Perpetual acquires HNW boutique planning firm

12 August 2021
| By Chris Dastoor |
image
image
expand image

Perpetual has acquired Sydney and Melbourne-based boutique wealth advisory firm Jacaranda Financial Planning.

The firm focused on the high net worth (HNW) market segment and had funds under advice (FUA) of $915 million as of 30 June, 2021.

Jacaranda would retain its team of 24 professionals, including its nine experienced advisers who will remain with the business, and two founding principals Brett Stene and Jeannie McKenzie.

Rob Adams, Perpetual chief executive and managing director, said Jacaranda was a fast-growing financial advice business which they hope to scale.

“This transaction is entirely in-line with our strategy of bringing the industry’s best advisers to Perpetual, providing an improved growth profile for both firms,” Adams said.

Mark Smith, Perpetual Private group executive, said Jacaranda had over 1,000 clients.

“Jacaranda has consistently grown funds under advice by more than $100 million a year over the last five years, and under Perpetual’s ownership, has a clear opportunity to continue this growth trajectory, particularly by leveraging Perpetual’s presence on the eastern seaboard,” Smith said.

Stene said: “We see an enormous potential to embark on the next stage of Jacaranda’s growth journey and partner with a respected name like Perpetual, particularly given its ambitions to lead the market in high net worth wealth advisory”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

22 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago