Genesys says Miles replacement imminent

Genesys Wealth Advisers is expecting to appoint a new managing director to replace Ray Miles from outside of the firm in the very near future.

The news comes after the wholly owned subsidiary of the Challenger Financial Services Group announced yesterday that Miles was planning to take on a new role within the organisation.

AMP, meanwhile, has dismissed as mere speculation reports this morning that its head of financial planning, Greg Kirk, would replace Miles as Genesys managing director.

Genesys would not comment on whether it had found Miles’ replacement yet.

A spokesperson said once a replacement is found, Miles will focus on building and maintaining relationships with new and existing member firms in the organisation. This new position is seen as pivotal in consolidating Genesys’ alliance with the Bank of Queensland, formed in October last year, and facilitating the dealer group’s aggressive recruitment plans.

The new managing director will also be expected to facilitate access to capital for member firms and assist with succession planning.

Miles and deputy managing director Andrew Creaser have been actively involved in the process of finding the firm’s new managing director.

The decision to step down from the role concludes a 17-year stint for Miles in the position in one form or another. He was previously the head of Associated Planners and became managing director of Genesys when it was formed through the merger of Garrisons and Associated Planners.