Digital Assets, Tokenization & Wealth Management Infrastructure

In this episode of Next in Finance, host Michael Petrilli sits down with Dan Jowett, CEO of Open Markets Group, one of Australia’s leading market infrastructure and trading firms. With over 25 years of capital markets and wealth management experience, Dan provides critical insights into the evolution of digital assets, tokenization of real-world assets (RWA), and the future of wealth management platforms.

The discussion covers Open Markets Group’s role as a B2B trading and wealth management infrastructure provider, serving both retail and institutional clients across Australia and internationally. Dan shares his perspective on how wealth management firms are differentiating themselves in a crowded fintech landscape and explores the transformative potential of blockchain-based digital asset infrastructure.

 

• Host: Michael Petrilli, Director of NextGen Investing
• Guest: Dan Jowett, CEO, Open Markets Group
• Episode: Next in Finance, Episode 7

25+ years in capital markets and wealth management. Leadership at Open Markets Group for 4 years, overseeing market infrastructure that clears and executes $20-25 billion in trades annually on Australian exchanges. Expertise in B2B trading platforms, wealth management infrastructure, and digital asset strategy.

Key Topics & Insights

1. Open Markets Group: Market Infrastructure & Trading Platform

Dan explains how Open Markets Group functions as a critical piece of Australia’s market infrastructure:

• Clearing & Execution: Clears and executes $20-25 billion in trades annually on Australian exchanges
• Dual Business Model: B2B trading services for market access plus wealth management infrastructure for advisory professionals
• Client Base: Serves fintechs, advisory firms, and institutional clients
• Wealth Management Products: Discretionary accounts, managed accounts, portfolio administration, rebalancing engines, and tax optimization tools

2. Culture & Leadership During Business Transformation

Dan emphasizes the importance of maintaining company culture during significant organizational change:

• Monthly Town Halls: Transparent leadership meetings covering business updates, strategy, and quarterly objectives
• Executive Coffee Sessions: Regular 1-on-1 interactions between leadership and all staff levels
• Strategic Alignment: Ensuring every employee understands the company vision and three-year plan
• Staff Engagement Surveys: Bi-annual anonymous feedback to measure company culture health

3. Digital Assets & Tokenization (RWA) – The Next Growth Frontier

Dan identifies real-world asset (RWA) tokenization as the most significant opportunity in the next 5-10 years:

• Current Friction: Managed funds still rely on paper forms and manual processes with 10-day settlement times
• Tokenization Benefits: On-chain atomic settlement, direct registry integration, fractional ownership, improved liquidity
• Emerging Use Cases: Tokenized managed funds, private credit, private equity, real estate, agricultural assets
• Market Validation: NASDAQ partnered with Kraken; NYSE owner Intercontinental Exchange partnered with OKX (investing billions)
• Crypto Infrastructure: Cryptocurrency and Bitcoin remain viable long-term despite current market volatility; institutional support growing via crypto ETFs

4. The Evolution from Trading Apps to Comprehensive Investment Platforms

The fintech landscape has matured from simple discount brokerages to feature-rich investment platforms:

• Market Compression: Trading app space became crowded with price-based competition leading to margin pressure
• Differentiation Strategies: Some fintechs evolved into mini-investment banks (IPOs, research, secondary placements); others into wealth management platforms (asset management, portfolio models)
• AI Integration: Platforms using AI to enhance customer experience and portfolio construction
• Customer Retention: Retaining high-balance customers who started with small accounts requires platform expansion

5. Generational Wealth Transfer & Platform Stickiness

The $124 trillion wealth transfer from Baby Boomers to younger generations presents both opportunity and challenge:

• Challenge for Advisors: Personal relationships may not transfer to next generation; hard to retain assets during succession
• Platform Loyalty: Gen Z/Millennials trained on trading apps show strong loyalty and resist traditional advisor fee structures (1%+)
• Content & Education: Self-directed investors on platforms seek research, education content, and sophisticated trading tools
• Integrated Solutions: Largest global wealth firms acquiring trading platforms to capture wealth across the entire customer journey

Key Takeaways

• Competitive Advantage

In crowded B2B fintech markets, differentiation comes from responsive teams and integrated technology solutions—not just price.

