Over time, it is the latter that determines the success of the former.

That philosophy aligns closely with Koda’s broader approach. For Ray, the firm’s defining characteristic is its independence – a model that removes product conflicts and allows advisers to focus solely on client outcomes.

“Alignment is everything,” she says. “The adviser, the client and the strategy all need to be working toward the same long-term goals.”

Independence, she argues, enables both institutional-quality investment capability and deeply personalised advice. It also reinforces long-term thinking – an essential discipline in a profession often tested by short-term market noise, such as the present. “If you remove conflicts and hire good people who want to do the right thing, it’s actually hard for them to do anything else,” she says, echoing a line often used within the firm.

Ray has worked through one of the most turbulent decades in Australian financial advice. Regulatory reform, the Royal Commission and rising compliance costs have dramatically reduced adviser numbers, even as the pool of investable wealth continues to swell. She sees the Royal Commission as a difficult but ultimately positive inflection point, accelerating the shift toward client-first advice and higher professional standards. What has emerged, she believes, is a smaller but more professionalised industry – one defined by transparency, independence and long-term relationships. “The need for trusted advice has arguably never been greater,” she says.

Yet challenges remain, particularly around diversity. Despite women controlling an increasing share of wealth, only about 22 per cent of financial advisers are female. “That’s an opportunity and a responsibility,” Ray says. “A more diverse profession ultimately leads to better outcomes for clients.”

She has been actively involved in that effort, serving for six years on Koda’s Diversity and Inclusion Committee. The firm has since implemented initiatives focused on recruitment, retention and progression of female advisers, alongside broader programs such as its “Women in Wealth” events and a formal gender diversity statement.

Like most advisers, Ray is watching the rise of artificial intelligence with interest. While acknowledging its potential to enhance efficiency – particularly in research, analytics and administration – she is clear about its limits. “Clients are navigating complex decisions around family, tax structures and long-term security,” she says. “That requires judgement, experience and context.”

In that sense, technology may elevate the profession rather than replace it, freeing advisers to focus on what they do best: understanding clients and guiding them through important decisions. “Advice sits at the intersection of technical expertise and human trust,” she says. “The science can be enhanced by technology, but the art will always remain human.”

Within her practice, Ray works closely with Koda Capital partner Will Douglas, guiding clients from initial strategy through to implementation. Around them sits a broader ecosystem: Koda’s investment and research teams, its philanthropy specialists, and external professionals such as accountants and lawyers. It’s a model she says is designed to deliver both depth and coordination – essential for clients whose financial lives are increasingly complex.

Asked what advice she would give her 18-year-old self, her answer is both practical and revealing.

“Do excellent work – and make sure people see it,” she says. “Build your network. Find mentors. And lean into what makes you different.” It’s a message that mirrors her own journey: one shaped not by a single path, but by a willingness to embrace difference – across cultures, across institutions and across generations of clients.

Away from work, the formula is simpler: exercise, travel, time with family and friends. But even there, the thread of connection remains. Because in the end, whether across continents or client relationships, Ray’s career has been built on the same foundation – understanding people, and earning their trust over time.

James Dunn

James is an experienced senior journalist and editor of The Inside Network's publications.