PhillipCapital comes to Australia
Following its launch last year, broking and advisory firm Octa Phillip Financial Group has been rebranded as PhillipCapital in line with the commencement of its parent company's Australian operations.
The move is set to boost the Sinagaporean-based group's scale in Australia across wealth management, institutional and private client stockbroking, corporate finance, research and funds management services, PhillipCapital stated.
As part of its growth plans, the group expects to more than double the size of its current private wealth team to over 100 advisers across five offices in Sydney, Melbourne, Perth, Adelaide and the Gold Coast.
According to Michael Wong, chairman of PhillipCapital in Australia, the group plans to become the dominant provider in online broking services, drawing upon the scale of its parent company.
"We are shifting our emphasis to a more customer-based approach - helping clients to invest their assets holistically, looking at their needs to help them plan financially and offering them a wider array of products," Wong said.
Australian investors will have access to both its retail and institutional platforms for a diversified range of investments and management tools for direct market access locally and internationally, the group stated.
It added that the imminent launch of FOREX, CFDs (contracts for difference) and futures platforms would further bolster the number of investment options available and position the company to compete with major industry players.
Jonathan Buckley, PhillipCapital's chief executive in Australia, said the group was positioning itself for the next growth cycle and to provide client services beyond the traditional broking model.
PhillipCapital employs more that 3500 staff in 16 countries and has assets under management in excess of US$20 billion.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
