InterPrac to remain independent of Sequoia
InterPrac will remain independent of institutional influence, following Sequoia Financial Group’s proposed purchase of the licensee.
InterPrac’s managing director, Garry Crole, said he expected InterPrac to “be business as usual” under the arrangement that was currently subject to the Australian Securities Exchange (ASX) and shareholder approval by both organisations.
“What attracted us to this proposal was InterPrac’s ability to remain independent of institutional influence, whilst continuing to operate within a framework that delivers value for our authorised representatives and their clients,” Crole said.
“InterPrac’s financial planners will benefit from Sequoia’s strength and marketplace position, with access to their industry leading resources, services and offerings.”
Crole noted that the organisations were culturally aligned with a very clear focus on managed growth, increased productivity, and delivering real value to advisers and their clients.
“Most importantly, under Sequoia our non-aligned framework facilitating financial solutions free of institutional influence will be maintained.”
InterPrac currently has 215 financial planners who generate over $3 billion in funds under administration in excess of $17.5 million in insurance premiums.
InterPrac will continue to be headquartered in Melbourne and operate under its own brand.
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
