Genesys advisers paid to boost numbers
Genesys Wealth Advisers put in place an ‘adviser growth incentive scheme’ in the final months of last year to boost planner numbers.
Under the scheme, the group’s member firms could receive financial support and benefits of between $550 and $10,000 for signing on an additional authorised representative to their practice.
The scheme was open to Genesys Wealth Advisers paraplanners as well as client service and administration staff, the group said.
New or ‘inexperienced’ graduates (less than 12 months of experience) and ‘experienced’ advisers (more than 12 months of experience) from outside Genesys were also potential candidates.
Depending on the quality of the candidate brought in, the incentives included fee waivers for the practice totalling $5,000, discounted ‘relationship fees’ to the value of $5,000, and up to $5,000 per appointee to pay external recruitment agency fees.
The dealer group also offered to subsidise the education of potential candidates who were not yet RG146 compliant. Genesys said it would pay up to $550 per subject required for the potential candidate to become RG146 compliant.
To receive the incentives, the appointments of the authorised representatives must have been made by December 31, 2009, and all additional training completed by that date.
In a message to its advisers regarding the scheme, the dealer group said it was designed to “up-skill employees to become authorised representatives and drive business growth”.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
