Challenger has announced two senior financial planning appointments as it begins implementing changes recommended in an internal review of the division.

Robert Haywood, former Credit Suisse head of platforms, has been hired as director of platforms and Andrew Alcock, former chief executive officer of Australian Administration Services, has been appointed chief operating officer. Haywood will manage Challenger-owned dealer group Genesys Wealth Advisers’ dealings with external wraps and also direct Synergy Capital Management, Challenger’s investment administration platform. Among Alcock’s new responsibilities are IT, infrastructure and research. Following the review, Genesys has implemented a new fee structure, with advisers being charged either through a $25,000 fixed fee payable by each practice or through a revenue sharing arrangement in which Genesys shares between 20 and 40 per cent of revenue with member firms. Among Genesys’s wrap partners is BT Wrap Advantage: Genesys has put $2297 million under administration on the platform and 337 advisers have it placed on their recommended lists. Challenger head of financial planning, Greg Kirk, said Genesys received “marginally more” revenue from the partnership than other wrap partners, but that “clients know which rebates are on each platform”. Challenger has also established three teams to support advisors: a negotiation team focused on dealings with platform partners; a team of “advice coaches” to assist advisers; and a practice development team, Kirk said. One of Haywood’s immediate tasks will be overseeing the selling of Challenger’s 25 per cent stake in Finium as formal negotiations between Zurich Financial Services and Australian Wealth Management (AWM) proceed concerning AWM’s acquisition of the corporate superannuation business.

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