Sequoia reassures ASX, more advisers depart

Mike Taylor

Managing Editor and Publisher

1 May 2026

With its proposed sale of InterPrac still yet to complete, Sequoia Financial Group has reassured the Australian Securities Exchange (ASX) about governance questions which resulted from publicity around the sale of the financial planning business last month.

Sequoia has written to the ASX to inform it that it has reviewed its continuous disclosure policy and concluded that “the Board confirms that it [the policy] is adequate for the purposes of ASX Listing Rules”.

However, at the same time, Sequoia said, “the Board commits to implement an annual refresher session to be delivered via an external legal adviser or ASX specialist to ensure strict compliance with its policy”.

Sequoia’s announcement to the ASX yesterday coincided with the latest WealthData analysis of the Financial Adviser Register revealing another four advisers had departed InterPrac.

Sequoia review of its continuous disclosure policy followed receipt of a please explain letter from the ASX on 9 April in which the exchange question why sale of the InterPrac business to Conquest Investment Partners was announced in the media while the company was in trading halt.

The sale process to Conquest later resulted in the Australian Securities and Investments Commission announcing it had commenced Federal Court proceedings seeking the appointment of a receiver to investigate the proposed sale.

ASIC said, at the time, it was bringing the court application “out of concern that the intended sale of InterPrac may adversely affect the interests of its creditors, including InterPrac’s liabilities arising from Australian Financial Complaints Authority complaints in relation to the Shield Maser Fund and First Guardian Master Fund given that Sequoia may cease to guarantee InterPrac’s debts upon completion of the sale to Conquest”.

Sequoia noted ASIC’S concerns but said it believed they were unfounded with InterPrac remaining party to an ASIC Deed of Cross Guarantee immediately following the sale of InterPrac to Conquest.

Key Adviser Movements for the week

• 15,143 current advisers
• Net change of advisers +8
• 31 licensee owners had net gains of 43 advisers
• 24 licensee owners had net losses of (-33) advisers
• Four new licensees and none ceased
• 8 new entrants
• 74 advisers affected by appointments / resignations.

Other key dates affected by this week’s data

• Net Change Calendar 2026 YTD +90. At the same date last year it was +108
• Net Change Financial YTD (2025/26) (-26)
• Net Change Last 12 months (-455)

Growth – Licensee Owners

• Entireti up by eight, with six of these returning from last week leaving the actual net change at one. The other two being new advisers.
• Six Licensee owners up by two:
  • Walker Lane PTY LTD, advisers coming from Sensible investment and Rhombus Enterprises
  • Rhombus Enterprises, advisers coming from Fortnum Advice and Paragem
  • A new licensee (details given to members), with both advisers coming from Matrix Planning
  • Lifespan, two advisers coming from Interprac and one advisers coming from Sira with one adviser leaving to their own licensee ID Financial.
  • Jesse Edward Franks, advisers coming from InterPrac
  • Bannister Consulting PTY, advisers coming from Connects AFLS and Parc Wealth Group
• 23 licensee owners up by one, including WT Financial and Findex the three remining new licensees.

Losses – Licensee Owners

• Count down by five, one adviser going to Masu Financial and four yet to be appointed elsewhere
• Sequoia down by four, as noted above joining Lifespan and Focussed financial Advice
• Three licensee owners down by two,
  • Cannacord, both advisers not appointed elsewhere to date
  • Centrepoint, both advisers yet to be appointed elsewhere
  • Spark Partnership, advisers yet to be appointed elsewhere.
• 17 licensee owners down by net one each including; FSSSP Financial and Infocus.