Three former Genesys advisers set up AFSL

Three former Genesys financial advisers have left the soon-to-be-defunct licensee to form their own AFSL.

Joel Evans, Daniel Rossouw and Derek Young are now directors of a self-licensed firm, Evans Rossouw & Young Wealth Management.

The trio departed Genesys in April – about five months after AMP announced it would close the Genesys Wealth Advisers dealer group following a "strategic review".

According to the group's website, Sydney-based Evans Rossouw & Young Wealth Management was founded in 2012 as a member firm of "a major licensee group".

"We acquired our own Australian Financial Services Licence (AFSL) in 2015," the website stated.

"Our business has expanded rapidly and today we serve more than 2,000 private clients as well as numerous corporate clients across Australia."

The trio's move reflects that of several other Genesys member firms which left the AMP network earlier this year. ifa revealed in April that Treysta Wealth Management and Verante Financial Planning had also left AMP to join other dealer groups.

The firms' departures have occurred despite lucrative incentives offered to them to stay within the AMP group.

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

However, those incentives may have worked on others, with half of the advisers formerly licensed under Genesys staying within the AMP network, specifically Charter Financial Planning.

The other half have transitioned to other licensees. According to the half-year results, there are still 35 advisers remaining under Genesys of the 214 who were employed at the same time last year.

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