Genesys Wealth Advisers veteran Ray Miles will leave Challenger's Financial Planning business to buy equity in a Genesys financial practice for an undisclosed sum.
Miles will leave his current job in recruitment and business development for the Challenger-owned dealer group at the end of the month to become managing director of Sydney North Shore Genesys practice, Brown Bulley, on May 1.
The former Genesys managing director has focused on recruitment since April but has been with the business since 1989 when it was called Associated Planners.
He was succeeded in the top job by former AMP Financial Planning managing director Greg Kirk, who said last month that Genesys has switched its focus from recruitment to internal growth.
Miles told InvestorDaily that he was bored in the job and wanted to get back to his roots.
"I've decided to return to a role that will give me the satisfaction of taking a hands-on role in building a fast-growing business and applying the expertise I've built up over the years," he said.
From July 1 Genesys will pay its member firms a 20 to 40 per cent a rebate from up to 20 platforms depending on how much business they write. Miles said his decision had nothing to do with this development.
Ray Miles' contribution to building the Genesys business had a far-reaching impact on the financial planning industry, Kirk said.
"Ray's dedication to raising professional standards in the industry is well known, and his contribution over nearly 20 years stands alone.
"The fact that Ray is returning to the coalface to work within a financial planning business in our group is an exciting development."
Genesys has 400 advisers in 160 practices and $10.3 billion in funds under advice.
