Genesys invests in Victorian planning firm
Genesys Wealth Advisers has announced it has taken a stake in Victorian firm Murray Valley Financial Planning.
Genesys said the transaction brings its total equity investment to over $21 million through 15 investments in 13 member firms.
Genesys Group chief executive Greg Kirk said the investment was an example of the group’s equity model successfully applying to smaller regionally-based practices.
The Genesys Equity Model (GEM) involves taking an equity interest in select practices. This ‘minority;’ interest provides practice owners with access to capital while still maintaining control of their business.
Murray Valley Financial Planning said the capital from the Genesys Group will allow a succession plan to be implemented, growth opportunities to be explored and provides an opportunity for the firm’s major referral source, Poole and Associates, to take an equity stake in the business.
Recommended for you
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 wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
