Michael Innes and Antony Pupovac will join the Private Clients team in Queensland as Partners in May, while Sandra Kent and Laura Bosman will join the Private Clients team in Western Australia as Senior Financial Advisers later this month.

Patrick Malone has recently joined as a Partner leading Priority Life, a specialist risk advisory business that is part of Perpetual Wealth Management.

Perpetual Wealth Management Chief Executive Mark Smith said: “As one of Australia’s premier providers of multi-disciplinary wealth management services for high net worth clients, we’re thrilled to have such great talent joining our business and welcome this group of advice professionals to Perpetual.

“The depth and breadth of their experience and skillset, coupled with our strong and dedicated existing teams will play an important role in the continued growth and success of our business.”

Managing Partner Private Clients, Andrew Baker said: “Our business is focused on the comprehensive needs of clients including individuals, families, business owners, professionals and community organisations across a range of areas including strategic and investment advice, trustee services, accounting, business advisory and philanthropic solutions.”

“Michael, Antony, Sandra, Laura, and Patrick bring a wealth of experience to our teams. Their diverse backgrounds and skillsets, together with their clear focus on quality client outcomes will seamlessly complement our existing teams serving clients across the country.”

Sandra and Laura will further strengthen Perpetual’s ‘Advice for Women, by Women’ program. Launched in October 2024, the program focuses on the comprehensive and unique financial needs and goals of women by building a supportive and inclusive advice program. Close to 60% of Wealth Management’s advice team are women, and women represent approximately 40% of the business’ client groups.

As at 31 March 2025, Perpetual Wealth Management had more than $21 billion in Funds Under Advice. This included net inflows of $0.9 billion during the March quarter.

“Our business has grown year-on-year for the past decade and the industry is well-placed to grow, which will make high-quality advice more important than ever. We are always looking for exceptional people to join the firm,” said Mr Smith.

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Andrew Baker

Perpetual Private has announced the appointment of two new Lead Partners, with Chemere Brown joining as Lead Partner, Victoria, for the group’s Private Client business, and Matthew Le Belenger joining as Lead Partner for the National Medical segment.

Chemere joins Perpetual with more than 18 years’ experience in the financial services industry, having previously held senior roles at IOOF, National Australia Bank and MLC.

Managing Partner Private Clients, Andrew Baker, recognised the significance of Chemere’s appointment for the business.

“Chemere is a great addition to our Private Clients team, which has continued to see strong growth over the past decade.

“Her leadership capabilities and industry experience, together with her clear commitment to providing quality outcomes for clients, ensures our Private Clients team in Victoria, as well as the broader Perpetual Private business, will continue to strengthen.”

The Private Clients team provide holistic financial and wealth management services to high-net-worth investors including investment management and advisory, accounting and tax advisory, philanthropy, trustee services and private banking.

Chemere started with the business on July 11 and will also be part of the Perpetual Private Leadership Team.

Mr Baker also announced the appointment of Matthew Le Belenger as Lead Partner, National Medical segment.

“Matt has a successful track record over close to 20 years in banking and finance having worked across a number of business groups at Westpac, BT Financial Group and MetLife in Australia and in the Middle East including Retail, Private Wealth, Advice, Group Insurance, Medical Insurance and Holistic Advice.

“Matt brings a wealth of experience and knowledge to the role and I have no doubt he will continue to help grow our medical segment,” said Mr Baker.

Perpetual has also announced Fotini Mastrogianni as the National Manager, Trustee Services. Fotini has held roles for more than 25 years across banking, professional and trustee services. The newly created role within Perpetual Private will focus on growing the Trusts, Estates and Lifestyle Assist segment within the business.

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In the newly created role, Mr Baker will provide assistance and guidance to Ignition’s senior management and board in developing and executing the business’s strategy in the Asia Pacific region, and broader global pension fund strategy.  He will also help develop an advocacy plan, working with government and industry groups.

Mr Baker has over 30 years’ experience in the financial services industry in a range of senior roles in Australia and Europe, including founding industry consulting firm Tria Investment Partners in 2004.  More recent roles include global partner and UK & EMEA lead of NMG Consulting’s London practice; and head of proposition, product & strategy at AustralianSuper.

Craig Keary, CEO – Asia Pacific at Ignition, says that Mr Baker has a wealth of global industry experience that will be invaluable to Ignition as it continues its growth trajectory in Australia and the Asian region, and in the UK.

“Andrew has deep expertise and knowledge of the financial services industry, particularly in  product strategy, investments, policy and governance, and the insights he can provide will be extremely useful to Ignition’s leadership team and board.

“His experience spans both the private sector and not-for-profit organisations, and includes fast growth start-ups through to major institutions, which will stand Ignition in good stead as part of our long term growth strategy,” Mr Keary says.

Mr Baker says that he is looking forward to helping Ignition bring its world-leading digital advice technology in investments, insurance, super and retirement, to institutions.

“To complete their core mission for members, superannuation and pension funds need to complement quality products and investment outcomes with advice and assistance that is low cost, robust, scalable, and compliant.  Without this, many years of contributions and investment returns can be quickly dissipated via bad decisions.

