Many financial planner’s eyes will today be on OneVue and the future of financial planning dealer group Madison in circumstances where OneVue entered a trading halt on Friday closely followed by publicly-listed financial services group, Sequoia.
OneVue had signalled to the market more than a month ago that it intended completing the sale of Madison before the end of May as it sought to consolidate its position after the collapse of Sargon.
Sequoia Financial Group was also impacted by the collapse of Sargon but in Friday’s trading halt request to the Australian Securities Exchange (ASX) it said that the reason for seeking the halt was the pending release of a material announcement “regarding an acquisition”.
Sequoia only recently completed the acquisition of the financial planning elements of Yellow Brick Road.
Sequoia said it expected to make an announcement before the start of trading on Tuesday.
Comments
As an unimpressed and angry InterPrac adviser, first Seqouia bought Libertas, then Yellow Brick Road and if they buy Madison the original advisers like me will continue to be ignored and left behind. There is no service or support, no compliance supervision, nothing but stupid tired lazy old men planning for their retirement and promoting crap IPO's and conflicted investment solutions.
The big banks might be getting out of financial advice but that doesn't mean the conflicted, vertically integrated, model is dead. It has just cleared the way for smaller players to do the same thing. Nice work Hayne, you incompetent old fool.
Don't get Angry, change dealers. If there is no compliance supervision you are at risk.
Dear 'angry pissed off original adviser' Whilst I respect that it is your opinion on Interprac. I would also say as an 'original AR adviser' as well, what your saying, (as well as Mr Anon 2.0) as far as my experiences go, is a load of rubbish.
I'm sure these so called 'fat lazy old men' (harsh, very harsh) would have had plenty to retire on many years ago before all the new changes came in. From my experience they are passionate and committed to the industry and job they are in and are creating something for the betterment of our industry and helping a now larger body of us transition to the new FS environment.
As far as compliance goes, no compliance supervision? Geez you must be getting 100% from every audit, sure mate! Nice to see you hiding behind your 'anon' very convenient.
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