As Head of Family Advisory, based in Melbourne, Kaajal will be responsible for leading LGT Wealth Management’s efforts in addressing the growing needs of sophisticated investors across Australia. With an estimated AUD$3.5 trillion expected to transfer between generations over the next decade, succession planning, family values, dynamics and governance have become critical priorities for those seeking long-term wealth preservation.

LGT Wealth Management – wholly owned by LGT – draws on the Princely Family of Liechtenstein’s 900-year legacy of wealth stewardship. This unique heritage enables the firm to offer clients unparalleled expertise in navigating the complexities of succession planning, governance and legacy building. Kaajal’s deep knowledge and experience will further enhance the firm’s ability to deliver tailored guidance to Australian families.

Michael Chisholm, Chief Executive Officer of LGT Wealth Management, said, “We’ve been deliberate in our search for a leader who not only aligns with our vision but also understands the evolving needs of Australian families. Kaajal’s expertise in wealth structuring, governance and succession planning makes her a natural fit for LGT Wealth Management.

“As we see intergenerational wealth transfer rise in prominence, her leadership will ensure we remain focused on what matters most to our clients – their family values and long-term aspirations – ensuring these elements are at the heart of their wealth planning.

“As part of one of the world’s largest family-owned wealth management firms, LGT Wealth Management is uniquely positioned in the Australian market. We combine deep, local relationships with the stability, scale and expertise of a global leader in wealth management. By drawing on centuries of experience in intergenerational wealth transfer, we’re able to provide tailored governance and succession planning solutions that help families build lasting legacies.

“Kaajal’s appointment marks an important milestone for us, further strengthening our role as a trusted partner in securing the future of these families,” Michael noted.

Kaajal Prasad

Kaajal joins LGT Wealth Management from KPMG, where she was a partner in the Family and Private Client business. With over 18 years’ experience in wealth structuring and governance, she has been a trusted advisor to HNW and UHNW families as well as not-for-profit boards, guiding them through the intricacies of succession planning, risk management, growth strategies for emerging businesses asset protection and more. Her deep subject matter expertise, coupled with a passion for delivering tailored advisory solutions, will be invaluable in empowering LGT Wealth Management’s advisers and clients.

Kaajal is a Chartered Accountant, a registered tax agent and holds a law degree. She also serves as an independent adviser to several family-owned businesses and not-for-profit organisations.

Ping Ping Lim, Vice Chairwoman, Global Family Wealth for LGT Private Banking APAC welcomed Kaajal’s appointment, stating, “Kaajal’s appointment marks a significant step in LGT Wealth Management’s continued commitment to providing Australian families with strategic guidance grounded in global best practices. We’re excited for Kaajal to lead our efforts in Australia, building lasting legacies and fostering trust with the families we serve.”

On her role, Kaajal commented, “The future of wealth management is not just about preserving assets – it’s about preserving legacies, and I’m honoured to play a part in that journey for Australian families at LGT Wealth Management.

“I look forward to working closely with clients to ensure that their wealth is not only protected but also passed down in a way that reflects their values, vision and long-term goals. It’s about creating a foundation that transcends generations and leaves a lasting impact for those who follow,” Kaajal concluded.

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Michael Chisholm

LGT Wealth Management’s 2025 State of Wealth Report shows record high-net-worth growth, a $2.26 trillion wealth transfer already underway, rising allocations into private markets and sustainable investments, and a greater reliance on trusted financial advice.

Australia’s high-net-worth (HNW) population has risen to 760,000, controlling a record $4 trillion in assets, according to LGT Wealth Management’s (LGTWM) 2025 State of Wealth report launched yesterday. Now in its fifth year, the study points to a new era of investor psychology: more resilient, more disciplined, and increasingly adviser-led. That composure was tested in April, when Donald Trump’s tariff shock pushed concern to 7.9/10 – eclipsing the 7.2 peak recorded during Covid.