“Ignition’s superannuation and retirement journeys allow the mission of super and pension funds to be completed, and members’ best possible retirement realised.”

Mr Baker is a Sloan Fellow and holds an M.Sc. in management (distinction) from the London Business School and a Bachelor of Business (economics/management) from Monash University.  He is also a graduate member of the Australian Institute of Company Directors.

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Andrew Baker

New research from Perpetual reveals over half of Australians (56%) do not currently have a will in place and more than half of parents (53%) have not discussed their will and legacy with their children, despite the nation gearing up to face the largest intergenerational wealth transfer in history.

Perpetual recently surveyed 3,000 Australians to find out their attitudes towards wealth, inheritance and their families. The 2019 edition of the ‘What do you care about’ research uncovered Australians hoped their children would use their inheritance wisely (60%) and invest in their future (58%).

Rising cost of living, slow wage growth and a volatile property market paint a very different picture of wealth for Australians today than it did 20-30 years ago and makes the smooth transfer of wealth even more important for the next generation of Australians.

It is estimated 70% of families will lose their wealth by the second generation and 90% will lose it by the third. To offset these risks, it is important the stigmas around discussing wills and inheritance are broken down so that all parties can be prepared and can have a plan in place.

“Conversations about money can be awkward, and for many, discussing where and how your wealth will be distributed when you’re gone is no exception,” said Perpetual Private’s Andrew Baker, General Manager of Private Clients.

“As humans, we tend to shy away from discussing money amongst our families and friends. However, as we approach the largest intergenerational wealth transfer in history with more than half of Australians expecting to inherit, why have only just over a third discussed their wishes with their children?”

‘Free Range Families’ most open

The research also uncovered a unique cohort coined the ‘Free Range Families’, a group which values their families and interpersonal relationships over their financial situation. However, the research did reveal ‘Free Range Families’ are more comfortable talking about money, with 79% of ‘Free Range Families’ stating they are comfortable discussing money with their families, compared to 57% of Australians. ‘Free Range Families’ are also more comfortable discussing the future (82%), compared to Australians (57%).

With 59% of ‘Free Range Families’ in their fifties and above, they represent 14%of the total percentage surveyed. 64% of ‘Free Range Families’ are women, compared to 36% being men.

The report found attitudes to money are passed down through generations, with 62% of Australians and 69% of ‘Free Range Families’ stating their parents had some degree of influence towards their attitudes to money. When asked if they wished their parents had given them more help understanding financial matters, 32% of Australians said yes compared to 24% of ‘Free Range Families’.

Mr Baker urged families to normalise discussions around money and the future sooner rather than later in order to preserve wealth across generations.

“Baby boomers were fortunate enough to experience a period of supercharged wealth accumulation which has resulted in a stark contrast in levels of wealth between their generation compared to millennials and also a contrast in attitudes towards money.

“When it comes to wealth, what’s important to you may not necessarily be important to your children but discussing your wishes openly will minimise any possible surprises or misunderstandings when it comes time to distribute inheritance.

“As your life changes, it is important to continually review and adjust your will in the instance you go through a major life event.

“If you don’t know where to start, having a conversation with a financial adviser can be a good step in helping you work out a plan to discuss inheritance with your family, take control of your finances and give you peace of mind.”

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The transition to Hesketh, who was also recently promoted to Partner at NMG Consulting, will be seamless. According to Mark Prichard, CEO of NMG Consulting; “Trialogue and Super Funds Review will continue to be published and not only will all of the big and little things clients have come to expect from Tria continue to be delivered, they will continue to get even better over time.”

Mr Hesketh has been with Tria since 2007, and has the distinction of starting as a consultant and rising all the way through the ranks. He is known for his deep expertise in asset management, and has become a leading part of Tria’s strategy proposition. Over the past 18 months, Mr Hesketh has taken on an increasing role in running the Tria business and has been integral to the recent integration of the two businesses. Mr Hesketh commented “I’m excited about the opportunity to lead and continue to grow Tria. We have an exceptionally strong team in place and I’m confident that Tria will continue to be a formidable and leading player in the consulting industry.”

Mr Hesketh will be supported by Mark Watmore who has been with Tria since soon after its foundation. Mr Watmore leads the implementation focus team and is also a Partner. His role has been expanded to include responsibility across NMG Consulting’s business lines in Australia, particularly identifying and executing opportunities for cross-collaboration between the NMG Consulting divisions.

A related change is Principal Consultant, Chris Hurst, moving to the London office of NMG Consulting in early March. Mr Prichard commented; “The addition of new perspective and experience to Chris’s already formidable asset management knowledge, strategy expertise and passion for the industry will be a real asset for our clients in Australia and beyond, in the years to come.”

Mr Baker will continue to be involved as a non-executive director of NMG Consulting and its parent, NMG Holdings, and as such will continue to support the ongoing success of the business and its people. Mr Baker concluded that “the main reason we are able to make these changes is the strength of Tria’s foundations. Tria is not built around any one person, including me. Although this transition is an important milestone, it’s really just another logical step in Tria’s progression and our aspiration to build the best consulting firm in the wealth, asset management and insurance industries. We’ve been able to hire outstanding people over the firm’s history and retain the great majority of them for the long term; their time to lead has arrived.”

