AMP has announced the completion of a strategic review of Genesys Wealth Advisers and an intention to rationalise the business and offer Genesys firms a smooth transition to other AMP licensees.
This follows a thorough review of the business to determine the sustainability of the Genesys business model going forward.
For Genesys advisers wishing to stay with AMP, they will be offered a transition to another AMP licensee and advisers will be able to choose the licensee which they think best fits their business.
Managing Director, Genesys & ipac, Tim Steele said Genesys advisers wishing to stay with AMP will be offered a choice to move to another AMP licensee.
“Genesys has great advisers and firms. AMP and Genesys share a mutual commitment to delivering quality financial advice to customers and we believe many of these firms will make the choice to stay with AMP.
“Our priority now is meeting with Genesys firms to discuss their options and support their decisions.
“AMP has a strong value proposition for our financial advisers. Financial advice is at the heart of our business, and we have the infrastructure and resources to help advisers grow and develop their businesses, and give clients the benefit of high quality financial advice backed by a large and trusted brand.
“For firms who opt to stay with AMP, our intention is to minimise disruption to their business, for the benefit of both advisers and their clients,” Mr Steele said.
Genesys has more than 200 advisers and 92 firms around Australia.
The Genesys leadership team will be meeting with member firm principals over the coming weeks to discuss migration plans for those firms that decide to remain with the AMP Group.
AMP’s financial advice network has around 3,800 financial advisers in Australia and comprises of AMP Financial Planning, Charter Financial Planning, Hillross, Horizons, ipac and smsf advice. Operating earnings of the AMP Australian wealth management business are not expected to be materially impacted by this change
