Finding efficiencies essential to post LIF advice
Advisers are being urged to find efficiencies in their businesses before the impact of the Life Insurance Framework (LIF) impacts their revenue, Synchron director, Don Trapnell, believes.
Trapnell said that "no matter how many ways you slice and dice it, life insurance advisers will be suffering from 1 July", as they feel the effects of the LIF.
Responding to the needs of advisers, Trapnell said Synchron had developed two systems to help advisers work more efficiently.
"For this reason, we recently launched SyncAdvsr, a new software package designed to reduce the amount of work advisers have to do to maintain their business," he said.
"We also introduced a referral arrangement with AdvantEdge Financial Services which allows Synchron advisers to refer finance broking to an AdvantEdge licensed adviser and be paid for that referral.
"We know that at any point in time, one in seven consumers is reconsidering their mortgage and finance arrangements. We believe it is appropriate that Synchron advisers be afforded the opportunity to satisfy that need by referring clients on to a licensed finance broker and be remunerated for it.
"The arrangement with AdvantEdge will facilitate that."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
