Magellan Financial Group Ltd (MFG.AU) saw its stock soar by 5.02% in Wednesday's trading session, outperforming the broader financial sector. The surge comes on the heels of positive news regarding Mizuho Financial Group's joint venture with Rakuten Securities, which may have sparked investor optimism in the financial advisory space.

According to recent reports, Mirai Wealth Partners, the financial advisory joint venture between Mizuho Financial Group and Rakuten Securities, has set an ambitious target to grow its assets under management to 50 billion yen ($355.3 million) by 2029. This goal represents a significant increase from the current 3.5 billion yen in client assets managed as of mid-April, highlighting the potential for rapid growth in the wealth management sector.

Masaki Shindo, Chief Executive of Mirai Wealth Partners, noted that market volatility has led more retail investors to seek professional advice, particularly those who previously invested independently through online platforms. This trend, coupled with the joint venture's plans to expand its team of financial advisers, suggests a growing demand for wealth management services. The positive outlook for the industry may have contributed to the investor enthusiasm seen in Magellan Financial Group's stock performance today.