In a statement released to market on Friday, Yellow Brick Road executive chairman Mark Bouris said a second completion payment had been received from Sequoia Financial Group, finalising the company’s purchase of YBR’s Wealth division.
Mr Bouris said the second payment made by Sequoia was $120,931, bringing the total purchase price for the advice business to $1.9 million.
The announcement follows a first completion payment made by the company on 31 March, when the majority of YBR’s advisers were moved over to Sequoia and licensed under its subsidiary, Interprac Financial Planning.
At the time, the company said that the final step of the transaction would involve the transfer of the remaining YBR advisers to Interprac, the finalisation of a number of advisers’ rights to income from their client book to other transferring YBR advisers or advisers of Sequoia Group, the finalisation of the sale of YBR Super, the making of a second completion payment and the finalisation of a cross-referral agreement between the parties.
Mr Bouris said as of 30 April, the adviser transition process had now been concluded.
Dont let the door hit you on the arse on the way out.