National wealth management firm Ord Minnett has used the official opening of its Perth office to signal its intention to expand in Western Australia.
National wealth management firm Ord Minnett has used the official opening of its Perth office to signal its intention to expand in Western Australia.
Chief executive Karl Morris said WA deserved greater coverage from wealth management firms.
“We thought this market was underserviced, so we have employed some great people given the potential for growth we see in the state,” he said.
Mr Morris was in Perth with Ord Minnett chairman Warwick Smith, who also chairs the advisory board at Kerry Stokes’ private company Australian Capital Equity.
“The WA market is rich with opportunity,” Mr Smith said.
He emphasised Ord Minnett’s status as an independently owned firm after a management buy-out three years ago.
“Wealth management touches peoples’ lives so we need to be really focused on transparency and quality of advice,” Mr Smith said.
He added that Ords was building its presence around the country.
“It has followed the market successfully and built out well in the last two years, opening significantly in its own right in Perth,” Mr Smith said.
“We’ve opened in Tasmania a month ago, extended substantially in Melbourne, and we’re still in Hong Kong.”
Ords Perth office opening comes after it completed the integration of long-established competitor EL&C Baillieu, which it acquired in late 2020.
The combined firm has 12 client advisers in Perth, ranking it 13th on the Business News list of stockbrokers and financial advisers, just ahead of Alto Capital and JBWere.
“We are looking to grow that from here,” branch manager Danny Stent said.
“But that’s a really good seed for the office.”
Nationally, the firm has 308 client advisers, about $65 billion in funds under advice and $20 billion in funds under management.
Mr Stent noted that Ord Minnett had expanded its national adviser team at a time when the number of financial advisers in Australia has fallen from more than 30,000 to about 17,000.
The firm is intending to expand through the recruitment of experienced financial advisers and the development of new talent through its associate adviser program.
Mr Morris said Ord Minnett was focused on providing wealth management advice to its retail clients.
“We view ourselves as an adviser business, helping our clients manage risk and grow their wealth” Mr Morris said.
In addition, its corporate finance and research teams are focused on emerging companies valued between $50 million and $500 million.
Ords head of private wealth George Deva said the firm would tap into its national experience to support its WA operation.
“It’s about bringing that national scale and the high calibre investment professionals like Danny here in Perth who understand the local market,” Mr Deva said
State manager Queensland and WA David Lane said Ord Minnett’s history as a stockbroker was a key part of its DNA, with a focus on direct investment in shares, but its services had evolved.
“It’s a private wealth model, so we aren’t just looking after Australian shares but international shares on 20 different exchanges, fixed interest, property, the whole balance sheet of the clients.”
