Synchron claims planner growth

platforms/advisers/dealer-groups/cent/planners/director/life-insurance/

23 June 2010
| By Benjamin Levy |

The dealer group Synchron boosted its adviser numbers by nearly 40 per cent last year, according to claims by director John Prossor.

Synchron has added a further 15 advisers since the beginning of the year, bringing the number of planners to approximately 165, Prosser said.

Prossor claimed the rise was due in part to a number of dealer groups that decided during 2009 to limit the number of life insurance companies and platforms they dealt with, causing advisers to leave.

“There were decisions by larger, institutionally owned licensees, and others, to have a preferred one or two platforms, because they can get an extra 20 or 30 basis points for having volume with those platforms,” he said.

“We’ve seen that across the board with most licensees, they either link in with one or two platforms or do a white label version under their own name that’s run by someone else,” Prossor said.

Synchron does not limit the number of platforms it deals with, and only the underlying products are on its approved product list, Prossor said.

Synchron also received referrals from its existing advisers, and integrated a number of advisers who graduated from the NextGen adviser program, Prossor said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 4 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

5 days 1 hour ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND