A significant number of dealer groups and individual practices are vying for the client book of collapsed advisory firm Storm Financial (Storm).
"Significantly, there is a lot of interest," Kenyon Prendeville director Stephen Prendeville told InvestorDaily.
"Our preference is to find a single buyer ... so we will be exploring all opportunities, both from national groups and single buyers to individual boutique practices."
Storm's receiver Korda Mentha placed the client book of 10,230 clients in the hands of financial planning business broking specialists Kenyon Prendeville last week.
The book has a recurring venue of between $3 million to $5 million, with the purchase price to be determined.
A sale price on this figure is usually three times recurring revenue. However, due to the nature of Storm's collapse, the sale is not expected to reach normal market price, Prendeville said.
A shortlist of interested parties is expected to be known by the end of March, he said.
"There's a real need for urgency on this. We need to help these clients, we to get them good advisers as quickly as possible," Prendeville said.
As well as working on a shortlist, a set of criteria for interested parties is also being developed.
"We're looking for good, experienced and recognised advisers," he said.
Though it is not a prerequisite for potential buyers to be members of any association, such as the FPA, Prendeville said it is welcomed.
