Market information firms Bourse Data and MDSnews have merged with financial advice business Cube Financial to create a small cap company targeting retail investors.
MDS Financial Group has rebranded itself on the Australian Securities Exchange as a hybrid between a private client service and online brokerage with the promise of fee-for-service independent advice.
MDS executive director Alun Stevens hit out at providers who "try and push investors into specific products or investment behaviours".
"We're not trying to push our products so we can make some internal margin on it," Stevens said.
"The whole purpose is to provide investors with the best independent tools and information and let them choose their level of involvement," he said.
The firm offers private client advice, trading and seminars along with corporate advisory services and financial planning through Cube Financial, which runs its own licence.
It will make its money through subscriptions and transaction fees.
It has a market capitalisation of around $10 million with 40 staff in Sydney and Melbourne.
It has taken 12 months to consolidate the three companies following the merger in December 2006.
More staff will be employed to run a help desk for direct share investors from the Melbourne office.
