May 26th (Sydney): FinClear, leading provider of wealth management technology, services and  infrastructure to the Australian financial market, has marked 87% year-on-year growth as the client base continues to grow.

CEO David Ferrall said the firm’s focus on scalable, efficient trading and advice tools had driven the expansion, which he tipped to accelerate through to the second half of the year.

“We’re very fortunate to be in a position where there is strong demand for what we have to offer,” he said. “We’ve actually seen an significant uptick in interest over the past two months, as market participants look to streamline their operations as much as possible.”

Alternative broking model

Baker Young joined FinClear’s stockbroking client list on April 27th, moving  4,500 accounts from their previous service provider, Pershing, as part of an operating model change where they now execute trades via FinClear rather than as an ASX participant. This change delivers a significant ongoing annual cost saving for Baker Young.

Financial advice start-ups

FinClear recently onboarded Cumulus Wealth, a new wealth management firm whose principals took the leap from a large stockbroker to start their own firm.  These advisers use FinClear’s technology and trading suite to offer the full range of products and services their clients are accustomed to, in an environment that supports a start-up while providing the required scale as the business grows.  Cumulus Wealth Partner Mark Goulopoulos said that when choosing a firm to execute trades it was paramount that flexibility and a full suite of tools was part of the offer.  “Whilst we highly value FinClear’s market leading technology stack, it is their ability to tailor systems to our requirements that is so important to us.  We look forward to growing our businesses together for many years into the future.”

FinClear’s HIN Platform manages the administration, trading, clearing and settlement of all listed products in Australia as well as international listed assets. FinClear was founded in 2017 and now operates offices in Sydney, Melbourne and Perth employing 57 staff.

API Trading

Ferrall said there had been high, growing demand for API trading via the FinClear TradeCentre platform, a cloud-based open ecosystem with comprehensive APIs and a Developer Hub.

“We are currently onboarding a number of fintech firms, which will be new entrants to the Australian market,” he said. “We look forward to sharing further detail on these new clients as they go live over the coming weeks.”