Openmarkets expands private wealth network, targets adviser growth

By Parth Prabhudesai

Openmarkets has expanded its private wealth advisory business, onboarding several new advisers over the past 12 months as it builds a national network.

The trading and wealth management FinTech said its model is designed as a product-agnostic offering, allowing advisers to run independent practices while accessing Openmarkets’ infrastructure, technology, compliance, and operational support. The approach aims to combine the flexibility of independent advisory firms with the scale and systems of an established platform.

Chief Executive Officer Dan Jowett said the expansion reflects a broader shift in the financial 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.

He added, “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 noted that the model also reduces the 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,” he said.

The company aims to grow its adviser base to 50 over the next three years, targeting professionals seeking independence supported by institutional-grade technology and compliance systems.

Daniel Lalabalavu, Director and Senior Financial Adviser at Arima Investment Partners, said the model offers a compelling alternative. “Openmarkets offers an attractive proposition built around independence, market-leading technology, and compliance,” he said.

“I’ve been able to achieve this thanks to the licensing, technology, branding and support that Openmarkets provides,” Lalabalavu added.