Australian Wealth Advisors Group invests big in Sequoia

The Australian Wealth Advisors Group (AWAG) has become a major shareholder in Sequoia Financial Group.

AWAG, which is also ASX-listed, has an 18.02% stake in Sequoia across more than 22.37 million securities.

According to the 2024 annual report, Unrandom had the largest stake among the top 20 list of security holders of 7.8% across 10 million shares, followed by chief executive Garry Crole's 7.3% allocated to 9.2 million shares.

Brent Jones, a director of Unrandom, was previously Sequoia's head of professional services.

He worked with a group of other shareholders in 2024 that attempted to oust the leadership in the hope of deposing Crole and board member Kevin Pattison from their respective positions.

The Takeovers Panel eventually slapped a series of orders on the rouge shareholders who attempted to overthrow the leadership.

The panel handed down several restrictions on the shareholders and their associated entities that at the time had substantial ownerships in Sequoia.

Last July, Crole accepted a fixed-term contract that extended his tenure to June 2026.

Jones has now left the firm as part of an executive and structural shake-up, while Unrandom ceased to be a substantial shareholder 30 October 2024.

Last year, AWAG partnered with Teaminvest Private Group (TIP) to launch the Succession Lending Fund.

It also took a 20% stake in Melican Financial Planning and added Murdoch Private Wealth to its licence.

Melican provides accounting, mortgage broking, SMSF, and financial advice based in Victoria's Greensborough. Murdoch Private Wealth was onboarded as an authorised representative of CHPW Financial, AWAG's wealth management advisory services business.