Sequoia Financial (ASX:SEQ) buys legal practice for $330k

Sequoia Financial Group (ASX:SEQ) has revealed its latest acquisition adding a legal practice under its wing formerly known as Topdocs Legal for $330,000.

The firm has been providing specialised legal services focusing on advice solutions for SMSFs, business structuring and succession for more than 10 years. Under the deal, Topdocs Legal will be renamed Docscentre Legal and all staff will stay and relocate to Sequoia’s headquarters in Melbourne.

“This acquisition will enhance the existing document businesses of Sequoia when reviewing and amending Trust and SMSF documents,” said managing director Garry Crole.

“The current industry focus, on needing to review outdated family trust and other trust structures was an area of strength for Topdocs Legal and will continue for Docscentre Legal as we introduce this service offering to our planning and accounting networks across Australia.”

Topdocs Legal clients have traditionally been accounting, financial planning and other legal practices, as well as small to medium businesses and high net wealth clients looking for high-quality legal service. The acquisition aligns with Sequoia’s mission of providing multiple services to advice intermediaries and related professionals parties to assist in making the cost of advice affordable.

“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,”

“From our adviser’s perspective, this specialist expertise will significantly enhance the advice they can provide in relation to SMSF compliance, preparing deeds of ratification / rectification, estate planning and other death benefit issues. It will also assist intermediaries in areas such as alternative SMSF investment structures and most importantly allow Sequoia to assist advisers in reducing the cost of providing financial advice to the investment community”, said Mr Crole.

Shares in Sequoia Financial Group (ASX:SEQ) is flat at 71 cents.