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NMG’s acquisition of Tria Investment Partners and its combination with NMG’s consulting business will produce the leading multinational consultancy focused on Australia’s wealth management, asset management, life insurance and life reinsurance sectors, with an unmatched offer across consulting, research and analytics, and implementation.

Mark Prichard, CEO NMG Consulting (Global) said:  “Today’s announcement is transformative, enabling us to offer our expanded client base a broader and deeper range of sector skills and expertise. Tria has carved a strong reputation for industry insights, analysis, and skilled implementation within the Australian superannuation, wealth and platforms arena. NMG’s capabilities are complementary, being the leading consultancy to Australian insurance and reinsurance institutions, facilitated by a multinational footprint.”

“We expect to see significant growth in Australia via our superior client proposition, while the NMG network will enable accelerated delivery of our combined Australian capabilities to international markets.”

According to Tria’s managing partner Andrew Baker: “Our newly enhanced offer comes during a unique growth phase as the industry looks to move beyond near-term cyclical and regulatory issues, to a longer-term focus on the future needs of customers.”

“Our clients seek trusted partners with original thinking and insights to help solve some of the big strategy, product, distribution and structural challenges that lie ahead. We can now deliver an unmatched depth of resource and talent, sourced locally and from within the global NMG franchise. For Tria clients it will be business as usual in the short term, but over time clients will gain enormous benefits through the addition of new capabilities and expertise.”

Andrew Baker will assume the role of Country Head for the combined Australian NMG Consulting business, including the existing Tria business. Ashwin Field will continue to lead NMG’s multinational Strategy Consulting practice.

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The new Tria Investment Partners Super Funds Review creates a single view across all major segments – Retail, Industry, Government and Corporate – and reveals the extent to which funds are increasingly reliant on merger and acquisition activity to stimulate growth or remain competitive.
 
“One of the surprises to come out of the report is the extent to which funds have employed M&A to fuel growth in a difficult market environment,” said Tria Investment Partners Managing Partner Andrew Baker.
 
“Beneath the headline growth numbers, organic growth generated by net inflows remains a clear challenge. Strip away growth achieved from expensive M&A exercises and we are left with some market participants struggling to keep pace with system growth.
 
“Those who have invested heavily in growth by acquisition have taken market leading positions, but face the further challenge of fund retention. Market share leakage remains a present risk.”
 
The Super Funds Review defines and applies key business metrics to competitors in all segments, which allows fair comparisons to be made between the relative health and position of Australia’s leading industry and retail funds, for example.
 
“The Tria Industry Fund Review established Tria’s research credentials in the large fund space.  The degree of change in the market has resulted in our clients asking for something even bigger and better which covers the entire superannuation market,” Mr Baker said. 
 
Tria seeks to establish the Super Funds Review as the leading source of information regarding large super fund business performance with senior management, boards and strategy groups of funds together with observers of the market.

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Tria Managing Partner Andrew Baker urged sector players to remain positive about future opportunities, despite the industry experiencing tough market conditions – “perhaps the toughest we have seen in the past 20 years.”

“We are seeing severe cyclical and structural forces at play for the Australian wealth management industry, where for the past three or so years it has been difficult to remain positive unless you are selling cash deposits or index funds,” Baker said.

“Other forces, including industry regulation, new technology and rotation away from collective super to Self-Managed Super Funds (SMSFs), and from managed funds to direct assets, remain some of the challenges and opportunities we see ahead.

“Relatively straightforward improvements to client segmentation and communication can result in a more client-centric firm, while improvements to development and rationalisation processes can greatly improve efficiency,” he said.  Mr Baker was speaking at the Tria Investment Partners’ “Spring into Strategy” presentation attended in Sydney by a large contingent of the Australian wealth management sector.

Tria co-presenter Oliver Hesketh detailed the allure of the rapidly growing SMSF sector, noting that the segment remains large, and largely untapped for the bulk of the wealth management industry.

“The challenge for fund managers here is to regain relevancy and to deliver offers that meet the needs and desired access points for SMSFs, while also stacking up against the simplicity and flexibility they require,” Mr Hesketh said. Among a number of fresh ideas presented to attendees, Mr Hesketh indicated the primary trends to watch include:

• The continued rise of ETFs
• The increasing capabilities of adviser desktops
• The expected arrival of the ASX AQUA II platform in 2012. 

However, Tria remains fundamentally positive about the outlook for the sector, which Mr Baker said is likely to grow to a $3 trillion pool by the year 2020.

“As a consequence the good news about this mandated growth is that it brings a hunger for new approaches to product. The prospects for innovation have improved markedly during this current phase, and so we believe there is very little downside for wealth management organisations to take a long-term strategic view of their product mix, their position in the investor value chain and to focus on the market segments that will really deliver for them well into the future,” Mr Baker said.

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