Commonwealth Bank of Australia (CBA) announced today it had entered into an agreement with LGT Crestone to serve the personal advice needs of Commonwealth Private’s high-net-worth clients. This decision reflects the evolving needs of high-net-worth clients and aligns with our strategy to focus on expanding our private banking services and deliver the best long-term outcomes for them.
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,” Mr 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.”
CBA will continue to provide personal financial advice to Commonwealth Private clients until transaction completion, currently anticipated to occur by mid-2025. LGT Crestone has offered roles to all Commonwealth Private’s advisers and relevant support staff to transition across, underpinning continuity of adviser relationships for Commonwealth Private clients and providing additional career opportunities.
About LGT Crestone
LGT Crestone is a specialist wealth management firm owned by LGT Group. LGT Group is one of the world’s leading wealth management firms managing more than A$500bn in client assets globally, located in 30 offices worldwide with over 5,000 employees. LGT Crestone is one of Australia’s largest independently owned wealth management groups managing c. A$32bn of AUM with c. 350 employees.
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