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AMP picks up two former AFS firms

Two former authorised representatives of collapsed dealer group Australian Financial Services (AFS) Group have joined AMP’s Genesys Wealth Advisers network.

In a statement, AMP announced Melbourne-based practices Frontier Financial Group and Palmer Financial have joined Genesys.

Both firms are listed as authorised representatives of AFS Group on their respective websites, though the company had administrators appointed in April and its licence subsequently cancelled.

Since the collapse of the formerly 200-practice-strong dealer group, there has been a frenzy of movement with a large number of former authorised reps joining institutional licensees. ifa understands that at least 15 advisers have been confirmed as joining ANZ’s One Path network, while BT Select has bedded down 6 former AFS firms.

Wealth Plus Solutions, a firm with 11 advisers and two offices in Perth and Adelaide which was formerly licensed by the Commonwealth Bank-aligned Financial Wisdom dealer group, has also joined the Genesys network, as well as another firm, Rancie McLean.

Wealth Plus principal Robert Crane said Genesys was the right choice for his company, pointing to the benefits of an AMP backing.

“Finding a licensee that could support our growth needs was of upmost importance and with financial advice at its heart we know the interests of our advisers and clients are well-represented with Genesys,” Mr Crane said.

“Genesys offers a strong value proposition and our advisers and clients will benefit from being supported by a group with the size, scale and resources of AMP.”

Genesys chief executive Paul Robertson said the incoming firms are a good cultural fit.

It first emerged that AFS Group was on the brink of collapse in March, when ifa sister publication InvestorDaily revealed the contents of an email from former AFS chairman Barry Stephen to shareholders, explaining that insolvency was a possibility.