Synchron grows planning numbers despite grandfathering
Dealer group Synchron has confirmed it is accepting adviser applications to join its ranks irrespective of the still-to-be-decided rules around grandfathering.
In an analysis of where the group is currently headed issued this week, Synchron director Don Trapnell said the dealer group was doing so because "this is no doubt whatsoever that the anomaly in the grandfathering provisions will be corrected at the first possible opportunity".
"Both sides of politics have now acknowledged that the grandfathering issue was in fact an unintended consequence of the FOFA reforms," he said. "ASIC's no-action stance on the issue has given us the confidence to again accept adviser applications."
The consequence had been that Synchron had increased its adviser numbers by over 10 per cent during the period 1 March 2014-7 April 2014 and had had to recruit additional permanent staff members to its head office in Melbourne.
Trapnell said 34 individual advisers had applied to move to Synchron in just over a month and more applications were pending.
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.
