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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Jason Entwistle

As part of HUB24’s commitment to deliver innovative solutions that empower advisers to meet the needs of clients throughout their wealth accumulation and retirement journey, the HUB24 Discover offer has been launched, to complement the existing Core and Choice offers and is now available on HUB24 Invest, Super and Pension.

Demographical trends such as the intergenerational wealth transfer and ageing population are providing opportunities for advisers to evolve their advice proposition to meet the needs of early-stage wealth accumulators, later stage retirees or clients with less complex needs.

HUB24’s Director of Strategic Development, Jason Entwistle said Discover strengthens HUB24’s competitive position and supports further growth by giving advisers access to an investment solution purpose-built for client segments with simple investment needs. HUB24 Discover encompasses a range of passive, active and ESG managed portfolios from leading portfolio managers including AZ Sestante, Betashares, Blackrock iShares, Elston, Lonsec, Morningstar, Vanguard, and Zenith.

“We’re excited to be launching our new HUB24 Discover solution. Discover complements our existing Core and Choice offers and expands our reach, providing a unique solution for advised clients seeking simplicity and affordability in their investment options – whether they’re starting out on their advice journey with their first portfolio or entering the drawdown phase.

“What’s great about Discover is the quality of the investment managers delivering a streamlined list of managed portfolios coupled with our award-winning platform features, and a competitive simplified fee structure. It’s also truly portable so as their clients’ needs evolve, advisers can easily transition them across to our Core and Choice offers with minimal unintended or costly insurance or tax consequences.”

Designed in conjunction with portfolio managers, HUB24 Discover is a cost-effective platform and investment solution, providing a streamlined selection of managed portfolios.

Elston Asset Management’s Head of Adviser Services, Mark Smith said: “We’re excited to be working with HUB24 in launching their new Discover offer, a cost-effective and complementary solution to our existing managed portfolios available via HUB24.

“The Discover offer opens up new opportunities for advisers to engage with clients on their investment journey and leverages our existing infrastructure and our ten-year track record of supporting advisers and their clients through our HUB24 managed portfolio solutions.”

Lonsec Investment Services Chief Investment Officer, Nathan Lim said: “We’re pleased to be a foundation managed account provider for HUB24 Discover. We’ve used our deep research and portfolio construction skills to build five portfolios that will meet the needs of both large and small investors. We look forward to bringing these portfolios to our adviser network and their clients.”

Vanguard Australia’s Head of Financial Adviser Services, Balaji Gopal said: “The ability to offer Vanguard’s Diversified Managed Account Strategies through HUB24’s new Discover platform simply means more choice of high-quality investment solutions for financial advisers and their clients.

“Providing low-cost, instant exposure to over 16,000 securities through a range of asset classes, our Diversified Managed Account Strategies harness Vanguard’s global portfolio management expertise and proven strategic asset allocation approach.”

Chantal Giles, Head of Wealth at BlackRock Australasia said: “BlackRock is excited to see the addition of its Enhanced Strategic Model Portfolios and ESG Model Portfolios to HUB24’s Discover menu options. These low-cost diversified investment solutions are key examples of how BlackRock can deliver quality portfolio construction guidance to help advisers build better portfolios for their end clients. Ultimately, it gives everyday Australians access to institutional-quality portfolios that best meet their desired investment goals.”

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Mark Smith

Perpetual Limited (Perpetual) has announced the acquisition of Priority Life, a Melbourne-based specialist risk advisory business with a strong focus on medical practitioners, professionals and business owners.

Commenting on the acquisition, Mark Smith, Group Executive for Perpetual Private, said: “This acquisition demonstrates our commitment to growing our private client business through strengthening our proposition to high net worth clients including established wealthy, business owners, and medical specialists.

“As the industry continues to evolve, Perpetual Private is uniquely positioned to benefit from industry dislocation given its trusted brand and deep client relationships. As a business, we are looking to lead the market in wealth advisory, trustee and professional services in our targeted client segments. Our team is focused on accelerating growth through attracting high quality and strategically aligned advisers, with 15 new advisers signing on for FY20, as well as growth through inorganic opportunities.

“Priority Life fits well with our integrated professional services model, which facilitates deeper client engagement through a holistic approach, enabling clients to gain access to a team of specialists. This acquisition is aligned with our objectives as we are both focused on meeting the ever-changing needs of our clients. Priority Life’s success is founded on a deep understanding of the specific needs of their clients and complex insurance issues which is a valuable addition to our own capabilities. Our current and future clients will benefit from Priority Life’s highly focused expertise in life insurance solutions.”

