"There is no desire to sell," he says. "We have no desire to be controlled by a corporate."
Broadbase's reorgansiation coincides with the retirement of its founder Marshall Garrett. Under his reign his company Broadbase Consulting provided services such as marketing and administration to the individual advisory firms. However, it was a co-operative structure where there was no ownership links.
Garrett had entertained various suitors before, including the likes of AXA and ASB Bank, but no deal was every consummated.
Valentine says this is because none of the deals allowed the Broadbase offices the independence they wanted.
"We never found a corporate which would let us do what we wanted to do."
He says this has led the group to position itself as a "locally-owned, independent, nationwide" group.
A new firm Broadbase New Zealand has been established and has acquired Garrett's interests. The firm is jointly owned by 14 adviser shareholders who each have equal shares in the business.
Valentine says this structure helps the group get ready for regulation and also allows for more consistency across the group.
Also it should address the issue of Broadbase advisers leaving the group to establish their own firms. There have been a number of firms who have left in the past.
The other historical issue is that Broadbase advisers have been free to use whatever products they like meaning there have been a lack of consistency in Broadbase plans.
Valentine says under the new structure there will be more consistency, however advisers will still have some independence.
Broadbase currently has 17 advisers in 12 offices. It has around $400 million in funds under management and is looking to gain representation in Auckland and Wellington.
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