Lonsec Fiscal Holdings Pty Ltd (Lonsec) today announced that it has sold its stockbroking business to FinClear Pty Ltd (FinClear).
FinClear is a locally owned financial services business providing wholesale market access and outsourcing solutions. This acquisition positions FinClear with a unique value proposition to deliver independent and quality execution and outsourcing services to wholesale advisory clients.
Meanwhile Lonsec has intensified its commitment to innovate and expand its investment and superannuation research services, with a core focus of enabling better investment outcomes for its intermediary clients – financial advisers, superannuation funds and fund managers.
For existing stockbroking clients, it will be business as usual, with services and staff remaining unchanged by the acquisition. The experienced team of advisers in Melbourne and Sydney will continue to deliver the quality investment advice, portfolio review and execution services that they are known for. Importantly, no additional data or re-signing of documents will be required from clients.
Under FinClear’s ownership, the stockbroking business will continue to provide clients with exclusive access to Lonsec’s direct equity model portfolios – a portfolio service that has delivered consistent value add to advisers and their clients for more than fifteen years. Clients will also have access to Lonsec’s ASX200 equity research service, which is tailored to specifically meet the needs of the financial advice market.
“Lonsec and FinClear’s commitment to work closely together means that wholesale advice clients will essentially get the best of both worlds”, said Amanda Gillespie, Lonsec’s CEO. “They will benefit from access to Lonsec’s proven model portfolio and research capabilities, while also knowing that they have the support of a locally owned and independent wholesale broking service through FinClear.”
David Ferrall, CEO of FinClear, commented, “We believe that Lonsec Stockbroking is the only independent, non- conflicted, wholesale broking services business in Australia and we are excited to be building out increased services for financial intermediaries in execution, clearing and settlement of ASX and Chi-X listed equity and derivative transactions. In particular, we see a significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions.”
FinClear will transition the stockbroking business to new branding in due course.
