Grosvenor offers advisers equity
Dealer group Grosvenor Securities has announced an equity offer plan to the group’s 45 proper authority holders, in a move to grow the Grosvenor business.
Joint managing director Dennis Munari says the group wants to work more closely with its advisers, and believe offering equity is the best way.
“We felt it was important to bring advisers closer to the dealership, and equity is paramount for a lot of advisers,” he says.
The offer, which has been in formation for the past 18 months, is currently in a consultative process and moving into the legal stage. The offer to advisers will close on June 30, 2002.
Munari says the offer, announced to advisers at the dealer group’s recent national conference, has already received a positive response.
“The impression we got back from the advisers was that almost 100 per cent will take up the offer,” he says.
Munari was not releasing specifics of the adviser equity offer, but says shares have been offered equally to all advisers at a discounted rate that is competitive in the market.
An option scheme has also been devised for advisers using Grosvenor’s preferred platforms and services, to buy further shares.
Joint managing director Brian Lewis says the adviser equity scheme will consolidate the existing Grosvenor business, as well as position the group for growth.
Munari says the dealer group hopes to grow its adviser number to 80 to 100 in the next two to three years.
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