Listed wealth firm boosts adviser footprint

More than 20 advisers from a national stockbroking and advisory group will migrate to a listed wealth firm’s licence under a deal that will see the firm’s funds under advice grow by around $1 billion.

In a statement, Sequoia Financial Group said it had acquired the customer base of 23 advisers from Phillip Capital, and that the advisers would move to be licensed under Sequoia subsidiary Sequioa Wealth Management as of next month.

“The client list of the 23 advisers – five in Queensland, four in NSW and 14 in Victoria – will be sent a negative consent letter by them in the coming days, with the client transfer and the adviser commencement with SWM expected to take place before mid-July 2020,” Sequoia said.

The group said advisers transferring from Phillip Capital had been offered agreements with the same entitlements and conditions, and their commencement with Sequoia Wealth Management was conditional on them accepting the agreements.


As a result of the acquisition, 5,500 equity accounts would be added to Sequoia’s trading business Morrison Securities, while $1 billion in funds under advice would be added to the group.

The deal would also add $4 million of gross revenue and $400,000 in EBITDA to the group’s bottom line in the 2021 financial year.

Sequoia said the transaction was worth around $1 million depending on how many advisers from Phillip Capital made the move across.

The move follows Sequoia’s purchase of Yellow Brick Road’s wealth division earlier this year, as well as its acquisition of Interprac in 2017 and Libertas in 2019.

Listed wealth firm boosts adviser footprint
Listed wealth firm boosts adviser footprint
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