Monex Inc., a part of the Japanese conglomerate Monex Group, announced on Thursday the upcoming launch of wealth management services to cater to the growing demand of its customer base.
The new services will be offered under the newly established Private Wealth Department and are expected to start offerings from October 18. Additionally, the company detailed that the Private Wealth Department is expecting to onboard a new head of department who will flag off the wealth management services.
“Monex recognizes the need for stable and robust services in this area, as the wealth management in Japan, often primarily offered by foreign financial institutions, has a history of restructuring and reorganization among players,” the official announcement stated.
“Monex is committed to its goal of offering the wealth management services that protect the value of customers’ assets and of becoming a customer-centric asset/wealth manager.”
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A Service for Wealthy Clients
The Japanese company is already offering wealth management consulting services to its customers through independent financial advisors. The in-person consultations are a part of the company’s tactic to market its products to a wider base of wealthy customers.
“This also caters to a wide range of requests from customers who require consulting services, and assets under management accumulated through IFAs have been steadily growing,” Monex stated.
Now, the launch of wealth management services will further expand the reach of the firm in this area. “The enhanced in-person marketing is especially designed for high-net-worth individuals, while the goal of the services is to focus on protecting the value of their assets,” the company added.
The Monex Group, which operates multiple brokerages and crypto exchanges, previously reported that the majority of its profits now come from its crypto platform operation as it entered the industry with the acquisition of Coincheck.