Independent, global thinking
Founded in Stellenbosch, South Africa, Carmel Wealth is a privately owned investment company with diversified holdings in independent wealth management, family office, and risk advisory businesses. Founded by industry veterans with experience in building and leading large-scale global financial services businesses, Carmel exists to be a long-term, collaborative capital and business support partner to leading financial advisory practices seeking growth or succession solutions.
We are committed to structural independence. With no life company or asset manager as a shareholder, our model supports the delivery of objective, advice-led solutions that lead to better outcomes for clients.
“We address succession and growth for IFAs differently, with long-term alignment, structural independence, and a commitment to supporting leading firms in delivering better client outcomes.”
— Hans de Nysschen, Group Chief Executive Officer, Carmel Wealth
About Us
Respecting advisor choice and independence
Top independent financial advisory practices are built on trusted relationships and quality advice. But when it comes time to scale or plan for succession, new challenges can arise, especially when the available solutions risk compromising your independence.
Carmel Wealth was created to solve that problem.
We invest in and support leading independent wealth management, family office, and risk advisory businesses. Whether you are focused on growth, efficiency, or succession planning, we provide a tailored solution that protects what matters most: your commitment to independent advice and exceptional service and client outcomes.
We are structurally independent. With no life company or asset manager as a shareholder, we stand apart from corporate aggregator models that channel assets into in-house products. We believe advice-led firms, free from product bias, are best positioned to serve clients and build enduring value.
A unique and flexible business model
Whether you are seeking a growth partner, succession solution, or the benefits of scale, we offer flexible investment options ranging from minority stakes to full acquisition.
Every investment partnership is tailored to your needs. While no two transactions are the same, we typically invest in one of two ways depending on the size and structure of your business.
For larger firms: minority to full investment, retain your brand
If we acquire a minority or majority stake in your business, you retain your FSP licence and your brand. Your leadership team continues to run the business, with future involvement structured around your preferred timelines. Carmel provides strategic, operational, and succession support in a collaborative and non-intrusive way.
We assist across key areas such as compliance, technology enablement, human capital, finance, marketing, practice management, and M&A. Our goal is to reduce friction and unlock scale so you can deliver an even better client experience, more consistently and more profitably.
We can also help the next generation of firm leaders invest alongside us, enabling younger team members to acquire shareholding and aligning everyone around a shared long-term vision.
Our approach is collaborative and practical. We support your growth on your terms, without compromising what makes your business distinctive.
For smaller firms or solo advisors: full book or business transfer for succession or growth
For smaller IFA firms or solo practitioners seeking to partner with high-calibre successors or enhance operational efficiency to grow earnings, we offer the option of a full client book or business transfer into one of our group FSP licences.
This structure allows you to focus fully on your clients while benefiting from shared infrastructure, best-in-class solutions, and comprehensive back-office and succession support across the Carmel ecosystem.
A proven approach
In 2023, Carmel acquired 100% of Wealth Associates, a well-established, independent advisory firm with a 20-year track record. This marked the beginning of our formal expansion strategy and reflects our commitment to partnering with respected firms that share our belief in the long-term value of independent, advice-led models. Since then, we have invested in several additional firms and continue to support their growth with a long-term, buy-hold-and grow.
“Our leadership team and Board brings extensive experience from exemplary financial services and asset management firms, both locally and globally. This perspective informs how we support the leadership of the practices in which we invest in delivering advice excellence and building long-term value.”
— Dr. Nico Marais, Chairman, Carmel Wealth
Our Ecosystem
Beyond capital, Carmel provides access to a rich ecosystem of in-house and partnered specialists, as well as back-office and product support. Our ecosystem is designed to strengthen independent firms while respecting advisor autonomy and preserving firm identity.
As a Carmel partner, you gain access to a wide suite of services that support growth, improve efficiency, and elevate advice delivery. Where your firm does not currently offer certain services, we enable you to provide a more holistic solution to your clients. Where you already have internal strength, you may choose to offer these capabilities to other firms within the group, fostering meaningful collaboration and shared value creation.
Specialist Services
Through deep in-house expertise and extensive global partnerships with leading providers, our firms can access world-class investment solutions tailored to their clients’ needs. Solutions are entirely optional and designed to enhance, not replace, your firm’s existing investment philosophy. Our scale unlocks access to leading global managers and solutions across asset classes.