The report surveyed 1,191 Australians with more than $1 million in investable assets, including 168 ultra-high net worth investors (UHNW) with over $10 million. It seeks to provide a detailed view of how Australia’s wealthy are adapting their strategies in the face of global uncertainty and the largest intergenerational wealth transfer in Australian history.

The findings reveal how this shift is playing out in practice. Wealthy Australians are taking a more measured approach to risk, expanding into sustainable investments, diversifying into private markets and other alternatives, and relying more on advisers to navigate complexity and plan for future generations.

Australia’s rich are wealthier, but warier – turning to advice in uncertain times

Australia’s HNW population has reached 760,000, an 18% increase in the past year. At the top end, the ultra-wealthy cohort grew most rapidly, expanding by 19%, with average wealth per individual increasing to $18.9 million.

But rising wealth has also been met with heightened caution. In April 2025, average concern levels spiked to 7.9 out of 10 in April following new U.S. tariffs – higher than the Covid 7.2 peak. Despite this, investors remained disciplined: two-thirds of HNWs made no major adjustments – sending substantial portfolio changes to a decade low. Use of professional advisers also rose, with 26% of HNWs now advised, controlling $1.41 trillion or 35% of assets.

“What’s striking is how calm investors have been,” said Michael Chisholm, Chief Executive Officer of LGT Wealth Management in Australia. “Staying the course takes discipline and perspective, and Australia’s wealthy are showing both. They’re thinking more like global institutions – measured, diversified, and focused on long-term goals – while leaning on advice and making informed decisions with family and legacy in mind.”

Record wealth transfer is now underway, but advice gaps remain

Intergenerational planning is also at record levels, with an estimated $2.26 trillion already in motion. This marks a fundamental shift in how legacy is viewed – less about inheritance after death and more about empowerment and shared prosperity across generations.

61% of HNWs are now actively discussing inheritance and estate planning with advisers, and 70% of advised HNWs have already started, or plan to start, transferring wealth during their lifetimes. Yet even as advice engagement rises, significant gaps remain. More than half of wealthy Australians say they still lack adequate support – particularly in tax and estate planning, legal and administrative complexity, preserving family wealth and preparing heirs.

The opportunity for advisers is clear. The persistence of unmet needs across the broader HNW population underscores the critical role of professional advice in guiding succession and intergenerational planning as the nation’s great wealth transfer accelerates.

“With a historic transfer of wealth now reshaping Australia’s financial landscape, clients are seeking guidance that bring both clarity and purpose to their decisions,” Mr Chisholm said. “The role of quality advice has never been more vital. Wealth today is about more than numbers on a balance sheet, it’s about understanding family priorities and building a legacy that endures across generations.”

Private markets allocations rising; investors deepen diversification

Private markets are no longer niche, they’re becoming central to how wealthy Australians invest. Allocations have risen to 10% overall and around 17% among UHNWs, while the number of participants has climbed to 171,000 in 2025, up from 146,000 last year. The trend signals a decisive move beyond traditional asset classes as investors seek new avenues for diversification and returns.

With dispersion widening across private markets, the onus on advisers has never been greater. Their role extends beyond sourcing opportunities, ensuring clients have access to high-quality managers, understand the risks, and invest through a lens of discipline, due diligence and long-term resilience.

“Private markets are now a core part of portfolio construction,” said Mr Chisholm. “Reflecting not only appetite for diversification and stronger risk management, but also a shift towards a more institutional mindset.

“Within that, we’re seeing a real flight to quality – investors are prioritising resilient income opportunities and experienced managers who can manage risk through the cycle. Accessing these opportunities takes expertise and deep due diligence. Private credit can offer attractive returns, but success depends on knowing who you’re investing with and how they manage risk. That’s why we’ve built one of the largest local investment teams in the industry with the experience to look under the hood and genuinely understand the detail – because in this space, the details make all the difference.”

One in three HNWs now hold sustainable investments – values and legacy shaping portfolios

Sustainable investing has entered the mainstream, with 30% of HNWs now adopting sustainability strategies and, on average, 35% of their portfolios aligned to responsible investments.