Both Priority Life and Perpetual are committed to growing the business and expanding service offerings and capabilities to clients.

David Davidson, Managing Partner of Priority Life, said: “We are pleased our clients will have the opportunity to access Perpetual’s suite of service offerings including financial advice, investment management, retirement planning, and philanthropy.

“For Priority Life, it’s also about setting ourselves up for the future and ensuring the financial well-being and needs of our clients are taken care of.

Perpetual’s deep trustee heritage and financial advice client relationships across multiple generations are key strengths of the Perpetual Private business and clients are looking for a trusted brand and quality advice model now more than ever.”

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Mark Smith

Perpetual has announced the acquisition of Fintuition and its related brands including The Private Practice, one of Australia’s leading business, financial and lifestyle educators for medical specialists.

Group Executive for Perpetual Private, Mark Smith, said, “This acquisition comes after a significant period of exploration and assessment. It’s a great fit as at the heart of both organisations is trust, integrity and a deep commitment to the financial wellbeing of medical professionals.

“It extends our ability to offer the breadth of our services across accounting, tax, estate planning and financial advice to high net worth clients. It also maximises the strengths we have in our business and allows us to deepen our offer to the medical sector.

“Perpetual has enjoyed a strategic partnership with The Private Practice for some time and this acquisition extends that commitment.

“The Private Practice’s success is founded on a deep understanding of the specific needs of medical specialists. They have developed a unique business model for delivering education and advice to busy professionals in a structured and accessible way,” Mr Smith said.

Warren Skinner, Director of Fintuition, said, “We are delighted our clients and business partners will have the opportunity to benefit from Perpetual’s broad range of services including specialised financial advice, trustee and philanthropic services.

“With Perpetual’s deep history as an independent wealth manager, it was clear from the outset we share a dedication to helping people address their business, financial and lifestyle challenges and opportunities,” he said.

“The Fintuition Group and Perpetual medical specialist clients will benefit from education on medical practice set up, management and growth, through to lifestyle planning and positioning for succession and retirement.”

Both the Fintuition Group and Perpetual are focused on growing their business and expanding their service offering to medical specialists. This merger will enable both groups to accelerate their growth aspirations and provide an effective education and advice platform to the Australian medical community.

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Grant Bloxham

Slowing growth from compliance fees and profit margins are the number one business concern for public practice accountants, according to the Bstar 2015 Accountants Research Report, presented by Perpetual.

Practice valuation business cap rates decreased by 14.6 per cent in 2014, which is the biggest decline in the past four years.

Also topping the concerns list are capacity and time constraints and the fee mix from compliance and advice services.

What has changed most from Bstar’s 2014 Accountants Research Report is the impact these concerns are having on practice management and ownership succession, with partners now ready to take action.

“Partners approaching succession and retirement are worrying about the future performance and value of their practice,” Grant Bloxham, Bstar CEO said.

“Succession has moved from a strategic concern, to a high ‘need to act’ operational concern, yet more than two thirds (69 per cent) do not have a formal succession plan in place.”

With accountants identifying the future of their growth is in advice services, the concern about time suggests they realise they need to improve practice management to create capacity for advice services. Similarly, the transition from a compliance to an advice service business model presents new challenges.

“The industry is changing and the threats facing the accounting profession in 2015 are very different to the common challenges accountants have had to face over the years, such as technology gaps in relation to systemising processes for client compliance advice,” Mr Bloxham said.

The top five strategic threats identified in the research are:

• government regulation
• technology
• changing client loyalties
• shifting demographics
• increased competition.

The removal of the AFSL accountant’s exemption in July 2016 is most one of the most significant changes to the industry in recent history.

Mark Smith, Group Executive Perpetual Private, which works with accountants to provide solutions to this issue, said it has left many accountants questioning the best way forward for their business.

“In the same way that declining fee growth rate and profit margins are big concerns for accountants, so is the decision they need to make about their futures,” Mr Smith said.

“Many accountants value their independence and so do their clients and as such they’re keen to maintain it. Perpetual Private understands this and offers licensing support to help them continue to operate independently, while running a compliant business and meeting the advice needs of their clients.”

Planning and resourcing the implementation of advice services is a key way to help accountants grow and improve the value of their practice.

“There are important differences between advice services and leveraged advice services,” Mr Bloxham said.

“The accounting practices which are most successful are those that are building leveraged advice services by separating strategic and operational advisory and support services. It is these new leveraged advice services which will provide them with new opportunities to replace disappearing compliance work.”

The Bstar 2015 Accountants Research Report is based on more than 175 face-to-face strategic interviews with principals of accounting and financial planning firms.

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