Frustration for Genesys Wealth Advisers
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Advisers at Genesys Wealth have expressed their frustration over a perceived lack of support from the AXA-owned dealer group.
Adviser dissatisfaction with the services offered by the once-independent dealer group was registered at its conference in New Zealand late last month.
Genesys has a forum for its member firms called the national advisory council. At the council meeting held during the conference a number of advisers raised concerns about a lack of support at an investment research level, describing the research team as under resourced and slow to respond. Another attendee complained advisers were provided with inadequate information about certain investments, including mortgage funds, making it difficult to communicate with clients.
Frustrations with technology were also aired, particularly regarding Xplan data feeds and Genesys’ IT and helpdesk capabilities. A number of advisers questioned whether they should be forced to pay their full dealer fees in light of what they perceived to be poor delivery from Genesys.
One adviser used the forum to protest the inclusion of the dealer group’s parent company’s (AXA’s) insurance products on the recommended list.
“In 2005 AXA’s risk managers were taken off the recommended list. An example was provided from a member firm where his client had huge issues with AXA [regarding insurance].”
In the minutes of the council meeting the adviser was quoted as saying the claim was to be reviewed by then risk research head Col Fullagar, who later left the dealer group to join ING-owned RI Advice Group. At that point the request was directed to AXA financial advice network general manager Andrew Waddell, but was not responded to, the adviser said.
“I don’t believe AXA should be on the recommended list,” the adviser was quoted as saying.
There was some contention about AXA’s addition to the Genesys’ preferred insurers’ list, which Fullagar created in 2006. At its inception, Genesys’ preferred insurers list consisted of Asteron, Aviva, CommInsure, ING, MLC and Tower.
It now consists of Aviva, AXA, CommInsure, Macquarie and Tower. Genesys was sold to AXA by Challenger in 2008.
At the council meeting, national advisory council chair Andy Murdock assured advisers that AXA had gone through a full review process in order to be added to the list. He was later quoted as saying the lack of response to the member firm’s concerns with AXA was “unacceptable” and would be addressed with new Genesys chief executive John Saint.
Murdock also indicated that the Genesys investment research team would review the Approved Product List and the group’s compliance functions would also be reviewed.
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