Michael Chisholm
LGT Crestone, one of Australia’s largest independently owned wealth management businesses, has successfully completed the integration of Commonwealth Bank’s (CBA) high-net-worth financial advisory business. This transition brings approximately A$5 billion in assets under advice and formally welcomes 38 experienced professionals, including 18 investment advisers, to the firm’s national advice network.
This follows an extensive and competitive review process led by CBA to determine the most suitable long-term home for its personal advice business for high-net-worth and ultra-high-net-worth clients. In November 2024, LGT Crestone was selected for its client-first philosophy, deep expertise in private wealth management, global scale, and stability. High levels of confidence in the move are reflected in 93% of Commonwealth Private’s advisory clients opting to transition. Clients will continue to maintain their existing banking relationships with CBA, ensuring continuity in their broader financial arrangements.
Michael Chisholm, LGT Crestone Chief Executive Officer said: “We are incredibly proud to welcome the clients and advisers of Commonwealth Private’s advisory business to the LGT Crestone family. This transition expands on our existing long-term partnership with CBA.
“CBA undertook an extensive due diligence process to ensure its clients and advisers would transfer to a firm that shares its values and unwavering commitment to excellence. To be selected is both an honour and a responsibility – and a testament to the calibre of our people, our client-first culture, and our long-term commitment to delivering outstanding advice catering to the needs of Australia’s most sophisticated investors.”
“The strong opt-in rates speak volumes about the trust placed in us, which we take very seriously. Today, we’re focused on honouring the relationships these clients have built over time and ensuring they experience not just continuity, but genuine care and strategic insight. Through our global reach and bespoke approach, we look forward to providing access to a market leading range of investment opportunities and exclusive offerings,” Chisholm noted.
“As we enter this next chapter, we’re also pleased to continue working closely with CBA. Former advisory clients of Commonwealth Private will retain their existing banking arrangements, while we collaborate to deliver a seamless experience across both banking and investment services – ensuring their broader financial needs are met with the high level of care and service they’ve come to expect,” Chisholm continued.