Non-aligned advice firm Shaw and Partners has picked up four more Macquarie advisers, just as a former Macquarie executive starts today at the firm's Melbourne office.
Last month, ifa reported that Mal Cameron – who spent 20 years as an executive director and Victorian state manager for Macquarie Group – had taken up the role of head of Shaw and Partners' Melbourne office.
Shaw and Partners head of private wealth Earl Evans told ifa last week that Mr Cameron has also taken an equity stake in the business and has been appointed partner.
Joining Mr Cameron in the Melbourne office will be former Macquarie senior adviser Anthony Nicholson. In addition, Matthew Boase, David Dall and Michael King will soon leave Macquarie to work at Shaw and Partners' Adelaide office.
Mr Evans said that aside from Mr Nicholson, the advisers had worked at Macquarie for at least 10 years.
"They're very much holistic wealth managers – not your traditional stockbroker – with long-term tenure with Macquarie, so it was with heavy hearts that they left," he said, "but the really exciting part is they chose us to come to."
The advisers had chosen to join Shaw and Partners because of the firm's boutique and non-aligned structure, Mr Evans said.
"[They were attracted to] the high-end nature of our business and the independent nature of our business. They wanted to maintain their independence and they wanted to come to a high-end boutique rather than a bulge bracket firm," he said.
"We've seen a big shift in clientele, as well, wanting to go to an independent boutique business as opposed to a lot of the bulge bracket firms that are not high-touch."
The new advisers are the latest in a string of planners who recently joined Shaw and Partners. ifa reported last month that Shaw and Partners had picked up four advisers from Macquarie Private Wealth and Patersons Securities.
"We've put on 22 new advisers in the last six months. People are ringing us. We've really rebuilt the firm in the last six months – the firm has gone through a complete metamorphosis," Mr Evans said.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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