Sequoia Financial Group announces Legal Practice Acquisition

Sequoia Financial Group Limited (Sequoia) Managing Director Mr Garry Crole today announced that the group has completed the acquisition of the incorporated legal practice previously known as Topdocs Legal Pty Ltd (TDL).  Under the arrangement TDL has been renamed Docscentre Legal Pty Ltd (DCL).

Commenting further, Crole said “This acquisition will enhance the existing document businesses of Sequoia when reviewing and amending Trust and SMSF documents. The current industry focus, on needing to review outdated family trust and other trust structures was an area of strength for TDL and will continue for Docscentre Legal as we introduce this service offering to our planning and accounting networks across Australia”.

“Sequoia is focussed on providing multiple services to the advice community utilising scale to drive down the cost of providing advice. The acquisition of TDL and enhancement of an existing service in that regard is further confirmation to that much needed mission.”

TDL was formed in 2010 and has provided specialised legal services focusing on advice solutions nationally in the law areas of SMSF and Business Structuring and Succession for more than 10 years. 
 

DCL will retain all staff of TDL and relocate to the Sequoia Melbourne offices and be responsible for completion of all work in progress.

Clients of the legal practice have traditionally been Accounting, Financial Planning and Legal Practices as well as small-to-medium enterprises and high-net-worth individuals who seek a high-quality legal service.  This is consistent with the Sequoia mission to provide multiple services to advice intermediaries and these professional parties. 

Crole continued, “From our financial planners’ perspective this enhanced expertise on legal issues relating to SMSF compliance, increased capability in preparing deeds of ratification, rectification or confirmation to assist with certain compliance issues, advising on alternative SMSF investment structuring for property or other assets is a further move of the group to use scale to help drive down the cost of providing advice to a community who needs it”. 

“The DCL team will also be able to assist our advice community with legal advice on estate planning for SMSFs including binding death benefit nominations, powers of attorney, member benefit guardians and the structuring of death benefit payments”. 

“Further, we have noted that far too many trusts, SMSF deeds and company constitutions used for holding investments are not up to date and the cost of ensuring they have been is an increasing burden in keeping the cost of advice down”. 

The DCL team will also be able to assist the Sequoia advice community with legal advice on estate planning for SMSFs including binding death benefit nominations, powers of attorney, member benefit guardians and the structuring of death benefit payments. 

The Sequoia Professional Services division will look to launch additional services to assist advisers address areas including account-based pensions, child pensions, death benefit pensions, pension reversion amendments and pension commutation as ever-changing laws and legislation is implemented. 

Crole concluded, “Whilst the acquisition will complement and significantly enhance Sequoia’s adviser networks, the additional offerings we will be able to launch for the existing documents and self-managed administration businesses are expected to see an earnings accretion immediately”.

“In addition, the acquisition will have an immediate positive effect and is a continuation of the Company’s objective to increase the Professional Services division revenue of $7m in FY 2021 to more than $15m within 3 years”. 

“This goal is now expected to be achieved 12 months ahead of time by FY 2023”. 

The $330,000 purchase price will be funded from existing cash reserves.

-ENDS – 

Issued by Sequoia Financial Group Ltd      www.sequoia.com.au   

Media enquiries:       Mr Joe Perri, Joe Perri & Associates Pty Ltd

                                    Mob: +61 412112545 Email: jperri@joeperri.com.au 

About Sequoia Financial Group Ltd

ASX-listed Sequoia Financial Group Ltd is an integrated financial services company providing products and services to self-directed retail and wholesale clients and those of third-party professional service firms.

It provides:

• Investment and superannuation products
• Wealth management and advisory services
• Corporate advisory and capital markets expertise
• Retail, wholesale and institutional trading platforms
• Market data and financial news services

Sequoia operates various AFS Licenses and its subsidiary Morrison Securities Pty Ltd is an ASX Market Participant.