Genesys MD leaves amid shutdown

An AMP spokesperson has confirmed to ifa that Mr Steele, who is also managing director of ipac, will leave AMP at the end of June, along with current Charter Financial Planning boss Kevin Stone.

A former director of the AMP Horizons academy, Mr Steele joined the dealer group executive team in February 2013 to head up the two formerly independently-owned licensee channels.

In December 2014, Mr Steele wrote to member firms of the troubled Genesys licensee formally offering an incentive deal of “three times margin payment” for advisers to join remaining AMP dealers, alongside a $5,000 "stationery and signage allowance”.

As reported by ifa, a number of Genesys member firms have subsequently turned their backs on the lucrative offer, including Sydney firm Stanford Brown which has launched its own AFSL under the name of the Lunar Group.

The spokesperson said that the decision of Mr Steele and Mr Stone to leave the group followed a discussion around “different options” with both senior managers.

"Tim Steele and Kevin Stone have both decided this is the right time for them to look at new opportunities outside AMP,” the spokesperson said. "They have made significant contributions to AMP over many years.”

The departures come as AMP announces it will merge the management of the ipac and Charter businesses, in line with the model adopted for Hillross and AMP Financial Planning.

"Consolidating the management of our licenses will make the business structure more efficient and allow us to better support our advisers in delivering high quality advice to customers,” the spokesperson said.