Beginning of the end for Genesys
AMP Limited has announced it will rationalise its Genesys wealth management business and offer members of the dealer group a transition to other AMP licensees.
It said the rationalisation decision had followed a strategic review of the Genesys business which boasts over 200 advisers across 92 firms.
Confirming the move, Genesys and ipac managing director, Tim Steele said advisers wishing to stay with AMP would be offered a transition to another AMP licensee and advisers would be able to choose the licensee they felt best fit their business.
"Our priority now is meeting with Genesys firms to discuss their options and support their decisions," he said.
Steele said that for firms which opted to stay with AMP, the intention was to minimise disruption to their business, for the benefit of both advisers and their clients.
He said Genesys leadership team would be meeting with member firm principals over the coming weeks to discuss migration plans for those firms that decide to remain with the AMP Group.
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