Shaw and Partners has rejected the advances of several advisers who were previously employed by the collapsed broking firm BBY, as it continues to expand its non-aligned advice business.
Paul Masi, Shaw and Partners chairman, told ifa that the company had turned away 12 advisers from BBY because their goals were not in line with those of the financial services firm.
"I think we've built a good environment, but by the same token we want to be a very high quality organisation, so we're not just saying yes to everybody," he said.
"We had a number of BBY people turn up and we didn't understand their business and we just said no in the end."
Mr Masi said the company had received "multiple approaches" from advisers as it moved through a re-branding process.
"It's not about numbers; it's about getting the right quality people and people who are culturally aligned," he said.
Shaw and Partners is not paying large sign-on fees, but Mr Masi said the firm is providing some "transition payments to help people in the early days".
"To all these guys, to them it's about their clients and whether they can take satisfaction in their work again and get joy in their work," he said.
Last week, Shaw Stockbroking changed its name to Shaw and Partners to reflect the firm's move into providing holistic advice. At the same time, it announced that it had added 15 advisers to the business, which is providing advice under its own licence.
Meanwhile, the financial services firm has announced a number of senior appointments.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 21 Jan 2019Federal Court winds up CFSBy Eliot Hastie
- 21 Jan 2019Licence conditions placed on Sydney AFSLBy Adrian Flores
- 21 Jan 2019O’Dwyer steps down from politicsBy Adrian Flores
- 21 Jan 2019The wealth management fintech that soared in 2018By James Mitchell
- 18 Jan 2019Advisers to suffer ‘horrendously’ from FASEABy Sarah Simpkins
- 18 Jan 2019Praemium FUA up 14%, reveals platform upgradeBy Adrian Flores
- view all