Genesys attempts to lure the high rollers
Genesys Wealth Advisers has set up a separate division to cater for its richest clients and attract other multi-millionaires away from private banks and specialist boutiques.
Managing director Ray Miles said the Genesys Private Client service, which is being “rolled out as we speak”, would only be available to Genesys clients with over $400,000 in income, and at least $4 million in investments.
He said a “high level” technical manager and portfolio manager had already been appointed exclusively to the new division.
Nobody as yet has signed up for the service Miles said, adding that it is in the early stages of its rollout. However, some high-net-worth clients from within Genesys’ existing client base had shown an interest in it.
Apart from the private banking divisions of the big banks, few of the large financial planning dealer groups currently have their own private client services to cater for high-net-worth individuals. However, several boutique dealer groups, such as the newly formed merger between Centrestone and Berkley, Centric Wealth, cater specifically to this niche market.
Miles said the service’s first offer to attract investors would be an opportunity to get preferential access to a pre-initial public offering of a biotechnology company.
Other investment opportunities not usually available to retail investors, such as private equity vehicles, would also be offered to selected clients, he said.
Meanwhile, Miles said adviser feedback on Genesys’ new television advertising campaign, launched last month, had been positive.
“For example, one of the practices which was particularly sceptical at first has just got a new high-net-worth client as a result of them going to air,” he said.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
