The trading and wealth management fintech said it has onboarded several new advisers over the past 12 months and established a national network as it builds out the business.
The private wealth advisory model is structured as a product-agnostic offering, allowing advisers to run their own businesses while accessing Openmarkets’ infrastructure, technology, compliance and operational support.
Openmarkets chief executive Dan Jowett said the expansion reflects a broader shift in the advice market away from traditional institutionally aligned models.
“Openmarkets’ private wealth offering reflects a shift toward privately owned businesses from traditional bank-aligned and broker-dealer models,” Jowett said.
“Our private wealth business is designed to empower advisers with the autonomy to build and scale their own practices, while leveraging Openmarkets’ depth of infrastructure and expertise. Advisers own their client relationships and have the flexibility to run their business in a way that best serves their clients.”
Jowett added the model is intended to provide advisers with greater control over their businesses, while reducing some of the structural constraints associated with legacy institutions.
“Unlike traditional banks and brokers, we don’t carry many of the high overhead costs of legacy structures. This enables us to deliver a better commercial outcome for advisers, ensuring they can focus on growing their client portfolios rather than navigating institutional constraints,” he explained.
“Our goal is to offer the best of both worlds: advisers gain the autonomy they value, and clients benefit from the resources and scale of a leading Australian wealth and fintech firm.”
The firm said it is targeting further growth, with an ambition to expand to 50 advisers over the next three years.
Openmarkets said the offering is designed to support advisers seeking independence while still accessing institutional-grade systems and support services, including market infrastructure and compliance capabilities.
Daniel Lalabalavu, director and senior financial adviser at Arima Investment Partners, who joined Openmarkets Group in March, said the model provided an alternative to more traditional structures.
“Openmarkets offers an attractive proposition built around independence, market-leading technology, and compliance,” he said.
“I started my practice because I wanted to provide clients with the same high-quality advice and outcomes I’ve delivered during my career, but with greater control over my business and operating model and no perverse incentive structures.”
He stated the availability of licensing, technology and operational support was a key factor in the decision.
“I’ve been able to achieve this thanks to the licensing, technology, branding and support that Openmarkets provides,” Lalabalavu said.
