AMP will close its troubled Genesys dealer group, following a strategic review and round of negotiations between the licensee and a number of authorised reps.
An AMP spokesperson has confirmed to ifa that the institution “has taken the decision to rationalise the Genesys business following a strategic review” and that it has made arrangements to transition Genesys advisers to other AMP groups, “for those that are interested”.
A source from within the Genesys network – speaking to ifa on condition of anonymity – says a number of incentives have been put for authorised reps to stay within the AMP network.
“Genesys will close and we have been told we have until April 30  to find new arrangements,” the source said. “We have been offered a deal to stay within AMP.”
The source said that advisers choosing to join another AMP group will be paid “three times conflicted remuneration”.
The move follows ifa’s revelation that a number of Genesys authorised reps have been threatening to leave the group over disputes relating to technology and financial product recommendation restrictions.
Genesys was acquired by AXA in 2008 and subsequently became part of the AMP network following the merger in 2011.
SUBSCRIBE TO THE IFA DAILY BULLETIN
17 Feb 2017Advisers warned on TPB transitional registration optionBy Staff Reporter
17 Feb 2017O’Dwyer highlights commitment to financial literacyBy Larissa Waterson
17 Feb 2017Former Labor premier becomes bank lobbyistBy Staff Reporter
17 Feb 2017Insto advisers knock on IOOF’s doorBy Aleks Vickovich
16 Feb 2017Zurich boosts life risk sales teamBy Staff Reporter
17 Feb 2017AFA considers naming and shaming of advisersBy Adrian Flores
- view all