Govt told — look to independents, not banks
Independent risk-focused dealer group, Synchron, has urged the newly re-elected Turnbull Government to look to independent financial services entities rather than the banks in seeking to set financial services policy, including the Life Insurance Framework (LIF).
Welcoming the return of "stable Government" resulting from the Coalition election win, Synchron director, Don Trapnell, claimed Synchron was the largest non-institutionally-owned dealer group and therefore had the greatest reach in communicating with "financial advisers whose views are not tainted by corporate influences, product providers or the banking sector".
"With over 400 advisers now, Synchron represents a great source of truth for the Government on the issues that matter in the financial services industry of Australia," he said.
Among those issues was the LIF, with Trapnell claiming it was now time to look at the framework "in the cold light of day and see how it will be implemented".
"The basic thrust of LIF is there but there are certain areas we need to refine," he said.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.