Speaking to media following AMP’s annual general meeting in Sydney yesterday, Mr Meller said the AMP advice network overall is in an advantageous position, despite the closure of Genesys and the departure of some member firms.
“If you look at our adviser numbers over the last three years, we have been one of the stronger adviser franchises in the country, we are also the biggest in the country,” Mr Meller said.
“Genesys advisers are only 200 out of 3,800 advisers we have in our different licensees across Australia,” Mr Meller said.
Despite suggestions from Genesys advisers that restrictions on product choice and advice philosophy led to the dispute with head office, Mr Meller said the decision to close the group was purely financial.
“The challenge with Genesys is that the critical mass and [the cost of running it] just wasn’t economic for the size of the licensee,” he said.
“We looked at it, we had very professionally constructed discussions with the individual businesses within the Genesys licensee. Many of them have chosen to stay with AMP; some of them have moved elsewhere,” he said.
The CEO said AMP’s focus is now on helping its advice network drive productivity rather than growth in adviser numbers.
News of AMP’s decision to close the dealer group was announced in November 2014, with a source within the Genesys network explaining that staff had until 30 April 2015 to find new arrangements.
Am I missing something here? AMP decided to close Genesys dealer group in November 2014; Tim Steele appointed to oversee Genesys in January 2015; Tim Steele decides to seek other opportunities in May 2015.
Is this a blatant case of constructive dismissal?!
Surely someone with Tim’s experience, knowledge and calibre would be deployed to another executive position in AMP’s vast financial network.
Still so much noise about Genesys when the reality is the industry is moving on with increased professional standards at practice and dealer level. BT and AMP will tussle it out with cheque books and soft dollars and life will move on. Anyone ever talk about clients in this saga? There are better options in the industry and Genesys advisers have this alternative. Take control and get on with it comes to mind.