One of the world’s largest independent financial advisory organisations is to launch in Australia, it has been confirmed after months of industry speculation.
deVere Group, which globally has more than 70 offices, over 80,000 clients, and in excess of USD10bn under advice and management, is to open its first Australian office in Melbourne in November.
Nigel Green, the founder and chief executive, says the move is “being fuelled by consistent and increasing client enquires in Australia for specialist cross-border financial advice.”
He comments: “We have far-reaching strategic plans for deVere Australia where demand for expert, independent financial advice from expatriates and globally-focussed investors – who are typically our primary client base – is soaring.
“With official estimates putting the number of British expats alone in Australia at 1.3 million, ultimately this could very well prove to be deVere Group’s biggest market.
“Steps are being taken to enable deVere Australia to become the largest independent financial advisory firm in this region within a matter of years.”
He continues: “Initially we will focus on developing a hub office in Melbourne. We will subsequently look to open offices in other major cities including Sydney, Canberra, Adelaide, Perth and Brisbane.
“This is a landmark development in the continued growth of deVere Group and underscores the firm’s commitment to offering clients a full range of financial advisory services and expertise to help them reach their financial goals wherever they choose to live, work and/or retire.
“This is the start of an incredibly exciting next chapter in deVere’s impressive success story, which will see the firm launch into a region of enormous potential and opportunity.”
The expansion into Australia is being facilitated by the recent acquisition of Meridian Financial Pty Limited, which has an Australian Financial Services License (license number 243320).
Mr Green notes: “Meridian Financial’s existing clients will continue to receive top level service and advice and will now also be able to take advantage of all the associated benefits a robust international organisation is able to offer. These include access to market-exclusive products and services from the world’s leading financial institutions, standard-setting technologies and platforms, and world class support teams.”
A country manager for deVere Australia is to be appointed imminently.