Ord Minnett grows its share of term deposit market

Stockbroking firm Ord Minnett’s entrance into the term deposit market has seen it raise more than $600 million in funds in the past six months, it has been revealed.

The firm’s decision to launch a term deposit platform was the brainchild of chief executive Tim Gunning, who joined Ord Minnett seven months ago after leaving Commonwealth Financial Planning, Financial Standard reported.

"A lot of our clients are dealing with private banks and those banks are directing them to their term deposits," said Mr Gunning.

"We were able to build a platform and service that was showing them different term deposit rates that were on offer on a daily basis – it’s something that’s been well received by clients."

The news may interest Aussies who wish to compare term deposits in search of the best returns. According to the news provider, Ord Minnett is planning to grow its financial adviser numbers, which currently stand at around 170, by 10 per cent per year over the next three years.

Meanwhile, it was reported last week that exotic assets like sports cars, racehorses and wine cellars will be banned from inclusion in self-managed super funds if recommendations from the recent Cooper review are adopted.

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