Fintech looks to add 50 advisers in three years with private advisory launch

Wealth management fintech Openmarkets has revealed plans to expand into private wealth with the goal of adding 50 financial advisers to its AFSL in the next three years as it pivots to a B2B model.

The change to a B2B model comes after the group has settled legacy issues with ASIC and the licensee has already onboarded eight advisers in the last 12 months.

Openmarkets CEO Dan Jowett said Openmarkets’ private wealth offering reflects a shift toward privately owned businesses from traditional bank-aligned and broker-dealer models.

“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,” Jowett said in a media release.

“Advisers own their client relationships and have the flexibility to run their business in a way that best serves their clients.”

Daniel Lalabalavu, a director and senior financial adviser at Openmarkets-authorised firm Arima Investment Partners, said the licensee offers an attractive proposition built around independence, market-leading technology, and compliance.

Lalabalavu has previously been authorised by Shaw and Partners, and Ord Minnett.

“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,” Lalabalavu said.

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

Earlier this year, Openmarkets entered into a plan of merger and business combination agreement with NASDAQ-listed special purpose acquisition company Lake Superior Acquisition Corp.

In 2023, Openmarkets was handed the largest penalty, at the time, by the Market Disciplinary Panel for failing to have oversight over suspicious trading behaviour on its platform.

The $4.5 million penalty would’ve been higher, but was reduced because Openmarkets entered into an enforceable undertaking and would not contest the alleged contraventions.   

In an update last December, the company announced its pivot to a B2B model having closed all legacy regulatory and compliance matters with ASIC.

The company said it operates “under a transformed leadership team” and a “redesigned compliance framework” which is supported by ISO 27001 certification, an internationally-recognised standard for information security management.

“Following a comprehensive independent expert review, which began in 2023 and was accepted by ASIC in January 2025, Openmarkets has transitioned from legacy regulatory challenges to becoming a trusted B2B trading and wealth management technology provider,” the company said.