Non-aligned advice firm Shaw and Partners has nabbed another senior Macquarie adviser who leaves after 20 years at the institution.
ifa understands that Sean Conlan, who was considered to be a "major business writer" at Macquarie, will join the firm's Melbourne office. His appointment is the latest in a string of ex-Macquarie advisers who have recently left to join Shaw and Partners.
In a communication to advisers seen by ifa, Mr Conlan was described as "an excellent adviser" who brings in more than $1 million per year.
"He fits the Shaw and Partners mantra of excellent client service and everyone is really happy to have him on board," the memo said.
ASIC records show at least 14 former Macquarie advisers have joined Shaw and Partners since May.
ifa reported in August that Malcolm 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.
Anthony Nicholson, who was an adviser at Macquarie since 2009, also joined the Melbourne firm this month. Further, Matthew Boase, David Dall and Michael King all left Macquarie last month to work at Shaw and Partners' Adelaide office.
Beyond Macquarie, Shaw and Partners has also picked up adviser Amanda Graham from Pattersons Securities recently as well as Philip Rassalski from Pulse Markets.
Shaw and Partners head of private wealth Earl Evans told ifa he believes the advisers are attracted to the firm's boutique and non-aligned structure.
"[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."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- 18 Oct 2017Managed accounts drive revenue: researchBy Staff Reporter
- 18 Oct 2017Midwinter and PractiFI announce integrationBy Staff Reporter
- 18 Oct 2017Hub24 announces partnership with EurozBy Staff Reporter
- 18 Oct 2017Former NZ PM joins ANZBy Staff Reporter
- view all