wealth redefined.TM
About us
Wealth Associates – on an elevated growth path
Wealth Associates South Africa (Pty) Ltd was first established in 2005 by a small group of like-minded, professional and highly skilled financial planners advocating for change in an industry focused on product sales opposed to rendering quality advice and establishing long-term relationships with clients. Their vision was to provide bespoke financial advice, professional hands-on service and tailored solutions; always putting clients and their needs first.
Today, Wealth Associates is a well-established and independent advice-led business with strong capabilities in wealth and asset management, financial planning, risk and business assurance, employee benefits, tax and fiduciary solutions and short-term insurance; and have licensing agreements with 72 of South Africa’s leading product providers.
In 2023, Carmel Wealth acquired a 100% stake in Wealth Associates opening the door to new opportunities for exponential growth and diversification.
“We are excited about the future and our association with Carmel Wealth. Not only did our core values align with that of Carmel Wealth but we will remain truly independent without the existence of a corporate shareholder and its biased agenda. Carmel Wealth brings the capital, networks and experience required for us to evolve to the next phase.” Marc du Plooy, Head of the Wealth Associates Wealth Cluster and Board Member of Carmel Wealth.
About Carmel Wealth
Carmel Wealth is the new holding company of Wealth Associates and other advisory and wealth businesses that will be acquired and incorporated into the Group.
Carmel Wealth is a privately owned wealth and investment company established in 2023, specifically to capitalise on the opportunity in the South African market for an independently owned and scaled wealth and asset management firm. The group of private investors comprises of both local as well as international investors, some with extensive experience in managing large scale local and global financial services and asset management businesses.
“We believe investors and their financial advisors will be well served by a completely independent wealth and asset management firm with a unique value proposition and an extensive network of wealth and asset management capabilities, both locally and abroad.” Dr. Nico Marais, Chairman and Co-Founder, Carmel Wealth
A global focus
Carmel Wealth believes that there is an opportunity in the South African market for an independently owned wealth and asset management firm. In the absence of a life assurer or asset manager as the shareholder, advisors will own product and solution decisions, thereby ensuring unbiased advice and product recommendations. Clients will also benefit from their extensive local and offshore asset management experience and networks.
Carmel Wealth will take advantage of various global trends shaping the wealth management industry, including the shift in investor behaviour towards tailored and managed solutions; and the role of technology and digitisation in creating more relevant and scalable ways for clients to interact with their financial advisors and those responsible for managing their assets. This will address the various challenges faced by South African advisors including fragmented operating models, outdated technology and the lack of system integration, and advisors will be able to effectively and credibly respond to the evolving needs of clients.
“The vision is to create a structurally independent advice driven wealth and asset management firm. Independence remains a critical differentiating factor in an era where clients demand a wider range of choice and objective advice. We will leverage the international networks of our owners and will be obsessed to deliver excellence and value to those that partner with us.” Hans de Nysschen, Chief Executive Officer of Carmel Wealth.
Our vision
We want to redefine the meaning of wealth in the minds of clients. We understand that wealth and the management thereof is far better explained by its original meaning; well-being and this insight drives our purpose.
Our purpose
By guiding, growing, and protecting their wealth, we empower our clients to live the life they want and to experience financial well-being as defined by them.
Our client promise
By guiding, growing, and protecting their wealth, we empower our clients to live the life they want and to experience financial well-being as defined by them.
We promise to always:
- Be trustworthy and to uphold the highest levels of integrity.
- Focus on the well-being of our clients and to provide them with unbiased advice and the most appropriate solutions for their needs.
- Be professional, respectful and courteous in our interactions with all our stakeholders.
- Run our business in a responsible and compliant manner, always adhering to regulatory requirements.
- Only partner with advisors who share our values, passion for advice, and meet ethical and professional standards.
- Be socially relevant and embrace and value diversity.
- Strive for excellence in everything we do.
Our people
There is a wealth of knowledge in our business. Our Board of Directors has extensive local and global experience and networks in asset and wealth management and will provide strategic direction on the acquisition and integration of additional wealth management businesses into the group, as well as enhancing and expanding its local and global investment capabilities.
Dr Nico Marais
Chairman & Co-Founder
Nico is a founder member and Chairman of Carmel Wealth (Pty) Ltd. Nico’s impressive career in Financial Services commenced in 1989 and he has held key executive positions in several international financial services companies including Barclays Global Investors (Head of Active Equity Europe), BlackRock (Global Head of Portfolio Management Active Allocation), Schroders (Global Head of Multi-Asset Investments and Portfolio Solutions) and Wells Fargo Asset Management where he was President and then CEO.
Blake Grossman
Non-Executive Director
Blake has extensive experience in managing international businesses where amongst other executive positions, he assumed the role of CEO of Barclays Global Investors as well as Vice Chairman of BlackRock. Blake will be a non-executive director and brings a wealth of international knowledge and experience to the Board of Carmel Wealth.
Dr Manas Bapela
Non-Executive Director
Manas holds a Doctorate Degree in Mathematics and has over 20 years’ experience in the South African asset management industry where he has fulfilled various roles including that of Head of Multi-Asset Class Products and Chief Investment Officer; he is currently the Chief Executive Officer of Argon Asset Management. He also serves on various industry committees and boards.
Hans de Nysschen
Chief Executive Officer
Hans is an accountant with more than 25 years of experience spanning financial services disciplines such as mergers and acquisitions, insurance, investments, wealth management, private equity, and venture capital. He is a seasoned financial services professional and has served as full-time executive, independent director, shareholder, investor and advisor at many organisations including ABSA Corporate & Merchant Bank, PSG Konsult and the Remgro Groups.
Theoniel McDonald
Head of Financial Planning
Theoniel has been a wealth manager for more than 20 years. He has held various leadership positions, including Managing Director of Wealth Associates Central and Wealth Associates Fiduciary Services and also served on the main board of Wealth Associates. Theoniel has been a member of the Financial Intermediary Association of South Africa since 2014 and has served as the Vice President of the organisation from 2021 to 2023. He holds a Post Graduate Diploma in Financial Planning (UFS) and an MBA (UFS). Theoniel was recently appointed to the Board of Carmel Wealth and will look after the interests of minority shareholders.