Two more member firms from Genesys Wealth Advisers (Genesys) have opted to move to new dealer group Fortnum Financial Group, former Genesys managing director and current Fortnum executive director Ray Miles has revealed.
The announcement comes just a week after Fortnum confirmed it had recruited its first member firm, led by former Genesys national advisory council member Sandy Dunshea, who will leave Genesys to commence at Fortnum with his team in June.
Miles said the two latest practices to join Fortnum from Genesys include Adelaide-based firm Draper Financial Services, led by Mark Draper, and Sydney-based firm Sidney Lloyd, led by Guy Carrington.
Carrington, who was the founder of former dealer group Associated Planners, previously worked with Miles, who was the managing director of the group up until 2004 when it was bought by Challenger Financial Services and merged into Genesys.
Miles remained with Challenger under Genesys until March 2007 when he was made redundant, with Challenger selling Genesys to Axa the following year.
Miles said earlier this month that Fortnum was ready to start hiring following the announcement that ING Australia would provide 20 per cent of the capital needed to fund Fortnum, with ING Australia-owned dealer group RI Advice Group (formerly RetireInvest) to provide Fortnum with core dealer services.
Miles said he hoped to have 15 practices on board by the end of 2010 and that Fortnum would be looking to recruit practices that were preferably generating above $1 million in turnover or that had strong growth potential.
Meanwhile, Fortnum has appointed RI Advice Group chief executive Paul Campbell and ING general manager of aligned distribution Charles Smith to its board.
