Somerset-based IFA and accountancy firm Old Mill has doubled the number of advisers owning an equity stake in its business.
Across the whole business it added 23 staff members to its existing 21 shareholders on 1 January.
Of those, eight IFAs became shareholders, adding to the eight with shares already.
Old Mill said it wanted to move away from the traditional model, in which ownership was restricted to a small select group of individuals and staff only reaped the rewards of a stake in the business when they reached a very senior level.
‘Differentiating ourselves from more traditional firms by offering equity to more than just a few senior partners will, we believe, help us to attract and retain quality staff, who are excited and motivated by the opportunity to own part of their business,’ said Old Mill managing director Ian Carlson (pictured).
‘Broadening equity ownership is also a great way to ensure the long-term sustainability of the business, avoiding the succession problems that plague many firms in our profession.’
Staff from across the firm’s offices and from a range of roles acquired equity, including the IT and finance directors.