New South Wales-based practice Warren Saunders Life and Superannuation has become the eighth firm to leave Genesys Wealth Advisers (Genesys) for Fortnum Financial Advisers (Fortnum) since March this year.
The firm, which is the tenth practice to join Fortnum since it began hiring, is located in Hurstville and comprises three advisers.
Warren Saunders Life and Superannuation director Murray Bennett, a former test cricket spin bowler, said while he had had a good association with Genesys over 15 years he was not happy with the direction the business was going.
"By joining Fortnum, we see an opportunity to get back with a smaller group that will provide more personalised treatment," Bennett said.
"We also have a long association with Fortnum executive director Ray Miles and other firms formerly with the Associated Planners dealer group that have left Genesys for Fortnum."
Murray said his firm specialised in corporate super and risk insurance and had recently started to branch into financial planning.
"Genesys did tell us they would be making an announcement to member firms on 12 July, but despite any incentives that might be put on the table, it was time for us to move on," he said.
In March this year, Fortnum announced that ING Australia would provide 20 per cent of the capital needed to fund Fortnum, with ING Australia-owned dealer group RI Advice (formerly RetireInvest) to provide Fortnum with core dealer services.
