Mizuho and Rakuten create financial advisory joint venture
Mizuho Securities and Rakuten Securities have reached a basic agreement to initiate a joint venture leveraging the strengths of both companies to meet the evolving face-to-face consultation needs of individual customers. Based on this basic agreement, the partners will establish a preparatory company as a financial product intermediary with both companies as shareholders (Mizuho Securities 95%, Rakuten Securities 5%), with the assumption of approvals by relevant authorities, aiming to commence operations in the spring of 2024.
This joint venture primarily aims to provide high-specialization solutions such as asset management and asset inheritance, with a focus on face-to-face consulting, to address the concerns of individual customers using online services, enabling them to be the ‘go-to’ source for family asset matters, ensuring peace of mind and trust across generations in their long-term financial journey.
The newly established company will utilize the high expertise of advisors who always prioritize customer-centric approaches, based on Rakuten Securities’ convenient online securities trading platform and extensive product lineup, in addition to utilizing products and solution services from Mizuho Securities and Mizuho Group companies to address various customer concerns. Customers will be able to access high-convenience and diverse products and services through the new company, as well as receive regular consultations and follow-ups.
Mizuho Securities and Rakuten Securities, based on the ‘Strategic Capital Business Alliance by Mizuho Securities and Rakuten Securities Holdings’ in October 2022 whereby Mizuho Securities took a 20% equity stake in Rakuten Securities, have been exploring new service delivery methods not found in traditional face-to-face securities by bringing together their respective strengths to realize a comprehensive hybrid asset consulting service that caters to the needs of all individual customers. Through this basic agreement, they will provide long-term support to customers by offering specialized advice on asset management and other aspects, alleviating financial concerns, supporting the realization of a more prosperous retirement life, and addressing concerns related to asset inheritance within families.
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