KPMG wealth partner jumps to Netwealth

KPMG wealth partner Nickola Cable has joined the growing ranks of consultants moving to the wealth industry.

She has been appointed head of strategy and development - platform product and advice enablement.

The appointment may be a sign that the big spending on consultants that occurred during the coronavirus pandemic might be over as clients move to reduce costs and battle inflation.

Cable joined as a KPMG partner in 2021 after seven years as a director at NMG Consulting, the multinational consulting firm focusing solely on investments, insurance and reinsurance markets.

At KPMG, she focused on strategy in wealth, advice and asset management.

Before that, Cable worked at UBS Global Asset Management and ING Investment Management in product development.

By the time the global financial crisis hit in 2008, she had chalked up eight years of assessing new business opportunities at  Macquarie Group and Babcock & Brown.

Netwealth is one of the fastest-growing wealth management businesses in Australia, reporting a record level of funds under administration for the latest quarter.

In the year to March end, total funds under management (FUM) held by platforms, wraps and master trusts dropped by $19.5 billion, according to Plan For Life.

The top four platform players, Insignia, BT, Colonial First State and AMP all experienced decreases in FUM, down 4.2 per cent, 7.1 per cent, 4.5 per cent and 6.8 per cent respectively.

However, Netwealth was up 14.4 per cent to a record $66 billion.