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
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.
