ASIC records confirm that Magnitude has picked up some of the largest Genesys practices from across Australia, with more than 20 individual practitioners moving across to the licensee in recent weeks.
The eight advisers employed by South Australian firm Halpin Financial Services joined Magnitude on 4 May, including managing partner Simon Strode and partners Heath Visser, Brendan Atkins, Michael Hart, Jane Gun and Craig Hill.
Halpin was a longstanding member firm of Genesys and has a strong presence in the Northern Territory in addition to its Adelaide CBD HQ.
Multi-office firm Zest Wealth has also joined Magnitude, with advisers Paul Callaghan, Todd Clifford, Andrew Cooper, Dennis Prouse, Anna Maria Del Biondo, James Dimos, Michael Rowlands and David Stogdale all now listed as Magnitude authorised reps as of 4 May.
The five advisers belonging to Wealth Plus Solutions joined Magnitude on 11 may, while David Johnston Mills of Tag Financial joined on 8 May.
Michael Rambaldini of Verante Financial Planning has joined business partner Liam Shorte at his new BT licensee, as previously reported by ifa.
The mass move to BT indicates that these advisers turned down the lucrative incentive of “three times margin payment” offered by AMP to stay within the network.
ifa understands a number of remaining Genesys advisers are in discussions with Magnitude along with other licensees.
editor@ifa.com.au
An interesting switch in camps by the advisers involved.
Also interesting, the advisers did not move back to their previous relationship with Ray Miles, now known as Fortnum. Ummmm?
I’m certain that the decision to leave AMP to join BT was far more complex. The lucrative offer for three times margin payment was not offered without strings.
The real question is what incentive was offered by BT and did that also involve strings whether ‘understood’ or contractual ? Did these advisers sign up with BT because payments were offered, discounted practice loans were provided, licensee fee deductions, transition support payments …..
Does the move mean advisers preferred the incentives and offers from BT, or relationships with AMP were beyond repair – or both ….
I wonder how much of the decision was motivated by legacy platform deals and the businesses critical mass in those platforms? Regardless of their motivation it’s not a good look for the AMP vertically integrated model.
Not really any suprises considering they are all BT Wrap users.
And who says product manufacturers with restricted APL’s cant get advisers! Giddyup