Commonwealth Bank launches service for ultra rich
The Commonwealth Bank has launched a new division for ultra high-net-worth (HNW) clients called Commonwealth Private Office.
The division, which will focus on existing clients, was launched following a strategic review, said Adrian Hondros, executive general manager of Commonwealth Private Bank. He said the bank had many ultra HNW clients and aimed to deepen that relationship by offering them a higher level of relationship management and access to more sophisticated investment and advice offerings.
Commonwealth Private Office would cater for clients who had investable assets of $10 million or more and aimed to support them in the longer term management of their financial affairs, discussing investment needs such as structuring, superannuation, estate planning and business succession, the group stated.
Ralf Haase will head Commonwealth Private Office, bringing with him “extensive global wealth management experience and a focus on relationship based advice”, Hondros said.
Haase, who has 20 years of banking and financial services experience, said he saw a lot of potential for growth in Commonwealth Private Office through capitalising on the group’s holistic advisory approach.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
