Daryl Stout, the former head of licensee and adviser services at Sequoia Financial Group, has taken on a new role as general manager, advice at Springboard Wealth.
Stout, who resigned from Sequoia in February, said that Springboard Wealth has commenced onboarding “a number of experienced, high-performing advisers” to its AFSL. Those advisers, he added, were “selected based on their professionalism, advice quality and alignment with our governance expectations.”
Springboard Wealth advisers will be subject to a “risk-based monitoring and supervision program,” Stout explained. This program includes pre-vetting, regular thematic reviews, tailored supervision based on an adviser’s risk profile and independent external file reviews where appropriate.
“Our philosophy for [Springboard Wealth] is centred on strong conduct, robust governance, and a proactive approach to regulatory expectations,” Stout said.
He continued: “The licence has been intentionally built with enhanced frameworks to ensure advisers operating specific sector or holistic advice models are supported by the right level of oversight and professional standards.”
Per Springboard Wealth marketing collateral, those enhanced frameworks are based on eight core principles. These are:
- Investment decisions must prioritise client interests
- Only products rated by Lonsec as “recommended” or “highly recommended” will be eligible for APL inclusion
- Advisers can use any platform, super fund or insurer provided the underlying investments meet the above criterion
- Any product recommendation must be supported by documented research and risk assessments
- Client portfolios must be appropriately diversified as determined by Lonsec risk analysis
- Capital preservation is preferred over short-term performance
- Springboard Wealth’s investment committee must review APLs, SMAs and model portfolios quarterly
- Product recommendations are periodically reviewed based on Lonsec research updates
“This framework has been designed to meet and exceed ASIC expectations and to give product manufacturers confidence in the governance settings applied to advisers operating under our licence,” Stout said.
Not long after Stout’s departure from Sequoia, the group’s chair, Michael Ryan, stepped down. In an ASX statement, Sequoia said Ryan’s exit “reflects the expansion of his other current board responsibilities, which impact upon the time available for his continuing role on the Sequoia board in the future.”
Sequoia has also lost more than 100 advisers since the start of the year, primarily from its biggest licensee, Interprac Financial Planning. While Sequoia is in the process of divesting Interprac, having agreed in March to sell the business to Conquest Investment Partners for $50,000, ASIC has raised concerns as to whether the sale is “bona fide, fair and reasonable, and report on Interprac’s financial position and its solvency.”
At the time of writing, four advisers have joined Springboard Wealth from Interprac. These are Glen Loadsman (Moolawise Financial Planning), Phillip Scandizzo (Concepts and Results Financial Management), Sunil Shrestha (S and P Financial Advisers) and Bradley Cochrane (Cochrane Financial Solutions).
So, let’s just force all the 300+ innocent Interprac advisers into 300+ separate AFSLs?
Lol I have seen the plans of some of those “innocent” advisers – a lot wont be missed
is there 300 + interprac advisers left?
I was approached by at least 6 AFSLs and signed with one of them before withdrawing my acceptance when I received an invitation from Daryl Stout.
It’s not fair to imply that all Interprac advisers are rotten.
⚠️ Industry Warning to All Product Providers and Trustees
Phoenix activity is emerging again in the licensee market.
Product providers should be alert to AFSLs that appear to be re‑forming from the remnants of collapsed or troubled groups — particularly where the adviser cohort and compliance personnel are materially the same.
ASIC Pay attention to this group.
Is amazing how some lessons, no matter how painful, refused to get learnt.
Seems like there’s no mirrors in the room…
Btw the so called exceptional standards such as client interest first is not exactly worthy of a news article – perhaps some in depth questioning of why we have a reborn convert would be interesting. He’s been appointed as a BDM to attract Interprac advisers and the circus goes on with the clowns in control ?
Exactly.