Dealer group Genesys Wealth Advisers has issued 79 per cent of its member firms with shares in the group since announcing its member firm participation plan in July.
Under the equity arrangement, Genesys said member firms would be able to invest in up to 9.09 per cent of the group via a loan-funded share plan, with up to 10 million shares on issue and an initial vesting period of three years.
Genesys chief executive John Saint said the group had been heavily focused on delivering benefits to its member firms throughout 2010 that would directly improve their revenue, profitability and growth.
"The successful completion of stage one of the member firm participation plan represents a significant milestone for the group and demonstrates member firms' confidence in our future growth prospects," he said.
Meanwhile, a significant number of member firms have also shown interest in holding additional shares in Genesys via a deferred consideration arrangement, the dealer group said.
These shares will be issued as part of stage two of the member firm participation plan, due to be completed by the end of the year, a statement from Genesys said.
According to Saint, Genesys has undergone a major transformation process since 2005.
"We are now a more profitable, sustainable and growth-oriented business that has developed a dynamic co-operative culture," he said.
"We are committed to building and maintaining a strong partnership philosophy and the plan offers member firms the opportunity to share in the growth and development of the Genesys business."
