Local broker under transformation

Ongoing change at local stockbroker DJ Carmichael & Co could not yet be described with accuracy as wholesale, but it is most surely definitive.

Barely three months ago, former Hartley Poynton (now Hartleys) State manager, wealth management Rod Beeton joined Carmichael & Co as head of equities dealing.

Six weeks later Mr Beeton was appointed managing director.

Mr Beeton, in turn, has since appointed a general manager, Tracy Bradsell, creating a new position for the firm, so he can continue the hands-on equity dealing leadership.

Five new dealers have also joined DJ Carmichael & Co in the past three months, two more will be on board next week, and a further two are expected before the end of next month.

Ms Bradsell and four of the dealers have moved from Hartleys, and the other dealer has come from Paterson Ord Minnett.

Carmichael & Co is aiming for 50 dealers within the year. There are 41 now, seven of these in the Fremantle office.

Mr Beeton sees one of his strengths as people management and is keen to ensure the right people are hired, trained, developed and looked after.

But it is not just critical mass that the firm is chasing, he maintains.

A heavy training program is also in place, not only to keep on top of changing regulatory régimes, but also to prepare for a new emphasis on portfolio management services, and an industry-wide renewed focus on clients, perceived by some to have suffered from an over-emphasis on technology.

Seminars for clients will be increased and are planned to be held mostly in-house, following a refurbishment of the Allendale Square office, and a move by the corporate division 11 floors higher to the same level as Australian Heritage Group.

The makeover of the 105-year-old firm reflects the intent of Carmichael & Co chairman, Tony Barton whose Australian Heritage took a 50 per cent stake in the firm more than two years ago.

Mr Barton, also a former Hartley Poynton dealer, foreshadowed the changes – including a greater presence in funds management, a new management and recruitment approach and an emphasis on training – early last year.

Meanwhile Hartleys and former trader Graeme Yukich have been involved in a legal stoush over Mr Yukich’s move to establish his own business, Entrust Private Wealth Management amid claims that Mr Yukich organised his move using Hartley resources.

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