SimplyBiz founder Ken Davy’s restricted advice firm Sandringham Financial Partners is offering up to 40 per cent of the business to advisers and staff.
The firm will set a cut-off deadline later this year when all current advisers and staff will be eligible for equity.
Sandringham was formed in July 2012 and in January this year said it was aiming for 500 advisers by 2015 and 1,000 by 2017.
Sandringham managing director Steve Braidford says: “We have experience within our team of delivering significant equity value to staff and members and we are very happy to be able to offer equity to Sandringham founding partners.
“Through this equity offering to founding partners and our founding staff we are ensuring that we are all working towards creating a successful business.”
Worldwide Financial Planning IFA Nick McBreen says: “People need to think about what they are getting in return because you can see the golden hello but what’s the exit strategy?
“We’ve seen lots of these organisations come along and take on advisory firms but then the clients no longer belong to the adviser. If you have worked hard on a client bank then why would you want to give it all away?”