Genesys takes equity state in Time Partners
Greg Kirk
Genesys Wealth Advisers has taken an equity stake in Maitland-based planning firm Time Partners, continuing its strategy of investing in member practices to fund growth and succession.
The investment has created a foundation for Time’s principals to “explore further acquisitions and allow advisers to build equity in the practice over time”, according to Genesys group chief executive Greg Kirk.
While the size of the stake was not disclosed, Kirk said Genesys “aims to take enough of an investment to make the transaction worthwhile to all parties, but not so much that it removes the principal’s incentive to grow the business”.
He added that Genesys was actively looking for new opportunities, both within the group and externally, and that it’s currently working on a number of potential transactions around Australia”.
In March this year a Genesys equity stake enabled two Perth-based member financial planning firms to merge to form a single member firm, Aspire2.
The equity stake in the six-planner Aspire2 brought Genesys’ total equity investments in its member planning firms to $20 million over the past six months.
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