How to invest $1 million in 2026 | Mid-year update

Now and again, an event or development in markets lights a fire under Livewire readers. Labour's May budget update was one of those moments, and our coverage has received a strong response from readers who have expressed their views on its implications for their investment strategies. When I sat down with Charlie Viola from Viola Private Wealth and Ben Clark from TMS Private Wealth for our mid-year update on How to Invest $1 million, I anticipated wholesale changes in how they're allocating capital. And whilst both advisers are preparing for potential changes to how and when they use discretionary trusts, when it comes to the underlying investment strategy the movement is more gradual. In this mid-year update, Ben and Charlie break down the latest regulatory and budget shifts, where they are allocating capital for their clients, and we also take a closer look at Aussie equities, which have lagged global shares. Watch the full session or read a summary of the key points here: https://www.livewiremarkets.com/wires/2026-07-27-9919d093-1b05-462b-b7f2-00f891a7a41d Topics discussed 0:00 - Introduction 2:11 - Investment implications from proposed Budget changes 7:11 - Considerations around the use of Discretionary Trusts 8:20 - How Charlie Viola is investing for clients 13:51 - How Ben Clark is investing for clients 18:10 - The underwhelming performance of Australian Equities 24:53 - Breaking up with a fund manager