Synchron claims planner growth
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.
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.