Ray White, along with its subsidiary Loan Market, is set to launch the new dealer group Wealth Market.
The dealer group will be led by former Professional Investment Services regional manager Jason Powell.
Wealth Market will sit alongside Ray White’s mortgage brokerage Loan Market, which employs over 500 brokers.
Steven Quine will head up risk and compliance at Wealth Market, and Andrew Ash will be the head of research.
Wealth Market is already advertising for financial planners to join the group, with a LinkedIn job advertisement describing an “exciting opportunity for an experienced financial planner to join Wealth Market in Sydney”.
The advertisement says the financial planner in question will service a “massive referral network from Ray White and Loan Market”.
The successful applicant will need a “solid sales background” as well as strong working knowledge of “all financial planning areas”.
According to the advertisement, Wealth Market is “a newly formed Financial Planning dealership that aims to change the way financial advice is perceived by everyday Australians”.
The Wealth Market website is up and running, with a note on the front page reading: “An exciting new venture in financial planning is just around the corner - launching soon!”
Ray White’s decision to enter the wealth management space follows in the footsteps of Mortgage Choice, which launched a financial planning dealer group in late 2012.