Our in-house fiduciary team, led by experienced legal professionals, provides end-to-end trust and estate services. For cross-border structuring, philanthropic vehicles, and other complex international needs, we work with carefully selected external partners.
For ultra-high-net-worth families, we offer dedicated family office support, including global structuring, intergenerational planning, and the coordination of multi-jurisdictional professional services.
Our group capability enables your clients to access expert advice across personal and business insurance. Through our scale, we also unlock access to specialist insurance products typically unavailable to individual firms. Insurance services can be fully integrated into client strategies or accessed as a specialist standalone service.
Advisors who prefer to focus on core wealth matters can confidently refer clients to our in-house medical aid specialists. This ensures clients receive expert advice on a highly regulated and rapidly evolving part of their financial plan, while maintaining service excellence across all areas.
Business & Advisor Support
Our experienced in-house teams offer comprehensive business support to all group firms. Access is voluntary and scalable based on your specific needs.
Our technology support enhances client service, improves advice delivery, and frees time for relationship-building. While each partner firm retains autonomy over systems, Carmel provides strategic input to strengthen infrastructure, governance, and security.
We prioritise client outcomes by helping firms adopt the right tools and streamline operations for a consistent, high-quality experience, from onboarding to reviews.
Security is central. We protect client data with industry-leading measures, including secure handling, access protocols, and resilience planning, safeguarding your reputation and regulatory compliance.
Our team supports system reviews, provider selection, MI tracking, and architecture design, leveraging group scale to negotiate better vendor terms.
We are also at the forefront of AI in advice and compliance, researching emerging technologies and guiding partners in adopting them with confidence.
External compliance providers often offer limited support, placing the burden of implementation back on firm leaders. Our approach is different. We take time to understand your business and help with meaningful execution.
Our experienced compliance team can act as your internal compliance function. We offer deep support across FAIS, FICA, POPIA, complaints management, staff training, representative supervision, key individual support, and the development of customised policy frameworks.
We work with firm leaders to improve advice quality and consistency. Our team draws on international research into advice process design, behavioural coaching, client engagement, and operational efficiency.
We help define your client value proposition, refine advice journeys, and embed scalable and compliant service models. We also assist with critical business intelligence, for example, accurately costing the delivery of advice and service to various client segments. These insights are shared via workshops, toolkits, or one-on-one engagement.
Our HR support includes recruitment, employment contracts, onboarding, performance management, employee relations, representative agreements, and regulatory screening. We also coordinate access to our leadership development programme, Lead the Way, to support manager growth and succession.
Where complex labour issues arise, we partner with trusted external experts and coordinate the engagement process
We prepare monthly management accounts, board reporting, budgeting, audit readiness, and payroll coordination. We also provide Company Secretarial support, including CIPC filings, drafting resolutions, and maintaining statutory registers. We also offer commission tracking services and provide robust MI reporting on key practice metrics, enabling better business decision-making and oversight.
We offer guidance on brand strategy, content development, digital presence, client communications, and event planning. Our team supports firms in building compelling narratives that resonate with clients and reinforce your advice-led identity.
Many top advisors face the challenge of planning for their future while continuing to serve clients at the highest standard. Carmel works alongside you to create a personalised succession roadmap that honours your legacy and meets your specific timeline. This could include introducing a successor advisor or structuring a phased transition aligned to your ongoing involvement.
Importantly, we are continually identifying, mentoring, and equipping the next generation of exceptional independent advisors. These professionals are trained within our group ecosystem and are ready to step into successor roles when needed, ensuring a strong values and culture fit with your clients and team.
Our approach is respectful and flexible, recognising that succession is about people, and not transactional.
Carmel offers end-to-end mergers and acquisitions support for advisors and firms looking to grow through book or business acquisition. Our experienced in-house team guides you through the full M&A lifecycle, including opportunity sourcing, valuation, due diligence, structuring, negotiation, and execution. Whether you’re looking to absorb a retiring advisor’s book, consolidate operations, or expand your footprint, we provide practical, commercially grounded support to ensure a smooth, compliant transaction.
“Our ecosystem is built to reduce operational friction, unlock growth capacity, and improve client outcomes. We’re not here to impose systems. We’re here to make great advisors even more effective.”