Personal values and ethics remain the leading motivation, cited by 65% of HNWIs and around 60% of UHNWIs, while performance continues to rank among the top five considerations. Advisers are also playing a pivotal role in this shift – with clients who seek professional guidance significantly more likely to integrate responsible investments into their portfolios.

“At its heart, this is about values as much as returns,” Mr Chisholm noted. “Investors expect market-level returns at a minimum – that’s non-negotiable. What’s changing is that many now also want their money to reflect what matters to them. Environmental or social outcomes are an additional benefit, not an alternative to performance.”

Women are emerging as powerful drivers of this evolution. The report shows that 37% of female HNWIs choose investments based on ethical or ESG considerations, compared with 29% of men, and they allocate a higher share of their portfolios to responsible investments.

“Women stand to become a defining force behind the next wave of wealth creation,” Mr Chisholm said. “As they continue to inherit and control more wealth, they’re using that influence to back investments that perform well and make a difference – proving that performance and purpose can go hand in hand. Sustainable investing has become a core aspect in how Australia’s wealthy think about legacy and long-term value.”

Wealthier, wiser and more values-driven

The 2025 State of Wealth report shows that Australia’s wealthy are more affluent than ever, but also more disciplined, more values-driven, and more reliant on advice. This progression marks a shift towards greater resilience in the face of political and economic shocks, with investors building portfolios designed to navigate uncertainty and create enduring wealth for future generations.

“As the world becomes more complex, wealthy Australians are taking a steadier, more purposeful approach,” Mr Chisholm concluded. “They’re diversifying, planning ahead, and making sure their wealth carries meaning for the next generation. That shift is reshaping what it means to be wealthy in Australia today.”

The 2025 State of Wealth report is based on independent research conducted by Investment Trends, comprising Australia’s most comprehensive study of the investment and lifestyle habits of HNW and UHNW individuals.

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Michael Chisholm

LGT Crestone, one of Australia’s largest private wealth management firms, is proud to announce its rebrand to LGT Wealth Management Australia. This strategic change marks a decisive milestone in the firm’s evolution, reflecting its ambition to lead the nation’s private wealth sector and cement its alignment with LGT’s global reputation, family ownership and 100-year heritage.

For clients, the rebrand reinforces the ability to access global investment opportunities, intergenerational wealth expertise and sustainable investment solutions available through LGT. Importantly, the advisers, relationships and services they rely on remain unchanged, ensuring continuity of premium, tailored advice with the added benefit of enhanced global reach. For employees, the rebrand recognises their expertise and positions the firm to attract and retain the best talent in Australia’s wealth sector. As part of a global private wealth leader, staff gain access to international networks, career pathways and resources that strengthen both the business and its ability to deliver for clients.

“Our rebrand is a bold and strategic step forward,” said Michael Chisholm, Chief Executive Officer. “It reflects our commitment to delivering world-class wealth management, backed by global expertise and a deep focus on our clients. While our name is changing, our purpose is constant – to provide premium, global tailored advice and solutions with the same focus on local service and personal relationships as ever. We are excited to continue our growth trajectory and showcase the best of what LGT has to offer.”

Olivier de Perregaux, Chief Executive Officer of LGT Private Banking, commented: “Australia is a key market for LGT’s long-term growth ambitions. The rebrand to LGT Wealth Management Australia, together with the recent expansion of the team and client base, demonstrates a strong commitment to building a leading wealth management business in the region. I look forward to supporting the team as they continue to deliver outstanding outcomes for clients and further strengthen LGT’s presence in Australia.”

Since joining the global LGT Group in 2022, the Australian business has accelerated its growth trajectory, expanding client access to private markets and sustainable investment solutions. That momentum was reinforced in June 2025 with the acquisition of Commonwealth Bank’s high-net-worth advice business, which brought in A$5 billion in assets and 38 seasoned professionals to its national network.

To celebrate the launch of LGT Wealth Management Australia, the firm will host a series of exclusive events in October, including the globally recognised LGT Climate Conference at Taronga Zoo, Sydney. The conference will feature keynote addresses from global leaders including Al Gore, former Prime Minister Julia Gillard and Climate Change Authority Chair Matt Kean, alongside other renowned experts, as they explore investment opportunities in the energy transition.

