"The growth of the MyAdviser group has been phenomenal, I've been in the chair as managing director now for 2 years and in the last 12 months we've put on 24 advisers, which is huge," Ms Sheehan told InvestorDaily.
"We do [have plans to expand] but we have to cap numbers. We've said 120 businesses and the reason we say that is because our business is built on culture. So yes, we will expand but the culture is the most important thing that we have as part of our group," she said.
She explained that the growth of the firm's adviser base to 140 advisers and 68 businesses is the result of advisers wanting to be involved with a group that focuses on the end client, and objective-based advice.
Pre-global financial crisis (GFC) the industry was transaction based but post-GFC, the industry shifted.
"Post-GFC we had nothing to sell, so [businesses] either need to adapt or die. The way that you're adapting is objective-based advice. There is a huge shift," Ms Sheehan said.
"They joined our group because the tools that we have a really around supporting that end client and making it an experience for them. It's been fantastic, we're so happy," Ms Sheehan said.
But she presses that MyAdviser does not advertise for advisers to join the group and also does not have adviser number targets based on set timelines.
"Then you lose quality. You've got to have no ending target, you've got to cap for culture. But if you start having targets in terms of adviser numbers by certain dates then there is no point," Ms Sheehan said.
"We are [inundated] but we knock back. When I put an advisory business on it takes three to six months to bed it down. If I put 10 on at once, I lose by culture. We're very particular that the ones who join fit the objective based-advice culture and we don't put too many on at once.
"I'm dealing with the three I've got now. We'll bed them down and then we'll go back [to other prospects]," she said.