— Kathryn van Dongen, Group Chief Operating Officer, Carmel Wealth
Board of Directors
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 provides strategic direction on the acquisition and integration of additional wealth management businesses, as well as enhancing and expanding our 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.
James Orford
Non-Executive Director
James has over 25 years of institutional investment experience spanning multiple asset classes, including private equity, venture investing, public equities, and private credit. He has a strong track record in driving value creation through leadership, strategy, negotiation, and structuring.
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.
Carmel Group Support
Our Group Support Team brings a wealth of expertise in providing operational and strategic support to Carmel Group’s wealth management, family-office, and insurance advisory businesses. Collaborating closely with the leadership teams of our portfolio firms, we assist them in achieving their business growth and succession aspirations while enhancing efficiencies.
Kathryn van Dongen
Group COO
Kathryn van Dongen is a seasoned Chartered Accountant with a Master of Business Administration (MBA). As an accomplished Managing Director and COO within the financial services sector, she drives the Carmel Wealth Group’s strategic expansion and business operations. In her previous roles, Kathryn developed extensive experience in scaling top-tier wealth management businesses, serving as a strategic business partner. This experience enables her to effectively support Carmel Group’s portfolio firms in realising their growth and succession objectives.
Phillip Swart
Group CFO
Phillip is a Chartered Accountant with extensive experience in business development, opportunity analysis, and deal structuring. After founding and running his own financial consulting firm for a decade, Phillip now drives the financial strategy of Carmel Wealth Group, leveraging his diverse industry experience across private equity, financial services, and property.
Theoniel McDonald CFP®
Head: Financial Planning
With over 20 years of experience as a Wealth Manager, Theoniel McDonald has held several leadership roles, including Managing Director of Wealth Associates Central and Fiduciary Services, Strategic Marketing Director of Wealth Associates South Africa, and has been a FIA board member since 2015. A former Vice President of the Financial Intermediary Association of South Africa, Theoniel holds a Postgraduate Diploma in Financial Planning and an MBA from UFS. Having led a financial services provider (FSP) for more than two decades, he has developed deep expertise in acquiring and retaining clients in competitive environments. Theoniel believes that an FSP’s success hinges on its people and a well-engineered, integrated advice process.
Gordon Yuill
Head: Short-Term Insurance
With over 25 years of experience in financial services, Gordon Yuill specialises in risk management and short-term insurance. As Managing Director of Wealth Associates Risk n Sure Advisors (Pty) Ltd, he leads a team of specialists focused on growing personal and commercial insurance lines. Gordon holds a Post Graduate Diploma in Management from Unisa’s SBL and has completed regulatory exams RE1 and RE5. His expertise includes distinctions in Applied Insurance and Insurance Intermediaries Law from Unisa’s Economic and Management Sciences facility. A member of the Insurance Institute of South Africa (IISA) and the Financial Intermediaries Association (FIA), he is recognised for his innovative approach to risk mitigation and complex insurance structures.
Elaine Spershott
Head: Fiduciary
Elaine Spershott is a seasoned fiduciary consultant with a robust legal background. A former attorney, she brings extensive expertise in estate planning, with a focus on Trusts. Holding both a Bachelor of Commerce in Law and a Bachelor of Laws degree, Elaine is well-equipped to provide tailored advice, helping clients navigate complex Trust matters.
Mauritz van den Heever CFP® CIPM®
Head: Operations & Technology
Mauritz has over 18 years of experience, with a strong focus on optimising operational processes and leveraging technology to enhance business efficiency. He holds qualifications in investment management, business management, financial law and carries the CFP® and CIPM designations. As Head of Operations & Technology, Mauritz plays a key role in driving innovation, streamlining workflows, and ensuring the seamless integration of IT solutions across the organisation. He is also an active member of the Wealth Associates Investment Committee, a Carmel Group subsidiary.
Carlia van der Merwe
Head: Risk & Compliance
Carlia van der Merwe brings over a decade of experience in financial services risk and compliance, with a strong focus on advisor and FSP compliance, process improvement, and remediation. She has held senior roles managing FSP operations, product distribution, and implementing compliance systems. As an admitted attorney and FSCA-approved FAIS compliance officer, Carlia holds an LLB, a Postgraduate Diploma in Compliance, and is a designated compliance practitioner through the Compliance Institute of Southern Africa. Her extensive background equips her to lead the risk and compliance strategies for the Carmel Group, providing expert guidance across the organisation.