Another new beginning for Genesys

By Liam Egan

THE Kerry Packer-backed Challenger group’s ambition to build a household financial planning brand has hit a slight hitch, with the group forced to change the name of its new dealer group after it was found to be too similar to that of a competitor.

The group, a merger of the Garrisons and Associated Planners dealer groups, was named Genesis Wealth Advisers late last month, but has now been re-branded Genesys Wealth Advisers.

The group has repeatedly stated that its ambition is to become the first truly household brand in financial planning.

Managing director Ray Miles said in a statement there were two reasons for changing the spelling of the name.

“Firstly, the new spelling will help to better distinguish our group from a financial planning firm that operates under a similar name,” Miles said.

“In addition, we believe the new spelling also reflects the proprietary advice system that will be employed across our group shortly.

“This system is an integral part of our new brand and we believe it will set a benchmark for excellence in financial planning.”

A group spokesperson said the slight change in spelling would not impact on the group, as the new brand is not set to be adopted by planners until March.

The spokesman said the group, which has more than $7 billion in investments under advice, had completed extensive due diligence on the Genesis name before it was initially adopted.

“Unfortunately, due diligence is never completely fail proof, and in addition there is always a chance that something like this might happen when you’re such a high profile brand,” she said.

“Fortunately the confusion has been pretty easily remedied, so it wasn’t really a problem in the end.”

The spokesman said the competing group was “working in the same professional area although it did not carry exactly the same name”.