Commonwealth Bank launches service for ultra rich
The Commonwealth Bank has launched a new division for ultra high-net-worth (HNW) clients called Commonwealth Private Office.
The division, which will focus on existing clients, was launched following a strategic review, said Adrian Hondros, executive general manager of Commonwealth Private Bank. He said the bank had many ultra HNW clients and aimed to deepen that relationship by offering them a higher level of relationship management and access to more sophisticated investment and advice offerings.
Commonwealth Private Office would cater for clients who had investable assets of $10 million or more and aimed to support them in the longer term management of their financial affairs, discussing investment needs such as structuring, superannuation, estate planning and business succession, the group stated.
Ralf Haase will head Commonwealth Private Office, bringing with him “extensive global wealth management experience and a focus on relationship based advice”, Hondros said.
Haase, who has 20 years of banking and financial services experience, said he saw a lot of potential for growth in Commonwealth Private Office through capitalising on the group’s holistic advisory approach.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
