Genesys picks up new firms
By Julie May
Tuesday 7 September 2010
Genesys Wealth Advisers (Genesys) has strengthened its presence in Queensland with the appointment of two new member firms within the last few months, the dealer group has confirmed.
New to Genesys are 360 Wealth Management, a former member firm of Professional Investment Services, and Financial Planners of Queensland, which has been established by former Commonwealth Bank of Australia adviser Sacha Sanders.
"These firms view us as a springboard to grow their operations, create back-office efficiencies and to develop innovative advice-based solutions," a spokesperson from Genesys said.
"We don't tend to grandstand the appointment of every single member firm via the media. We think this is counter-productive and we would prefer to concentrate our efforts on creating value for our member firms, their clients and our shareholders."
The spokesperson also said Genesys still had a strong pipeline of practices looking to join in due course.
Meanwhile, South Australia-based practice Borne Financial Group has just announced that it will depart Genesys for Fortnum Financial Advisers.
The 14th group to depart Genesys for Fortnum since March this year is the most recent recipient of the Genesys member firm of the year award and comprises five staff in total, including two financial planners as well as principal financial planner Harold Braakhuis.
Fortnum executive director Ray Miles, who was also the former managing director of Genesys, said recently he would potentially be interested in buying Genesys, once it was clear who the new owner of its parent company, Axa Asia Pacific, will be.
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