Cashed-up Sequoia looks to adviser growth
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Publicly-listed financial services group Sequoia has outlined ambitious adviser growth numbers declaring that the competition between licensees subsidised by providers is over.
In an update provided to investors, Sequoia said that for the past 20 years licensee services business had been competing on fees in competition with subsidised product providers but that, in the last nine to 12 months, almost all providers “have exited this subsidised price war”.
Detailing plans to grow to over 500 advisers, Sequoia said there was a shortage of advisers in advice, accounting and SMSF administration to service a community that is heavily weighted towards an age demographic that can pay for a service and needs assistance in managing their affairs.
Sequoia has been regarded as cash-up and acquisitive following its sale earlier this year of its 80% share in Morrison Securities to New Quantum Holdings.
As part of its update to the Australian Securities Exchange, Sequoia confirmed its FY24 EBITDA guidance for $10 million stating that this represented growth of 117% from FY23 after adjusting for the impact of the divestment of the Morrison’s business.
It said it was also providing revenue guidance for $130 million which implied revenue growth of 33%.
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