Wholesale advice

After an extensive search for the right buyer, CBA’s private wealth business has been sold to wholesale advice provider LGT Crestone, with the backing of its blueblood Liechtensteiner ownership group.

Cowell Clarke lawyer Richard Hopkin said there are reasonable grounds for licensees to certify clients as wholesale, but the practice invites a much higher degree of risk than the traditional route of gaining an accountants’ certificate.