Genesys invests in Victorian planning firm
Genesys Wealth Advisers has announced it has taken a stake in Victorian firm Murray Valley Financial Planning.
Genesys said the transaction brings its total equity investment to over $21 million through 15 investments in 13 member firms.
Genesys Group chief executive Greg Kirk said the investment was an example of the group’s equity model successfully applying to smaller regionally-based practices.
The Genesys Equity Model (GEM) involves taking an equity interest in select practices. This ‘minority;’ interest provides practice owners with access to capital while still maintaining control of their business.
Murray Valley Financial Planning said the capital from the Genesys Group will allow a succession plan to be implemented, growth opportunities to be explored and provides an opportunity for the firm’s major referral source, Poole and Associates, to take an equity stake in the business.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
