Advisers flock to Synchron

Synchron has increased its adviser numbers by over 10 per cent during the period 1 March 2014-7 April 2014 and has had to recruit additional permanent staff members to its head office in Melbourne in order to process the influx of applications and deliver services to advisers.

“We are delighted to report that 34 individual advisers have applied to move to Synchron in just over a month and more applications are pending,” said Synchron director, Don Trapnell. “We believe this is recognition that Synchron can provide an excellent, non-institutional home for advisers who recognise the importance of being able to deliver impartial advice for clients and who, like Synchron, put the client at the centre of everything they do.”

Synchron has been able to lift its self-imposed hold on adviser applications, following ASIC’s ‘no-action’ position on the Grandfathering provisions of the Future of Financial Advice (FoFA) reforms. “We have always been in the business of making the process of moving to Synchron as seamless and cost-effective as possible,” Mr Trapnell said. “We couldn’t in all conscience encourage advisers to move to us if there was any possibility they would lose an entire revenue stream and put their businesses at risk.”

Mr Trapnell said he believes there 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.

Synchron has also recruited administration and compliance staff. Dave Allan has increased his commitment to his role with Synchron along with Neil MacKay, assisting directors and mentoring advisers. Simone Ciancio has been recruited assist with application processing, registration of product providers and transfer of clients between licensees.

Synchron is the largest non-institutionally owned financial services licensee by adviser numbers in the country with a total of 313 individual authorised representatives across Australia.