Genesys adds four practices
Genesys Wealth Advisers has expanded it adviser numbers by 26 since May, adding four new practices to boost its adviser numbers to nearly 200.
The largest single practice to sign on with Genesys was Wealth Plus Solutions with 11 planners and two offices - one each in Perth and Adelaide, shifting over from its previous licensee Financial Wisdom.
Genesys Wealth Advisers managing director Paul Robertson said the practices were attracted by a support program offered by Genesys to help the practices grow.
“Genesys is committed to helping practices achieve their growth ambitions, and providing the resources and support required to help them build their business,” Robertson said.
Wealth Plus Solutions principal Robert Crane said his group realised the support program on offer was compelling and offered a strong value proposition for its advisers and clients.
“Finding a licensee that could support our growth needs was of upmost importance, and with financial advice at its heart we know the interests of our advisers and clients are well-represented with Genesys,” Crane said.
“Genesys’ offers will benefit from being supported by a group with the size, scale and resources of AMP.”
The three other groups to join Genesys since May are Melbourne-based practices Rancie McLean with four planners, Frontier Financial Group with four planners and Palmer Financial with one planner, collectively bringing nine planners to Genesys.
The other six planners practices were added from other licensees with 188 authorised representatives now operating under the Genesys licence.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.