The sale of Lonsec's stockbroking arm to FinClear comes as Lonsec focuses its energies purely on investment and superannuation research services, according to a statement by the company.
It will be "business as usual" for Lonsec's existing stockbroking clients, said the statement – with Sydney and Melbourne staff remaining unchanged.
"The experienced team of advisers in Melbourne and Sydney will continue to deliver the quality investment advice, portfolio review and execution services that they are known for. Importantly, no additional data or re-signing of documents will be required from clients," said Lonsec.
"Under FinClear’s ownership, the stockbroking business will continue to provide clients with exclusive access to Lonsec’s direct equity model portfolios," said the statement.
Lonsec chief executive Amanda Gillespie said the company's decision to work closely with FinClear is the "best of both worlds" for clients.
"They will benefit from access to Lonsec’s proven model portfolio and research capabilities, while also knowing that they have the support of a locally owned and independent wholesale broking service through FinClear," Ms Gillespie said.
FinClear chief executive David Ferrall said, "We believe that Lonsec Stockbroking is the only independent, nonconflicted, wholesale broking services business in Australia and we are excited to be building out increased services for financial intermediaries in execution, clearing and settlement of ASX and Chi-X listed equity and derivative transactions."
"In particular, we see a significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions," Mr Ferrall said.
Read more:
IMF calls for 'policy action' to boost growth
Nikko AM wins industry super mandate
New US president to face roadblocks: AB
‘Rising risks’ for banks in commercial property
ME Bank appoints new director to board
