Australia’s leading non-institutionally aligned licensee Synchron has announced its recently launched adviser software SyncAdvsr will soon be integrated with Xero.
Synchron director Don Trapnell said the dealer group is in the final stages of talks that will see SyncAdvsr integrate with the accounting software.
“A partnership with Xero will provide our advisers with complete confidence when dealing with referral and product partners. They will be able to clearly see how much revenue they have received from where and cross-reference that information with their bank statements. This will make it extremely easy for them to see what they have been paid and what is still outstanding,” Mr Trapnell said.
SyncAdvsr was made available to every Synchron advice business in February, as part of the Synchron suite of services and is already being very well-received by advisers.
Synchron adviser and director of Sound Life Financial Services Jane Looker said she is very happy with the SyncAdvsr software.
“Our referrers are set up and we have a complete printout of all revenue received with a breakdown of upfront and ongoing. What this software has done for our forecasting, costings and budgeting is unbelievable. We love having the practice dashboard and then our own individual adviser dashboards as well – it is working really well.”
Mr Trapnell said he is delighted with how well SyncAdvsr has been received.
“Of our 400 advisers, over 50 per cent have already started using SyncAdvsr and it is absolutely changing the way they do business,” he said. “This tool is allowing Synchron advisers to maintain and nurture their client relationships, while improving efficiency in their business.”
SyncAdvsr automatically generates fee disclosure statements and opt-in notices and monitors the return of those notices via a central dashboard in Synchron’s Melbourne head office. It also incorporates business analytic metrics which group commissions and/or fees received per adviser, per life company and per fund manager and then automatically calculates and produces commission and fee-split statements for referral sources such as accountants, general insurance brokers and finance brokers.
Synchron adviser Katriel Warlow-Shill was instrumental in the development of SyncAdvsr and has since launched Advsr, an online commission management and compliance interface for advisers. Mr Warlow-Shill said the SyncAdvsr package is designed to provide advisers with information that would generally not be readily available to them.
“In my own practice I needed a cost-effective program that could not only reduce the amount of time I was spending on admin in my business, but also tell me how much money was coming from any particular client over any particular period of time and how much a specific referral partner had referred to me. It also provides me with transparency around relationships between my clients.”
