SYDNEY, AUSTRALIA: Sequoia Financial Group Ltd (ASX: SEQ) has acquired the business assets of Clique Paraplanning in cash on an earn out of revenue multiple of approximately 1 times.
The purchase consideration consists of a combination of cash $150,000 and shares valued at $60,000. The earn out and final payment (up to $70,000) is payable in 12 months post completion.
Clique Paraplanning is a national paraplanning service with employees and contractors primarily domiciled in Melbourne and Sydney.
The business provides outsourced local paraplanning services to a broad group of financial planners, AFSL’s and other intermediaries who are looking to outsource some of their services, particularly the creation of Statements of Advice documents, and the ongoing review of their documentation.
Other advisers use Clique for their more complex plans or in periods where their advisers have a back log or time constraints making it difficult for them to provide new client advice service in a
timely manner.
Clique has been an approved provider of our Licensee Services Division for some time, following an assessment by our compliance team of the quality of its advice documentation. We encourage
advisers to outsource these services if they are high quality such as the Clique service,” a statement noted.