Genesys licensee to set up own dealer group
Sydney-based advice group, Stanford Brown, will leave current Australian Financial Services License (AFSL) provider, Genesys Wealth Advisers, and will be licenced through its own dealer group, from next month.
The decision to move away from Genesys follows the departures of a number of other advice businesses in recent months, with Treysta Wealth Management and Verante Financial Planning also announcing they would be licenced by other providers earlier this month.
Stanford Brown, chief executive, Jonathan Hoyle, announced that the firm had set up its own dealer group, The Lunar Group, to be licenced under.
"We are absolutely delighted to be announcing this milestone in the growth story of our firm", he said.
"We met with some exceptional dealer groups and rejected many lucrative offers to join established operations.
"In the end, it came down to choosing the optimal structure that will let us ignore the noise currently occurring in the industry, and let us focus on what we do best - looking after our clients.
"We have gathered great talent across our 35 staff in North Sydney, and they are all energised by the exciting plans we have in the pipeline, for our clients, that can quickly become a reality in our own licence environment.
"In a country where less than three in 10 Australians seek the services of a financial adviser, competition for new clients is low.
"In contrast, the competition to attract and retain the smartest and most talented people is fierce. This tight-knit group of the brightest people have a passion for advice, education, quality and professionalism with a steadfast commitment to helping our clients."
AUTHOR
Nicholas O'Donoghue
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