Major appointments include Naseema Sparks AM as Chairman; Andrew Rutherford and Paul Rayson as Non Executive Directors; Bob Alexander as Executive Director and Chief Financial Officer; and Phil Cussen as Chief Technology Officer.
The overall OMG team has already expanded from 17 to 88 people since March 2020 and continues to grow rapidly, with 33 positions currently being recruited for across a range of largely technology and growth-focused roles.
Its new chair, Ms. Sparks AM, is former MD of M&C Saatchi in Australia and brings 15+ years’ experience as listed company non-executive director and Chair of high-growth consumer facing technology companies, including steering a number of pre-IPO organisations through to a successful ASX listing
“I look for two things when I join a board – a robust and compelling business model, and a good management team and strong board of directors. Openmarkets Group has both of these and I’m excited by the opportunities available to OMG to disrupt and create broader access in the trading and wealth management industry,” said Ms. Sparks AM.
OMG also continues to swoop on strategic opportunities, with the acquisition of financial planner advice platform InvestFit, which will be rebadged to ‘Openmarkets Advice’.
Openmarkets Advice is a goals-based advice tool that combines stochastic modelling and portfolio optimisation, generating advice at high levels of confidence and improving client outcomes and engagement, while also increasing efficiency and compliance for the adviser.
The acquisition was driven by an increasing need for affordable advice in Australia.
“Increasing numbers of Australians are starting to trade – and in record volumes – and a large amount of this volume has come through OMG. This record growth is driving a record need for affordable financial advice that educates investors on lowering risk and generating better returns,” said CEO, Ivan Tchourilov.
“However, larger advice providers like banks and other advisers have retreated from the sector because of higher standards and costs from the Financial Adviser Standards and Ethics Authority. Those advisers who do remain focus almost exclusively on high net worth customers.
“This leaves a huge and underserved segment of younger and newer investors, right at a time when we are also at the start of the biggest intergenerational wealth transfer in history.
“Our purchase of Investfit is designed to address this very real issue, and help meet our commitment to ultimately making advice accessible and affordable for every Australian.”
According to ASIC, just 12 per cent of Australians had received financial advice in the previous 12 months, while an estimated $3.5 trillion will be transferred from baby boomers to younger Australians in the next 20 years.
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Openmarkets Group (OMG) (www.openmarkets.group) is a trading and wealth management infrastructure fintech that provides a full suite of technologies for investment professionals and connects retail investors with investments and advice.
OMG consists of two enterprises:
Openmarkets is Australia’s largest independent retail broker and provides B2B platform and technology solutions across wholesale execution, order and risk management, advice and CRM, enabling investment firms, professionals, and fintechs to connect to markets and deliver white-labelled services for their customers.
Opentrader is Australia’s most competitive self-directed retail trading platform for professional traders and those who want to trade like a pro; from only $5 per trade.