{"id":10309,"date":"2025-07-21T07:19:09","date_gmt":"2025-07-21T07:19:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/10309\/"},"modified":"2025-07-21T07:19:09","modified_gmt":"2025-07-21T07:19:09","slug":"sequoias-clean-hands-message-to-advisers","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/10309\/","title":{"rendered":"Sequoia\u2019s clean hands message to advisers"},"content":{"rendered":"

Home<\/a> > Financial Planning<\/a> > Sequoia\u2019s clean hands message to advisers<\/p>\n

\"High<\/p>\n

Sequoia Financial Group has sought to reassure its financial advisers while distancing itself from suggestions it may have had links with the collapse Shield Master Fund and First Guardian Master Fund.<\/p>\n

In a message to advisers signed off by Sequoia\u2019a Head of Licensee and Adviser Services, the company asserted that its licensee, Interprac, was not associated with the Shield and First Guardian products or the lead generation action activity around those products.<\/p>\n

However, the message does acknowledge that \u201cthose advisers who recommended some of these funds did acquire client leads from such lead generation businesses\u201d.<\/p>\n

The message to advisers comes amid continuing investigatory activity on the part of the Australian Securities and Investments Commission (ASIC) and suggests that the advisers \u201cmay have become aware of some recent negative media, and we understand this may be raised within some of your client conversations\u201d.<\/p>\n

It then goes on in the following manner:<\/p>\n

To assist you with such discussions we wish to confirm<\/p>\n

The product failures and what appears to be serious misconduct by the fund managers and responsible entities of Shield master Fund and First Guardian Master Trust investment products have impacted many clients.
\nA range of accusations in some of the recent articles attributed to the liquidators of the funds of financial irregularities or fraud within historical management and reporting of the funds will take time to accurately value the remaining assets to determine the end financial impact.
\nThe InterPrac licensee has been named in some of these press articles as 3 of our advice firms recommended the approved and impacted funds. Venture Egg being the business with the highest profile.
\nThere is also some commentary around lead generators and the role they played in this situation and Venture Egg and those advisers who recommended some of these funds did acquire client leads from such lead generation businesses.<\/p>\n

Under the heading of \u201cWhat have we done to assist impacted clients\u201d the message says \u201cInterprac made the decision to terminate Venture Egg and bring the client book in-house so Sequoia Financial Advice could assist clients where required\u201d.<\/p>\n

\u201cWe follow the requirements of our IDR and EDR obligations of complaints management. We continue to support those clients who wish to deal with us. This is an ongoing issue and will likely take a long time to play out. Multiple parties such as Trustees, product issuers, Super providers, research providers, regulators in Australia and overseas and media outlets will all be advocating their positions and sharing their opinions for some time,\u201d the message said.<\/p>\n

Under the heading \u201cWas Interprac associated in any way with these products or associated with the lead generator?\u201d the message states: \u201cNo, \u00a0the products were not related to our Licensee and were accessed through a range of investment and superannuation platforms. The lead generator business was not part of our licensee.<\/p>\n

\u201cThe funds were approved by each trustee independently and held 3.75 ratings well after Interprac removed such products form our approved list.<\/p>\n

On occasions where we do look to remove product from our approved list despite such products from time to time holding strong independent research ratings, we do this without prejudice,\u201d the message said.<\/p>\n

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