Genesys Wealth Advisers (Genesys) wants to grow its network from approximately 335 advisers to 500 over the next three years, Genesys chief executive John Saint has said.
The comments come on the back of an announcement made by the dealer group yesterday that it would launch a new equity arrangement to its member firms.
Under the arrangement, member firms will be able to invest in up to 9.09 per cent of the group via a loan-funded share plan, with up to 10 million shares on issue with an initial vesting period of three years.
Saint said the equity arrangement was not a recruitment tactic, but rather an initiative that aims to meet the needs of existing advisers.
“I’ve visited over 50 Genesys practices in the last six months and the feedback was that they wanted equity involvement in the dealer group, they wanted to own a stake in the business, and to benefit from the growth of the organisation,” he said.
“They want to be part of a cooperative culture and this arrangement provides the mechanism to do that.”
Saint said Genesys had about 100 member firms and that he hoped all would take up the offer.
“This is an excellent opportunity to partner with an institutionally-owned dealer group and for our member firms to benefit from the growth of the organisation,” he said.
At the beginning of this month, Genesys announced additional financial incentives that would only be maximised should member firms stay with the dealer group for five years.
Saint said as member firms wanted a direct influence in running Genesys, an independent director would also be appointed to the board in due course, with the Genesys’ National Advisory Council to serve as the selection panel.
