Shaw and Partners Financial Services co-CEO, Earl Evans, reflects on the advice firm’s decade-long success story.

According to Wealth Data, the firm has been recognised as one of the fastest growing advice licensees recently. At the end of 2023, it was in second place for annual adviser growth behind Sequoia Financial Group, with gains of 21 advisers.

Over the financial year to 18 April, it has gained 31 advisers which puts it in second place behind Centrepoint Alliance which gained 37.

Money Management spoke with Evans on the firm’s history and how it has grown into a leading player and licensee of choice for advisers.

Early start

The firm was first founded in 1987 as Shaw Stockbroking and rebranded some decades later in 2015 to Shaw and Partners. Evans also joined the company in 2015, operating as co-chief executive alongside Allan Zion who was appointed in 1991.

Prior to joining Shaw and Partners, Evans worked at Macquarie Group for 12 years as chief executive of banking and financial services for the North American division, based in Toronto.

The rebrand involved more than just a name change as the business repositioned itself from a stockbroker to one focused on holistic financial advice, wealth management and corporate advisory.

With approximately $30 billion of assets under advice, Shaw and Partners is also wholly-owned by global private banking group EFG International.

This year, however, will see upcoming changes as Zion will be stepping down from the co-CEO role after more than 20 years, but will remain on the board. Evans will become the sole chief executive, with business as usual going forward.

Reflecting on the current state of the business, Evans said it has been a steady work in progress since the rebrand.

“We’ve been on this trajectory since 2015 – so nearly a 10-year overnight success. It hasn’t been a fast success,” he described.

“[The business] was a fixer-upper. It was like an old rundown house in the best street. After changing the name to Shaw and Partners, we took a broader holistic approach to managing people’s money and have grown to 400 staff with seven offices across the country.”

Of the firm’s original 100 advisers from 2015, only 30 are still with them, but overall Shaw and Partners has approximately 200 advisers – equalling a net gain of 170 over the past nine years.

“We’ve consistently been reshaping and rebuilding the quality of the adviser force. In recent years, it’s really gathered some momentum where we’ve been very consistent at attracting some of the highest-quality financial practitioners.”

While the firm has seen the second-highest adviser growth this financial YTD as at 4 April (+31 advisers), the CEO said he doesn’t have a specific target in mind.

“We’ve got no aspirations to be the biggest firm of the country, and no aspirations to open up more offices. What we want to do is to continue providing a leading service and quality advice.

“[Our focus] remains on nurturing what we’ve created, which is a really happy home for our advisers, as well as maintaining our compliance regime.”

The value of work culture

For Evans, fostering an enjoyable work culture where advisers and staff look forward to coming into work is a key component of running the business.

Research from two recruitment agencies recently revealed team culture as the top factor for financial services candidates when searching for a job, above salary, flexibility, mental wellbeing and job security.

“It’s a very good environment to work in and our advisers actually enjoy what they do while allowing them the freedom within certain compliance boundaries.

“I’ve been in this industry for 35 years and the key to any business is attracting some of the highest quality people – whether that be with the advisers in the front, or in the middle office, or in IT, legal or compliance,” Evans explained.

“Success to us is about creating a really happy work environment. If the advisers, the middle office and the back office are all happy – that cascades through to the best advice you can give, the best service to clients.”

Moreover, building out the firm’s philanthropic foundation has also been vital to strengthening its community. This includes the Shaw and Partners Foundation, which has pledged to raise and donate $10 million to Australian charities by its 10-year anniversary in 2025.

“It’s up to the staff to go and raise money for philanthropic endeavours that they are passionate about, then the foundation matches their efforts,” the co-CEO explained.

Moreover, the firm has several partnerships with sports teams such as the Manly Warringah Sea Eagles and an array of sponsorships with sports ambassadors.

Many coastal readers may recognise the company’s name from its branding and sponsorship of the country’s Surf Life Saving Clubs which it has supported since the foundation began in 2015.

“We’re one of the biggest supporters of Surf Life Saving around the country. It’s been one of the most fulfilling partnerships and involvements of the firm.”

Article source: Money Management, 23 April 2024