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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
