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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
