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Three Genesys member firms leave AMP

At least three member firms of the soon-to-be-defunct Genesys Wealth Advisers licensee have left the AMP network, despite lucrative incentives offered to stay within the group.

ifa can reveal that Genesys firm Treysta Wealth Management has left the AMP network, formally joining Implemented Portfolios-affiliated licensee Implemented Advice on April 2.

Treysta joined Genesys in 2011 following the collapse of Australian Financial Services (AFS) Group and is a longstanding client of Implemented Portfolios.

Speaking to ifa, Treysta head of wealth management Mark Nagle said the move reflects “liberation from product-centric and over-complicated advice models”.

“We can at last turn our attention to creating an advice process that reflects our values as a business by delivering lifestyle-focused financial guidance to our clients,” Mr Nagle said.

“We have been vocal in trying to improve the advice industry [and] we are now in a position to execute on that.”

Verante Financial Planning director Liam Shorte, who became a Genesys authorised representative in 2005, has also confirmed to ifa he is leaving the AMP network, taking up an offer by rival institution BT Financial Group.

The Sydney-based practice has “handed in [its] notice” and will formally join Westpac’s Magnitude licensee after May 15, in search of “open architecture” and a “very strong compliance culture”.

Mr Shorte said he was approached by more than 20 different licensees and looked at 14 seriously before settling on the Magnitude deal.

Former Genesys Bendigo adviser Darren Flett has also left the group and joined regional boutique Solutions Bendigo earlier this month, according to the ASIC adviser register.

Genesys advisers were offered an incentive of “three times margin payment” as well as a stationery and marketing allowance of $5,000 to stay within the AMP group, according to an internal AMP document leaked to ifa in December 2014.

At that time, Genesys managing director Tim Steele said he expects some member firms to stay within the AMP network and others to leave the group.