Monex, Inc. and The Shizuoka Bank, Ltd. announce that they have concluded a business outsourcing agreement for customer referrals and have formed a partnership in the wealth management business, effective February 9, 2023.

In fiscal 2020, Monex announced its commitment to increase customer assets by transitioning to a recurring earnings asset management model. Based on this thinking, the company established the Private Wealth (PW) Division and officially launched in-person wealth management service in October 2021. This division oversees the formulation and promotion of Monex Group’s PW business strategy and works with other financial institutions in a bilateral approach.

In addition, Monex Private Bank, Inc. (Monex PB) began its operation in October 2022 as an independent financial advisory company that exclusively serves Monex providing highly specialized wealth management services.

Shizuoka Bank has long served as an online financial products intermediary for Monex, inviting its customers through its website to open a Monex brokerage account. With the two companies’ desire to expand their customer channels beyond online to include actual face-to-face services, Shizuoka Bank and Monex decided to begin customer referrals to the wealth management services offered by Monex.

Shizuoka Bank will introduce customers with wealth management service needs to Monex. Monex will then offer these customers the wealth management services provided by a financial advisor company, Monex PB, exclusive to Monex.