A number of Macquarie-aligned financial advisers are expected to leave the institution following the merger of its private bank and wealth management divisions.
Yesterday Macquarie announced that its private bank business – which focuses exclusively on high-net-worth clients with assets of $1.3 million or more – has been folded into the group's wealth management arm.
A statement from the firm explained that the restructure will “impact a number of advisers" and that it is “facilitating discussions with other firms and assisting with their transition”.
Sources within Macquarie told ifa that the “vast majority” of advisers continue to work for the amalgamated division, but that a number of advisers that do not suit the announced high-net-worth client focus will be transitioned to other business units or exited from Macquarie entirely.
Macquarie head of wealth management Bill Marynissen said, "Focusing on attracting high-net-worth clients is a logical evolution of our private client business and we believe it is a space in which we can be a market leader.
"We have carefully assessed growth opportunities in the high-net-worth segment against the strong fundamentals of our business.
"These include a deep understanding of the high-net-worth segment, our wealth and banking expertise and suite of solutions, and the capacity to build on our existing digital capabilities."
The strategy reflects the path taken by NAB, which announced the sale of MLC and a renewed focus on its high-net-worth JBWere business.
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