Five financial advisers have defected to Macquarie Group as it recruits for its booming Queensland private wealth operations.
Shayne Gilbert and Stephen Morgan have joined Macquarie Private Wealth’s full service stockbroking operations from Ord Minnett.
Matthew Hinrichsen has joined from MF Global, while Nicolas Kerr has joined from Grange Securities.
Nathan Smith and Margaret Yu, an associate adviser, have joined from ANZ Financial Planning.
They bring the adviser numbers to 75 out of a total of 110 staff in Brisbane, the Gold Coast and Noosa.
Three years ago that number was less than 30, Macquarie Private Wealth Queensland state manager Colin McKenzie said.
“The business has probably doubled or tripled in size in the last three years,” McKenzie said.
“We’re still hiring. If we can find new people, the business will come.”
Around six have been hired in the last six months as the firm plugs into the wealth and superannuation needs of the increasing number of cashed-up retiree couples in south-east Queensland. It would not disclose total funds under advice.
McKenzie said he hopes to reach a target for adviser numbers within 18 months to two years.
“We don’t go out with a set number but we’re still growing in the market and we could certainly have 100 advisers,” McKenzie said. “We’ll assess it there. We’re not hurting with our [current] numbers.”
He said advisers tend to leave the firm’s competitors because they are attracted by the company’s brand name and flexible business model.
Meanwhile clients are seeking reassurance from their advisers as market turmoil continues, McKenzie said.
“They want us to be talking to them. Communication is really, really important,” he said.
