Perpetual acquires HNW boutique planning firm
Perpetual has acquired Sydney and Melbourne-based boutique wealth advisory firm Jacaranda Financial Planning.
The firm focused on the high net worth (HNW) market segment and had funds under advice (FUA) of $915 million as of 30 June, 2021.
Jacaranda would retain its team of 24 professionals, including its nine experienced advisers who will remain with the business, and two founding principals Brett Stene and Jeannie McKenzie.
Rob Adams, Perpetual chief executive and managing director, said Jacaranda was a fast-growing financial advice business which they hope to scale.
“This transaction is entirely in-line with our strategy of bringing the industry’s best advisers to Perpetual, providing an improved growth profile for both firms,” Adams said.
Mark Smith, Perpetual Private group executive, said Jacaranda had over 1,000 clients.
“Jacaranda has consistently grown funds under advice by more than $100 million a year over the last five years, and under Perpetual’s ownership, has a clear opportunity to continue this growth trajectory, particularly by leveraging Perpetual’s presence on the eastern seaboard,” Smith said.
Stene said: “We see an enormous potential to embark on the next stage of Jacaranda’s growth journey and partner with a respected name like Perpetual, particularly given its ambitions to lead the market in high net worth wealth advisory”.
AUTHOR
Chris Dastoor
Recommended for you
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
Disgraced adviser Joshua Fuoco described himself as the “biggest monkey” at AFSL Group and provided financial advice via WhatsApp, all while being banned for 10 years, court documents show.
The Compensation Scheme of Last Resort has released the FY26 revised levy estimate, but the FAAA is concerned costs will be pushed into the following year.
Former Iress chief executive, Andrew Walsh, has been promoted to chair of a boutique Sydney advisory firm, having stepped down from the same position at Mason Stevens.
