Work harder to attract young advisers

With a large number of advisers leaving the industry and fewer choosing to specialize in risk, Synchron Director, Don Trapnell, says the industry needs to make the profession more appealing to younger players.

“We recognized, quite early on that Synchron’s adviser force was ageing,” he says. “At that time, we made a decision to make Synchron an attractive home for young advisers, a place where they could learn from the incredible experience of our more senior advisers. As a result, the average age of Synchron advisers has reduced from 59 in 2006 to 48 today. We have been able to achieve that reduction, not by losing our more experienced reps, but by encouraging younger people into the Synchron family.”

Mr Trapnell says the industry has much to offer younger advisers, including the satisfaction of being able to help protect the lifestyles of ordinary Australians. “When something terrible happens to clients, risk advisers are often the only people to visit them with a cheque, offering some peace of mind in difficult times.”

According to Mr Trapnell, many young people coming out of university with an interest in financial services probably don’t understand the role risk advice plays in the lives of those who have accessed it. “Risk specialists play a very important role in protecting the life styles of their clients and I think as an industry, we have largely failed to communicate that,” he says. “Individuals coming out of university appear to be gravitating towards financial planning and investments and not considering risk.”

Synchron is working with young advisers in its network and Mr Trapnell says he is supportive of all initiatives offered by associations and institutions designed to encourage more people to specialize in risk advice.

“We offer our advisers access to numerous mentoring workshops as well as our NextGen conference, which is tailored directly to the young risk adviser. NextGen offers a modern and enjoyable experience where young advisers and business development executives are able to innovate and express the ideas that will move our industry into the future.”

Mr Trapnell says NextGen takes a difference approach to conferencing, more aligned to a bootcamp. “Sessions, including morning aerobics, are compulsory. Delegates enjoy the opportunity to work incredibly hard during plenaries, but social interaction with peer groups is regarded as just as important.”

This year Synchron has engaged international trainer Monica Wofford of Contagious Companies from Orlando, Florida. “Monica is travelling to Australia specifically for the Synchron NextGen conference. She will be training advisers on leadership, communication and interpersonal relationships,” Mr Trapnell says.

“This year includes a debate which will be held in the House of Representatives in Old Parliament House.”

Synchron’s NextGen conference will be held from the 19–23 March 2015 in Canberra.