The Commonwealth Bank of Australia (CBA) has entered into an agreement with LGT Crestone for the provision of personal advice to Commonwealth Private's high-net-worth clients.
The decision reflects CBA's strategy to expand its private banking services and deliver the most effective long-term outcomes for its high-net-worth clients.
Group Executive of Retail Banking Services, Angus Sullivan, said: “Our priority was to find a specialist wealth management firm that shares our client first values and strong commitment to its people. Our agreement with LGT Crestone will allow Commonwealth Private clients access to LGT Crestone’s premium advice offering, as well as the opportunity to sample an expanded range of personal advice services.
“We remain committed to Commonwealth Private being the number one banking proposition for our high-net-worth clients in Australia through our investment in bespoke private banking services. Our private bankers will continue to work closely with our clients’ advisers through the transition to deliver the best customer outcomes,” Sullivan said.
Chief Executive Officer of LGT Crestone, Michael Chisholm, said: “We are delighted Commonwealth Private has chosen LGT Crestone as the trusted home for their highly valued high-net-worth and ultra-high-net-worth clients and employees. We look forward to welcoming a team of advisers and staff who share our purpose and values, particularly our client-centric approach. I’m confident Commonwealth Private clients will soon see the benefits of LGT’s unique combination of stability, scale and expertise while maintaining deep personal relationships with clients.”
Commonwealth Private clients will continue to receive personal financial advice from CBA until the completion of the transaction, which is anticipated to take place by mid-2025. In order to provide continuity of adviser relationships for Commonwealth Private clients and to provide additional career opportunities, LGT Crestone has offered roles to all Commonwealth Private advisers and relevant support staff.
LGT Crestone is part of LGT Group, a wealth management firm. LGT Group manages more than $500 billion in client assets around the world. More than 5,000 employees are located in 30 offices around the world. With approximately 350 employees, LGT Crestone is one of Australia's largest independent wealth management groups. The group manages over $32 billion of assets under management (AUM).