Genesys Wealth Advisers member firm Stanford Brown has turned down the lucrative AMP offer and set up its own AFSL.
Stanford Brown chief operating officer Michael Dwyer confirmed to ifa that the firm’s directors have established a new non-aligned dealership called The Lunar Group.
While The Lunar Group will initially take on just the one corporate authorised representative of Stanford Brown, it will seek to take its dealer offer to the wider market once its licensee procedures, governance and services are tested over coming months.
In a statement, Stanford Brown chief executive Jonathan Hoyle said the directors met with a number of “exceptional dealer groups” and “rejected many lucrative offers” before making the final decision to go their own way.
“We are absolutely delighted to be announcing this milestone in the growth story of our firm,” Mr Hoyle said.
“Under the founding of our Chairman, David Brown, we have a long history with both Genesys and Associated Planners and we will look back on the past 17 years with the fondest of memories.
“We respect the honesty and integrity shown by AMP management in announcing that the Genesys model no longer complemented that of the larger AMP group.
“We would like to thank all the firms, principals and Genesys staff that have helped us build the wonderful business we have today,” he said.
The new dealer group will demonstrate a “passion for advice, education, quality and professionalism with a steadfast commitment to helping our clients”, Mr Hoyle said.
In March 2013, Stanford Brown was awarded Genesys Member Firm of the Year.
The news follows the decision of at least three other Genesys member firms to leave the AMP network, as reported by ifa earlier this month.
AMP announced its decision to close the group in November 2014, with an offer of “three times margin payment” plus a stationery and signage allowance issued to firms as an incentive to stay within the AMP network.
SUBSCRIBE TO THE IFA DAILY BULLETIN
20 Nov 2017Victorian practice joins EldersBy Staff Reporter
20 Nov 2017US wealth giant re-enters Aussie marketBy Jessica Yun
20 Nov 2017CBA updates Open Advice Review payout figuresBy Staff Reporter
20 Nov 2017New evidence for dealer group conflictsBy Aleks Vickovich
17 Nov 2017Adviser regulation loosens under TrumpBy Aleks Vickovich
17 Nov 2017Advisers called on to drive ESG discussionBy Jessica Yun
- view all