The Melbourne-based HNW advice firm is about to slug clients with new fees, in what looks like a last-ditch attempt to plug loss of talent to rival Crestone.
Dragging its top revenue-writers to court didn’t work for Escala Partners. Now it is ready to pull another lever in its quest to plug talent leakage to rival Crestone Wealth Management.Street Talk understands Escala’s co-CEOs Torty Howard and Pep Perry have signed off on a new fee agreement, which would require its wholesale clients to pay an annual fee of up to $1650 per year for each account, which could rise to $4950 per household.
The rate card says Escala will charge departing clients $38.50 per in-specie transfer out of a management fund; $110 per fixed income, bond or international security transfer; and $55 per Australian listed or unlisted security held in custody. To be fair, Powerwrap shares are languishing at 33¢ making the options virtually useless for now. But it’s hard to disagree it’s not a good look for Escala to be passing on Powerwrap-related costs to clients, will still being in the run to make a profit.
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