Compliance

Setting up a new financial services firm in Australia

BY LYNDA DOWLING  |  TUESDAY, 14 NOV 2023    3:58PM

This paper provides an overview of what it entails to set up a brand-new financial services firm in Australia. It is not an easy feat, and those involved need a unique set of skills, especially tenacity. It is based on a case study detailing what was required to establish Australian financial services from Webull Securities (Australia) Pty Ltd (Webull), initially a start-up providing financial services to retail investor, and later to wholesale clients, on behalf of its large US parent entity in accordance with its strategy to be licensed and launched in several regions globally.

The initial key items considered were as follows:

  • What did the firm wish to do in relation to financial services? 
  • What types of financial services and financial products did the firm wish to offer?
  • How would these financial services be provided (e.g. app only/app and desktop etc.)?
  • To what types of clients did the firm want to position its services and products?
  • Considerations for the firm necessary to achieve its goal; namely: 
  • appointing a CEO and chief compliance officer (CCO)
  • setting and working within a budget
  • obtaining an Australian financial services (AFS) licence
  • ascertaining the support functions required
  • determining the number of employees needed.
  • How to get everything done in the anticipated timeframe?
  • Measures of success.

Read full article

Get articles like this delivered to your email - Sign up for the free monthly newsletter

More Articles

Technologies fighting climate change and biodiversity loss
Is India the next China?
What's next for private and public market investors?
Why emerging markets debt?
Wills and 'the guilt of giving'
What does secondary market growth mean for investors?
Tokenisation: reducing costs and building alpha for tomorrow
Family offices harnessing the power of deep tech investments
Setting up a family trust in Australia

Latest News

Billionaires of all ages watching AI: Research

CHLOE WALKER
Across the globe, billionaires of all generations are watching and are likely to continue following the opportunities and risks of generative artificial intelligence (AI).

Buffett outlines plans for Berkshire Hathaway

CHLOE WALKER
Warren Buffett has laid out plans for Berkshire Hathaway (Berkshire) and his fortune in a rare letter published on the company's website.

Conscious Investment Management fund receives $50m

RACHEL ALEMBAKIS
Conscious Investment Management has received more than $50 million in commitments for its second Social Housing Fund (CIMSHF2) as it reaches its first close.

LGT Crestone offers exclusive access to the Princely family fund

CHLOE WALKER
Clients of LGT Crestone can now access the Princely family fund, known as the 'Princely Strategy', developed by its parent entity two decades ago.

Videos

Brought to you by
MORE VIDEOS

Get it Monthly

Read the latest news and white papers. Get the FS Private Wealth Monthly Newsletter.
SUBSCRIBE

Cover Story

MORE STORIES

The founder mentality

RICHARD WHITE
CHIEF EXECUTIVE OFFICER
WISETECH GLOBAL
Billionaire tech entrepreneur Richard White has achieved success through his ability to instill and leverage a founder's mentality. Now, he hopes to expand his software logistics empire even further, while empowering the next generation of technology leaders through education. Chloe Walker writes.
READ MORE

Expert Feed

MORE EXPERT FEEDS

Industry Events

MORE INDUSTRY EVENTS
DEC
13

Webinar: Wealth management, a year in review 

FEB
20

Chief Economists Forum 

FEB
22

Chief Economists Forum 

DEC
6

Money magazine Best of the Best Awards 

Download the app
Premium subscribers can access even more content from Financial Standard.
Download on the Apple App Store
Download on Google Play
Copyright © 1992-2023 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.