Goldman Sachs JBWere (GSJBW) has been dealt another massive blow, with 15 of its 16 Adelaide-based brokers and financial planners walking out yesterday afternoon and signing with archrival Macquarie Private Wealth.
According to GSJBW, the mass exodus was motivated by broker dissatisfaction with the company’s planned shift from a pure brokerage to a more comprehensive wealth management model.
GSJBW head of corporate communications Hayley Morris said the company had been rolling out its new strategy for a while now in response to what it sees as its clients’ changing needs, and this had met stern resistance from a significant proportion of its stockbroking team.
“Our strategy is a direct response to our clients’ changing needs, which have extended beyond just Australian equities to a fuller, more personalised service,” she said.
The mass resignations take Macquarie’s Adelaide-based stockbroking team (already the largest in town) from 28 to 43. The office also includes 12 financial planners. Several GSJBW support staff have also been offered jobs with Macquarie.
Yesterday’s upheaval follows two other GSJBW mass exoduses to Macquarie. Its entire Gold Coast office defected in March this year and a number of senior brokers left its Canberra office a few years ago.