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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.

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Michael Chisholm

LGT Crestone, one of Australia’s largest independently owned wealth management businesses, has signed an agreement to acquire CBA’s personal advice business, Commonwealth Private Advice. The transaction reflects LGT Crestone’s commitment to sustainable growth and strengthening long-term client relationships, ensuring the private wealth management needs of clients are guided by world-class expertise and supported by LGT’s global scale.

LGT Crestone will acquire CBA’s highly regarded personal advice business for ultra-high net worth and high net worth clients currently comprising approximately 500 clients and more than A$5 billion in client assets. As a part of the transaction LGT Crestone will integrate approximately 40 experienced advisers, associates and support employees into its business. The acquisition has been structured to ensure a seamless transition of service for Commonwealth Private Advice’s clients and staff while leveraging the scale, stability, and expertise of LGT—a global wealth management leader with over A$500 billion in client assets.

The transaction is expected to be completed by mid-2025 and will strengthen LGT Crestone’s national presence with offices in Adelaide, Brisbane, Melbourne, Perth and Sydney. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia.

Michael Chisholm, Chief Executive Officer of LGT Crestone said: “We are delighted CBA has chosen LGT Crestone as the trusted home for their highly valued high net worth and ultra-high net worth clients and employees.  It’s a terrific validation of our efforts to build a truly outstanding private wealth advice business catering to the needs of the most sophisticated investors in Australia.

“This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients. By combining our strengths, we’ll enhance our ability to build strong, personal connections with our clients and deliver exceptional service, ensuring they have access to world-class expertise and tailored solutions to meet the very highest standards in private wealth management.”

The firm was established in 2016, and was acquired in 2022 by LGT, which is owned by the Princely Family of Liechtenstein and backed by over 900 years of heritage.

H.S.H Prince Max von und zu Liechtenstein, Chairman of LGT said: “LGT is delighted to reinforce our role in Australia as we welcome both the clients and colleagues of Commonwealth Private Advice to LGT. Our expertise in family advisory services, sustainable investing, and intergenerational wealth uniquely positions us to be a valued and respected partner in today’s financial landscape.

“Clients need stable partners to provide comprehensive and secure opportunities throughout their financial journeys, and we are committed to delivering that level of support and confidence to our new clients,” H.S.H Prince Max von und zu Liechtenstein concluded.

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The longtime colleagues and Escala Partners co-founders now lead a team at LGT Crestone supported by Chris Quigley, Steve de Bolfo, and Amelia Kelaher. The team provides professional advice to high-net-worth families, family offices, and not-for-profit organisations.

This expansion is supported by LGT Crestone’s recent growth in the Australian market – over the 2024 financial year the wealth manager amassed a 17% increase in client assets under advice and total revenue and doubled the size of the Lombard portfolio. The year also saw LGT Crestone expand its credit offering to include mortgages, providing clients the ability to leverage the equity in their properties to provide liquidity when needed and to further diversify their investment portfolios.

According to Michael Chisholm, LGT Crestone CEO, “We are delighted to welcome Steve and Mason to our team. Their client-centric ethos and exceptional track record reflect LGT Crestone’s commitment to excellence in financial advisory, and align with our entrenched client-focused culture.

“With a deep understanding of the market and wealth of experience, Mason and Steve play a critical role in our work providing tailored financial advice and strategies to our valued clients,” Chisholm concluded.

Mason Allamby

Mason brings over 25 years of experience in finance to his role at LGT Crestone, specialising in comprehensive advisory services encompassing investment management, asset allocation and tax optimisation. Prior to this, Mason co-founded and served as client adviser at Escala Partners, shaping strategic investment decisions tailored to high-net-worth families. His tenure at UBS Wealth Management and Mercer further fortified his reputation as a trusted financial planner and adviser.

