Sequoia announces new appointments, reports earning rise – Life Insurance – Insurance News


Sequoia announces new appointments, reports earning rise

21 February 2022

Sequoia Financial Group says it has made three new appointments at its subsidiary, InterPrac Financial Planning, to bolster the frontline support provided to its national advice network.

Barry Strapps is Regional Manager for SA and WA, joining the Sequoia subsidiary last year. He has had an extensive career with Centrepoint, Asteron and AMP assisting advisers and accountants to build their businesses.

Paul Griffiths is Regional Manager for Victoria and Tasmania. Before joining InterPrac, he was a regional manager for Centrepoint.

Jaclyn Bazin takes up the role of Adviser Technology Consultant and is based in Brisbane.

“Sequoia is focused on providing multiple services to its advice community that are delivered by industry professionals with extensive financial services industry experience and expertise,” Sequoia MD Gary Crole said.

In an earnings update, Sequoia says operating profit for the six months to December increased 38% to $5.5 million as revenues went up 51% to $79.1 million.

The wealth division, one of four business arms, achieved a 17.6% rise in revenue to $32.6 million.

Sequoia aims to increase the wealth division’s annual revenue to $180 million, representing 45% of group consolidated revenue target by FY2025 from the $55 million level achieved in the 2020/21 financial year.

Mr Crole says the company typically makes better profits in the second half of the financial year and he expects this will be repeated for 2021/22.

“Although the sector faces many challenges, these are exciting times, especially for Sequoia’s largest division, Wealth, that continues to grow as the major banks exit financial advice and advisers seek a licensee that can pro-actively assist them to maximise business opportunities and effectively navigate regulatory and compliance demands,” Mr Crole said.

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