Perpetual focused on HNW financial advice; growth
Perpetual's decision to outsource its platform administration to Macquarie Investment Management is part of an overall move to increase the group's focus on high net worth (HNW) financial advice and build further scale, according to Perpetual group executive private wealth and head of retail sales, Geoff Lloyd.
The platform deal would allow Perpetual to move deeper into the advice aspect of its overall offer, and the improved efficiency of the new platform would allow advisers more client facing time, he said.
Part of the thinking behind the move was to be able to offer clients a super wrap, which the group felt was a gap in the current offering, and wanted to fill that gap quickly, he said.
Lloyd said Perpetual will continue to focus on three key segments: business owners, where Perpetual provide practice accounting as well as traditional financial advice to family business owners; private professionals with a specific focus on medical practitioners and barristers; and the established wealthy, where Perpetual can bring together its philanthropy offer, general pre- and post-retiree advice, and intergenerational fiduciary capabilities.
Perpetual has made four major acquisitions in the past three years, including a large chartered accounting firm, and is looking at building scale as well as capability, Lloyd said.
"We're looking to acquire more chartered accounting businesses that are focused not just on accounting fees but advice in a trusted adviser role to business owners, and specialist firms that can provide services to professionals," he said.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