On his new role, Mason commented, “I am thrilled to join and lead the next phase of LGT Crestone’s growth, and to leverage my experience in providing personalised investment solutions that align with the goals of our esteemed clientele.”

Steve Collins

Steve is a seasoned investment adviser with over two decades of experience in private client wealth management. Steve also served as an adviser and co-founder at Escala Partners. Prior to this, Steve spent over 11 years at UBS Wealth Management where he became Executive Director, leveraging his proficiency in domestic and international equities, fixed-income securities, real estate investment trusts, alternative investments, and derivatives.

Regarding his new position, Steve remarked, “I am passionate about helping clients design and build portfolios that help achieve their long-term financial goals, and am excited to be working with the dedicated team at LGT Crestone to continue doing just that.”

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Michael Chisholm

LGT Crestone has released its 2023 State of Wealth report, polling Australia’s high net worth (HNW) and ultra-high net worth (UHNW) individuals to reveal how theinvestment approach of the nation’s wealthy has been impacted by the challenges of today’s post-pandemic environment.

The HNW group includes investors with $1M in investable assets. UHNW indicates a minimum $10M in investable assets.​

The fourth annual State of Wealth Report exposes a transition in investor behaviour and sentiment triggered by major macro changes, characterised as a period of ‘re-set’.

LGT Crestone’s Chief Executive Officer Michael Chisholm said the research helps to contextualise patterns of decision-making amongst this influential cohort of Australian investors. “It’s no surprise that the macroeconomic and geopolitical forces shaping our world are also shaping the mindsets of Australia’s wealthy, and the research findings deepen our understanding of these shifts and the impact for portfolio strategies.”

“With inflationary pressure and market turbulence top of mind, HNW and UHNW individuals are seeking opportunities for growth by way of diversification, demonstrating a strong appetite for private markets resulting in a broader spread of allocations across asset classes.”

Mr Chisholm continued, “While equities and cash remain the two largest current investments, closely followed by real estate, this proportion has dropped in 2023 as HNW Australians widen their exposure to investments to include emerging markets and various private alternatives.”​

With a heightened readiness to reallocate investments, data shows that wealthy investors are looking to trusted financial advisers to help navigate this ‘reset’.​

“HNW and UHNW individuals recognise the importance of trusted financial advice, arguably more so in periods of unstable market conditions. Also given the difficulty finding information, research and access to alternative and private markets investments, the adviser plays a critical role in guiding HNW clients around these decisions. This ‘guiding hand’ principle cannot be understated.”  ​

“Further, our data shows that HNW and UHNW individuals with a financial adviser experienced higher levels of both engagement and enjoyment as opposed to those who did not have trusted advice. This is a clear articulation of the critical role advice plays not only in effective portfolio management, but investor gratification.”

Balancing returns with personal values

The 2023 State of Wealth findings reveal that returns continue to be a dominant driver of decisions, impacting the way HNW and UHNW individuals approach sustainable and philanthropic investments.​

“Wealthy individuals are eager to have their personal values – including those related to climate change and societal wellbeing – expressed in the way they are investing. Yet in the face of uncertain economic conditions, returns are the predominant driver of choice for this type of investing. One of our priorities is addressing this myth that you need to sacrifice returns to invest sustainably.”

“We’re seeing that HNWIs who identify financial advisers as their primary source of advice are more likely to actively seek sustainable investments, reflecting the strong role advisers play in helping individuals identify and invest in this space in a way that works for them.”

Wealth transfer still on the to-do list

According to the report, nearly two thirds of HNW individuals do not have a wealth transfer plan in place, despite the majority having intentions to develop one.

“Despite its importance, it is evident that developing a clear plan remains a huge challenge for wealthy Australians. Even for the many individuals who recognise the need for a transfer strategy, the obstacle is simply where to begin.”

“The wealth transfer process is one that is deeply personal and unique to each family. We see a significant need for assistance from trusted advice professionals to help introduce the discussion and broaden it to include more family members.

Mr. Chisholm concluded, “A new world order rising out of COVID-19 pandemic warrants professional financial advice more than ever, particularly in the areas of asset allocation, family wealth advisory and philanthropy.”

