Perpetual focused on HNW financial advice; growth

platforms/financial-advice/high-net-worth/

6 October 2011
| By Chris Kennedy |
image
image
expand image

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.

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND