Big fish plans to swallow little fish

Ian Witters, head of Macquarie Private Wealth New Zealand, said it was looking to increase its adviser numbers from 40 currently to “about 70” over the next two to three years.

However, it won’t be hiring just anyone: “We only want to build with people that fit the mould with what we are trying to do.”

The new regulatory regime is the “catalyst” for Macquarie’s growth plans in the wealth management sector, and Witters said advisers working on their own or in small businesses could find working for a bigger firm an attractive proposition in the new environment.

“Regulation comes at a cost and keeping up with the regulations and compliance is something we think smaller organisations are going to struggle with more.