“In Jacaranda we’ve identified a fast-growing financial planning business with a high quality advice model and culture closely aligned to Perpetual’s, providing Perpetual with an opportunity to help Jacaranda continue to scale efficiently and increase our overall share of the high net worth market on Australia’s eastern seaboard,” Perpetual chief executive and managing director, Rob Adams, said.

“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.”

Jacaranda will retain its team of 24, including nine advisers and founding principals, Brett Stene and Jeannie McKenzie.

“We’re excited 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,” Mr Stene added.

“We see an enormous potential to leverage Perpetual’s expertise, institutional grade infrastructure, and back office resources for the benefit of our clients, while enabling them access to additional capability in investment management, retirement planning and philanthropy.”