AMP has announced plans to wind-up the Genesys Wealth Advisers brand, following a strategic review of the dealer group.
AMP will rationalise the business, offering to transition Genesys advisers to one of the other AMP licensees, which include AMP Financial Planning, Charter Financial Planning, Hillross and ipac.
The wealth manager says the decision to consolidate the Genesys group was made following a thorough review of the business, to determine its sustainability. There are currently more than 200 Genesys advisers, across 92 firms Australia-wide.
Managing Director, Genesys and ipac, Tim Steele, said the Genesys leadership team would be meeting with member firm principals over the coming weeks to discuss migration plans for those firms who choose to remain with AMP.
“Genesys has great advisers and firms,” Mr Steele said. “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.”
A spokesperson for AMP said there was no plan to cancel the Genesys license at this stage, and that it would remain active until after the transition of all firms was complete. The group anticipates the transition period to extend for approximately six months.