• Market Growth

Wealth management and capital markets sectors grow 7-10% annually globally. Digital assets represent the next major growth vector.

• Tokenization Potential

RWA tokenization eliminates settlement friction, enables fractional ownership, and unlocks liquidity for illiquid assets—changing wealth management forever.

• Fintech Evolution

Simple trading apps must evolve into comprehensive platforms with research, wealth management, and financial planning—or face margin compression.

• Wealth Transfer Shift

Next-gen investors value autonomy and transparent platforms over traditional advisor relationships. Firms must build platforms, not just advice models.

• AI & Automation

AI is transforming both infrastructure development and customer experience. Companies using AI for platform customization see better retention and engagement.

Frequently Asked Questions

• What is Open Markets Group and what do they do?

Open Markets Group is a B2B trading and wealth management infrastructure firm based in Australia. They clear and execute $20-25 billion in trades annually on Australian exchanges, making them one of the largest brokers on the exchange. They also provide wealth management infrastructure including managed accounts, portfolio administration, rebalancing engines, and tax optimization services to advisory firms and fintech companies.

• What are real-world assets (RWA) and how does tokenization work?

Real-world assets are physical or financial assets (real estate, commodities, managed funds, private equity) moved onto blockchain as digital tokens. Tokenization reduces settlement friction (currently 10 days for many products), enables atomic settlement, allows fractional ownership, and creates liquidity for previously illiquid assets. This technology could fundamentally transform wealth management infrastructure.

• Is cryptocurrency still relevant after recent market volatility?

Yes, according to Dan Jowett. While crypto markets experienced significant volatility in 2024-2026, institutional adoption via crypto ETFs is growing, and major exchanges (NASDAQ, NYSE owner ICE) are making strategic partnerships with crypto venues. Bitcoin and major cryptocurrencies are positioned as long-term store-of-value assets despite short-term volatility.

• How should fintech platforms compete in a crowded market?

Simple trading apps must evolve into comprehensive investment platforms. Differentiation strategies include: (1) Building out wealth management with portfolio models and asset management fees, (2) Offering investment banking services (IPOs, research), (3) Integrating AI for better customer experience, (4) Providing educational content and research. Price-based competition alone leads to margin compression.

• How do you retain high-value customers from the next generation?

Gen Z and Millennials are loyal to platforms where they’ve built experience and wealth. They typically don’t want to switch to traditional advisors charging 1% fees. The solution is expanding platforms with content, research, education, and more sophisticated financial tools—not trying to convert them to advisor relationships. Large wealth firms are acquiring trading platforms to capture customers across their entire wealth journey.

• What’s the opportunity in the wealth transfer to younger generations?

The $124 trillion wealth transfer from Baby Boomers to younger generations presents massive opportunity but requires different approaches. Traditional advisor-to-advisor succession models often fail because younger investors value autonomy and platform-based solutions. Firms that build integrated platforms (trading + wealth management + content) will capture more of this wealth transfer than those relying on pure advisory relationships.

About Next in Finance

Next in Finance is a podcast featuring deep conversations with leaders shaping the future of financial markets, wealth management, and fintech innovation. Hosted by Michael Petri, the show explores emerging trends in digital assets, market infrastructure, investment platforms, and the business of finance.

Each episode brings forward thought leaders with 20+ years of capital markets and fintech experience, offering actionable insights for investors, financial professionals, and fintech entrepreneurs.

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Disclaimer: The views and opinions expressed in this podcast are those of the speakers. They do not necessarily reflect the official policy or position of ‘ViewTrade Holding Corporation’. This podcast is intended for informational purposes only and does not constitute financial, legal, or investment advice. Listeners should consult their own advisors before making any financial decisions. ‘ViewTrade’ make no guarantees as to the accuracy or completeness of any information presented. Regulatory requirements and market access capabilities may vary by jurisdiction and are subject to change.