The State of Wealth report is based on independent research conducted by CoreData, comprising Australia’s most comprehensive study of the investment and lifestyle habits of HNW and UHNW individuals.

Read the report​.

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The new appointments bring the firm’s total national adviser base to 91.

Commenting on the expansion, Michael Chisholm, chief executive of Crestone said that over the past several years, the Crestone client base in Queensland had grown, demanding the establishment of an expanded Queensland presence.

Shane Fisher has 28 plus years’ experience in Financial Services with a diverse background and joins Crestone from Westpac Private Bank and St George Private Bank. A former Director for Global Investment Services with the Westpac Group, Mr Fisher has extensive investment experience across all traditional and alternative asset classes, dealing with boutique and private wealth businesses, private banks, foreign investment banks, HNW clients and family office investors.

John Paul Geribello joins Crestone from Westpac Global Investment Services, where he was an Investment Director, responsible for the implementation and delivery of the direct wealth proposition for self-directed clients of Westpac Private Bank and St George Private across Queensland. With over 20 years’ financial services experience, Mr Geribello has a proven track record in providing investment advice, opportunities, insights and thought leadership to Institutional, Corporate, Family Offices and HNW investors on their investment strategies and risk management of traditional asset classes, structured solutions and alternative investments.

Darryl Wasserman is a financial services specialist with over 19 years’ experience in the banking and communications sector. Mr Wasserman joins Crestone from Westpac Private Bank where he was previously a Private Banker providing specialised service and advice to some of Queensland’s wealthiest families. Mr Wasserman has a double degree in Finance and Economics and is passionate about delivering exceptional outcomes for his clients.

Chris Mackenzie has 19 years’ experience and joins Crestone from ANZ Private, where he was a Private Wealth Adviser. He provided wealth management services through provision of retail and wholesale personal advice on structuring and investments to HNW families and individuals.

Simon Rogers joins Crestone from Perpetual Private, where he was a Partner, responsible for leading a high-performance wealth management team in the provision of both retail and wholesale advice. He has been providing personal advice to private clients for almost 15 years: his clients have included charitable foundations, wealthy families, not-for-profit organisations, medical specialists, successful business owners, landowners, senior executives and entrepreneurs.                                              

Jason Poppi has 10 plus years’ experience and joins Crestone from NAB Investor Sales, where he was previously an Associate Director. In this role, Mr Poppi was responsible for building and managing a portfolio of HNW investors and has a proven track record of building deep relationships with HNW and UHNW families. 

All new hires will report directly to Michael Tritton, Head of Advisory for NSW, QLD and SA.

Commenting on the new appointments, Mr Tritton said that the competency within the team reflects a continuing desire to deliver unparalleled insights and investment solutions to business owners, the not-for profit/charitable sector, HNW individuals and their families in Queensland.

“The new advisers are welcome additions to our growing team. Crestone offers global, multi- asset class portfolio construction and management solutions and we are confident the expertise these six advisers possess will complement our existing business and offering.”

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Commenting on the expansion and creation of an Adelaide based team, Michael Chisholm, chief executive of Crestone said that over the past several years, the business had been growing a client base in Adelaide and regional South Australia which warranted the establishment of an on-the-ground presence.

“Our entrance into SA presents dual opportunity. Firstly, for HNW and UHNW individuals based in SA, Crestone can provide access to a broader set of global diversified investment opportunities than may currently be available to them. Secondly, for local investment professionals or those looking to build a career in SA, Crestone’s unique employee-owned business model should prove attractive.”

The new local team includes five appointments, bringing the firm’s total adviser base to 91.  The bench strength present within the team reflects a desire to deliver unparalleled insights and investment solutions to SA business owners, higher net worth individuals and their families.

The SA team will be led by Manager of Advisory SA, Kieran Purcell, a 25 plus years ‘veteran’ of the wealth management industry. Mr Purcell joins Crestone from Morgans Financial, where he was previously General Manager for Adelaide.

