One of the largest member firms of soon-to-be-defunct AMP-aligned Genesys Wealth Advisers has established a new non-aligned dealer group.
Stanford Brown chief operating officer Michael Dwyer confirmed to InvestorDaily's sister title ifa that the firm’s directors have established a new non-aligned dealership called The Lunar Group.
While The Lunar Group will initially take on just the one corporate authorised representative of Stanford Brown, it will seek to take its dealer offer to the wider market once its licensee procedures, governance and services are tested over coming months.
In a statement, Stanford Brown chief executive Jonathan Hoyle said the directors met with a number of “exceptional dealer groups” and “rejected many lucrative offers” before making the final decision to go their own way.
“We are absolutely delighted to be announcing this milestone in the growth story of our firm,” Mr Hoyle said.
“Under the founding of our chairman, David Brown, we have a long history with both Genesys and Associated Planners and we will look back on the past 17 years with the fondest of memories.
“We respect the honesty and integrity shown by AMP management in announcing that the Genesys model no longer complemented that of the larger AMP group.
“We would like to thank all the firms, principals and Genesys staff that have helped us build the wonderful business we have today,” he said.
The new dealer group will demonstrate a “passion for advice, education, quality and professionalism with a steadfast commitment to helping our clients”, Mr Hoyle said.
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