Macquarie targets the rich with new dealer group
MacquarieWealth Management has signed up the first six planners for its new affiliate dealer group, Lachlan Wealth Management, luring them away from Godfrey Pembroke.
The planners, who advise on $350 million of high-net-worth individuals’ portfolios from an office in Melbourne’s Mount Waverley, will now operate under Macquarie’s licence and the Lachlan Wealth Management name.
The most senior of the office’s 14 support staff, chief executive Philip Pezzi, will sit on Lachlan’s advisory board.
He said the Mount Waverley practice, which runs an unusual corporatised model where each adviser is a salaried specialist in a particular area like mortgages or superannuation, who doesn’t individually own clients, was better able to charge for its premium service within a start-up dealer group.
The office will tap into the existing research, compliance and software infrastructure used by Macquarie Wealth Management’s 50 staff advisers.
The head of Macquarie Wealth Management, Jane Watts, who is setting a modest target of 100 advisers under Lachlan’s umbrella in three to five years’ time, said Lachlan would only accept advisers specialising in high-net-worth individual business.
Recommended for you
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
