Prescott Securities, an Australia-based stockbroking and financial advisory firm, is planning to establish a new family office division following increasing demand for a broader range of financial services.
As part of the move, the company has named Malcolm Caire as new manager and head of advisory services.
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In his new role Caire, will lead the introduction of a family office service for all Prescott Securities clients.
Caire, who has over 20 years of experience in the financial services industry, joined Prescott from SMSF business Exelsuper. He has also held advisory roles at Equity Trustees and Bendigo Bank.
Caire said; "The family office concept is a one-stop financial services model, usually only available to wealthy families.
"It involves the firm marshalling and managing any financial service needed by the client, from insurance, wealth management, lending, accounting, specialist self-managed super fund services, tax advice, succession and estate planning.
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By GlobalData"A rapidly globalising market means fulfilling the expanding needs and expectations of clients naturally requires extended resources delivered under increasingly complex business conditions.
"As such, clients are seeking more and more specialised services under one roof, in addition to traditional wealth advisory and stock recommendations.
"As part of this innovation, the additional services will be available at a significantly more attractive fee structure than on offer from other external sources, with accounting likely to be the first major new offering as we move forward," he added.
