Challenger Financial Planning has separated its Solar Wrap Service from Genesys Wealth Advisers.
Challenger Financial Planning (Challenger) has separated its Solar Wrap Service (Solar) from Genesys Wealth Advisers with the platform now operating as a stand alone entity.
Solar will now operate independently alongside the Challenger-owned Synergy platform in the group's platform and products division.
Platforms and products director Robert Hayward said the removal of Solar from within Genesys Wealth Advisers is part of a revamp of the platform division under a Challenger company restructure.
Hayward said Challenger's platform sales team will now represent both the Synergy and Solar platforms to Genesys' 400 adviser network.
"Within platforms and products is the Synergy business, but we also manage the relationship with BT for the Solar Wrap," he said.
"We're still committed to both platforms. They are independent; we're not merging them together."
Hayward said as a result of the company restructures, including the platform and products division, a number of new hires have been made.
"There were various staff working independently on those two products and marketing them to the Genesys Advisers and some external advisers in regards to the Synergy business," he said.
"So the job now for the distribution team is to market both Solar and Synergy to the Genesys network and to some external clients as well, but predominately into the Genesys network, hence they need to know both product sets."
The new hires include former Asgard Wealth Solutions staffer Pia Zulueta as head of distribution and client services, former BT staffers Louise Jones as platform development manager, northern region and Rhonda Zureik as platform training manager.
Former Synergy distribution manager has been hired to the role of platform development manager, southern region.
Synergy has funds under administration totalling about $2.2 billion. It is wholly owned by Challenger Financial Services Group.
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