More than 20 financial advisers formerly licensed by AMP’s Genesys Wealth Advisers have been picked up by BT’s Magnitude dealer group.
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.
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