In a statement to InvestorDaily, an AMP spokesperson confirmed that it will consolidate the management of the two licensees to mirror the structure previously implemented in regards to AMP Financial Planning and Hillross.
The spokesperson confirmed that Tim Steele, managing director of soon-to-be-defunct licensee Genesys Wealth Advisers and ipac, and Kevin Stone, managing director of Charter Financial Planning have announced they will depart the AMP network as part of the restructure.
"Tim Steele and Kevin Stone have both decided this is the right time for them to look at new opportunities outside AMP and will leave by the end of June,” the AMP spokesperson said.
"They have made significant contributions to AMP over many years.
"We discussed different options with Tim and Kevin and they have made the decision to look for external opportunities.”
More broadly the spokesperson said the decision was taken in order to drive business efficiencies and client-centricity within the dealer groups.
"Consolidating the management of our licences will make the business structure more efficient and allow us to better support our advisers in delivering high-quality advice to customers,” she said.
The decision to restructure the dealer groups’ management comes as the country’s largest financial advice provider moves to shut down its Genesys dealer group.
A number of former Genesys member firms have left the AMP network and taken up alternative offers.
AMP appoints new group general counsel
Australian Unity hires former ANZ Wealth exec
First State Super announces new CEO
Corporate governance and advocacy in China
The shifting LIC landscape
The perils of chasing niche infrastructure