Professional services firm KPMG has appointed Paul Howes as its new head of wealth management, replacing John Teer who will now become COO of the firm’s Asia-Pacific business.

In the new role, Howes will be responsible for managing the firm’s entire suite of wealth services including super, funds management, private equity as well as retirement products.

“The Australian Wealth Management industry is continuing to undergo significant transformation and growth, with our national superannuation savings pool now exceeding $2.3 trillion. I believe we are entering a new era in wealth management,” Howes said.

Howes previously served as the head of superannuation practice at KPMG. He has also been named as the partner of the new customer, brand and marketing advisory practice at KPMG, a role he will retain in addition to the new responsibility.

Howes also said that the business will continue to hire and will soon unveil a new suite of client services.