The sale of Storm Financial's client book is expected to be finalised by 1 June.
Stephen Prendeville, director of financial planning business broking specialists Kenyon Prendeville, told InvestorDaily yesterday that an interested party was close to signing a purchase agreement.
A group has entered a heads of agreement to purchase the book of 10,230 clients, Prendeville said.
The name of the party and proposed payment for the book could not be released at this time, he said.
Prendeville and Storm's receiver KordaMentha are expected to release further details of the sale after 1 June.
In April, 62 financial services firms showed interest in the client book. Of this number, 10 financial advisory firms confirmed they would bid for the book of clients.
"Most of the buyers are interested in the local location, but we do have parties that are interested in acquiring the total business available," Prendeville said in April.
Of the 10 businesses there were eight locations, with each location having at least one small boutique interest, he said.
Storm was placed into liquidation on 26 March.
KordaMentha placed the book of clients in the hands of Kenyon Prendeville in late February.
