Vale Michael Harrison

23 May 2023
| By Laura Dew |
image
image
expand image

Former Synchron chair Michael Harrison has died at age 78 after a long illness.

Harrison died on Sunday, 21 May in Melbourne after a long illness, a statement said, and was survived by his wife and five children.

He had first become involved with Synchron in 2007 when he was appointed as the firm’s business strategy and marketing consultant, then was appointed chair in April 2011.

He held this role until the firm’s sale to WT Financial last year.

Don Trapnell, former executive director at Synchron, said: “With his help, we transformed Synchron into one of the largest non-institutionally owned licensees in the country and a preferred dealer group for both younger advisers and our traditional network of older advisers.

“He was one of the main instigators of our ground-breaking NextGen boot camp for young advisers and industry participants, and he went with me to the UK in 2015, to uncover the real story in relation to life insurance commissions in that part of the world.”

Harrison was also instrumental in the firm’s legal battle with the State Revenue Office of Victoria over the imposition of payroll tax on the earnings of financial advice practices that did not employ two or more people.

“It was Michael who successfully led that fight, saving not only Synchron but potentially all licensees across the industry, from a hefty payroll tax bill that could have had a profound negative impact on their businesses,” he said.

“He was not just committed to Synchron’s success, but to the ongoing success of financial advisers, particularly risk-focused advisers. He deeply understood the financial services landscape and the drivers of change. I greatly respected his business acumen and will profoundly miss his friendship.”

As well as his work at Synchron, Harrison was deputy lord mayor of Adelaide for three terms, sat on government and private company boards, and consulted clients including the Australian Competition and Consumer Commission and Zurich Financial Services.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago