Under the new acquisition Libertas will remain separate from Sequoia and continue to operate under its own AFSL, brand and identity.
Libertas has an Australia-wide network of 70 authorised representatives, mostly focused on the eastern seaboard, and will be the eighth ASFL business to operate within the Sequoia Group.
Each owned licensee is a separate AFSL holder and supported by service offerings and compliance frameworks as well as education.
Prior to the acquisition Sequoia had been providing some of these services to Libertas over the past five months.
Chief executive of Sequoia Garry Crole said that Libertas was a successful and well-established dealer group and he welcomed them into the Sequoia group.
“The acquisition provides Sequoia with further scale in the advice marketplace and based on the latest dealer group survey makes Sequoia the third largest non-bank owned financial adviser group in the country,” said Mr Crole.
He said Libertas provided further scale in financial advice with immediate benefit to the group.
“We are actively recruiting financial advisers where they fit with our culture and client service objectives and are delighted to be working with the Libertas team,” said Mr Crole.
Libertas managing director Mark Euvrard said the business was highly sought after and that advisers will be joining a quality organisation in Sequoia.
“I am very pleased to be working with Garry Crole and the well-respected Sequoia team of industry professionals,” Mr Euvrard said.
“I’m confident the Libertas planners will benefit immensely from being part of a larger, well-regarded licensee focused on the provision of highly compliant advice and client service.”
What a joke! With 100’s of great advisers looking to join a AFSL from the banks, AMP and IOOF plus groups falling over like Spectrum and AON, these have been purchased for cash. That is stupid. Congrats to Mark Evrard for selling ice to eskimos. How will these advisers be a cultural fit anyway. Sequoia is a stock broking business that bought a bunch of accountants who know little about financial planning for distribution and now they bought this. As Sequioa is a listed company, I bet shareholders will not be too impressed when they understand what was just purchased for money was actually available for free but these executives need to justify there existence by doing something.
[quote=Anonymous]Everyone knows this was part of Beacon and the advisers haven’t been audited for over 5 years so how does ASIC allow this to happen and where is the DD by Sequoia on this matter.[/quote][quote=Anonymous]Everyone knows this was part of Beacon and the advisers haven’t been audited for over 5 years so how does ASIC allow this to happen and where is the DD by Sequoia on this matter.[/quote]
They have been audited? lol
Everyone knows this was part of Beacon and the advisers haven’t been audited for over 5 years so how does ASIC allow this to happen and where is the DD by Sequoia on this matter.