The brokerage function of Gulfstream Financial was simply a good opportunity to get two good brokers, says Jeffrey Conyers, chief executive officer of First Bermuda Financial Services Ltd. and the man who took over Gulfstream last week.

Undaunted by the on-line trading environment which has developed over the past few years, Mr. Conyers said that he is always looking for experienced brokers.

"The issue that you have in Bermuda is that it is hard to get good brokers,'' he said.

"The training process is two to three years and that is difficult for a small firm here,'' he said.

Mr. Conyers explained large overseas brokerage firms are able to subsidise their trainees for up to a year and half, giving them time to build their clientele.

"It is very difficult for a small firm to do that,'' he said.

"We consistently are looking for good producers that have established books of business and we prefer to get Bermudians,'' he added, "but there is only a very small nucleus of people.'' Reluctant to actively recruit from existing firms Mr. Conyers explained: "Everyone is very sensitive in Bermuda, so nobody really wants to go out and start a full scale campaign of stealing people from other firms. We avoid that.

"When people are looking to move, or to move their whole line of business then that's a great opportunity,'' he said.

Explaining that it is often impractical to hire expatriatrs to do brokering business here, Mr. Conyers said:"They come to Bermuda and work for three years and then they have to leave.

"They've filled up a book of business but it's not really theirs, so you're in a bit of a conundrum there.'' Asked if the advent of Internet trading had impacted his business, Mr. Conyers said: "Basically there are self starters who like to do everything themselves. My experience is that only 10-to-20 percent of people in the world are like that.

"The rest of us like to get second opinions, to talk things through and feel more secure dealing with a voice, than playing on a computer screen.

"I believe firmly that if you can provide good service, good execution and build good relationships with your clients then that's a business that will continue to grow,'' he continued.

Admitting he expects some clients to dabble in on-line trading, Mr. Conyers said it's a sign of the times.

"This business has always been one in which people may have five or six different brokers,'' he said. "You live with it.'' And he pointed out that the Internet has created a huge shift in the focus of brokers and brokerage firms.

"What the Internet has done is refocussed everyone's priorities around the client,'' he said.

"It used to be product oriented. You just went out there and you pushed product onto clients -- now the clients determine the product.

"It's a huge shift and it takes a while for business to adjust to it. But businesses that don't adjust are not going to succeed. It's just that simple,'' he said.

Brokers at First Bermuda have noticed "a better cross-section of investor in Bermuda'' according to Mr. Conyers.

"More and more people are looking at the market. But that is a double edged sword,'' he said.

"Somebody who has never invested in the stock market and has always just looked at their bank deposit, it's a quantum leap,'' he continued.

"You need to have the right people in place so that the investor understands the risk that is involved. Because everything that goes up, comes back down.'' Brokers and advisors at First Bermuda are also heavily involved in "cradle-to-the-grave advisory business''.

"This is the whole financial planning process,'' Mr. Conyers said.

Pitched to middle and high net worth people, he explained these clients require more than "somebody to buy or sell securities for them.

"They need an on-going series of advice on every part of their lives, including buying a home and financing their kids' education,'' he said.

"Because we own Bermuda Savings and Loan, we can get involved in that type of business,'' he continued.

"What we'd like to be able to do is offer people a complete range of services.'' But Mr. Conyers has no plans to expand his Bermuda Savings and Loan operation into a bank.

"We're very happy where we are now and we feel we cover what we need to offer but it goes to what the clients want,'' he said.

"If clients are going to need additional services and we feel we have to meet them, then we'll take on more responsibility.''