Macquarie Wrap is chasing a broad church of advisers, even as its sister Private Bank is scaling down its retail advice arm to focus on high net worth clients.

Macquarie head of wealth intermediary Cameron Garrett said the bank would continue to invest in its Wrap product to target a wide range of advisers, and the downsizing of Private Bank will not affect Wrap's market share because it makes up less than 2 per cent of 7500 advisers who use the product.