Prior to Morgans, Mr Purcell was Macquarie’s Office Head in South Australia where he was responsible for 100 plus employees.

Mr Purcell will report to Head of Advisory for NSW/QLD/SA, Michael Tritton.

The remainder of the newly appointed Investment Advisers for the SA office includes Sonya Brocklehurst, James McBride, Nicholas Hamersley and Ida Wong Taylor.

Sonya Brocklehurst has 20 plus years’ experience and joins Crestone from NAB Australia, where she was previously a Senior Private Client Manager. Ms Brocklehurst was responsible for managing and growing a portfolio of 130 international and local HNW clients.

James McBride joins Crestone from ANZ Banking Group, where he was a Private Banker, responsible for managing a portfolio of HNW families with a view to grow, sustain and transfer their wealth. With over 10 years of financial services experience, Mr McBride has a proven track record of building deep relationships with HNW and UHNW families.

Nicholas Hamersley joins Crestone from Westpac Private Bank SA, where he was an Associate Director for the SA Global Investment Service. With 20 plus years’ experience, Mr Hamersley has extensive experience with HNW individuals and institutional clients, with a focus on investment products across multi asset classes.

With almost 20 years’ experience, Ida Wong Taylor joins Crestone from Westpac Premier, where she was a Lending Area Manager. Previously, Ms Wong Taylor worked at Bank SA Private Bank & CBD Mobile as the Lending Area Manager. Prior to joining Bank SA’s and Westpac’s Retail Lending Leadership Team, Ms Wong Taylor worked across the Credit Suisse segments of Alternative Investments (Private Equity) & Private Banking in Sydney.

All will report directly to Kieran Purcell in his role as Manager of Advisory for SA.

Mr Chisholm said the combination of depth of experience and alignment of interests between advisers and clients were key determinants in the recruitment process.

“Our South Australian presence is an exciting growth opportunity and so it was crucial to hire a team with a depth of local experience, aligned to Crestone’s strong client-centric culture. We believe it is a testament to our business model that Crestone can attract advisers of this calibre. Ultimately, this expansion supports our vision to be the first-choice advisory firm for wealthy individuals across Australia.”

Crestone is finalising arrangements for its local presence, with a new office to soon be opened in the Adelaide business precinct.

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Now in its second full year of operation, Crestone is growing in line with its three-year strategic outlook and the firm is ahead of its forecasted revenue and profit targets. Crestone’s revenues have increased by 16 per cent to $97.9 million producing an EBIT of $9.8m.

In the past 12 months, Crestone’s AUM has increased by 16 per cent to over $17 billion due to new monies coming in and positive performance of client portfolios.

The directors note that with the current climate and focus on wealth management and banks in Australia, Crestone’s privately-owned business model, having sought to eradicate the systemic issues associated with vertically integrated models, provides a strong alternative to existing offerings and the success of this model is demonstrated by its improved growth and performance.

“During FY18 our team has continued its focus on building a business that delivers client-centric advice orientated towards preserving and enhancing the wealth of multi-generational High Net Worth (HNW) and Ultra High Net Worth (UHNW) clients. We do this through accessing the best investment minds in the business, executing seamlessly and assisting clients with their broader wealth needs,” Crestone chief executive Michael Chisholm said.

“Diversification is critical to achieve this, and you need to have unfettered access to all key asset classes across all geographic regions. This is a level of access that we provide to all our clients.”

Through continuous training and development, Crestone’s advisers and staff are uniquely positioned to provide long-term guidance around ever more complex and sophisticated portfolios. The group continues to invest in capabilities and processes to ensure the business provides the very best solutions to our discerning clients.

Crestone’s first year results (30 June 2017) included significant investments in superior systems and services for the long term, which are now enabling the firm to deliver the best service possible to its clients.

With partnerships in place with leading global organisations including Credit Suisse, UBS, Northern Trust, CBA and Avaloq, the group is well-placed to continue its growth by providing clients access to unparalleled insights and investment solutions and a holistic view of the investment world.

The directors have declared a dividend of 5¢ for the 2018 financial year.

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