Despite the challenges presented by the introduction of the Life Insurance Framework (LIF), Synchron is expecting an increase in its adviser numbers by the end of the year.
“We believe the catalyst will be that more advisers will be looking for non-institutional homes,” said Synchron director, Don Trapnell. “Synchron has a close connection with its advisers and whatever direction the industry takes we will not lose that connection. We believe our model will be very attractive to other advisers in a post-LIF world.”
Mr Trapnell said while the LIF heralds a new direction for the industry, it’s a matter of adjusting to the new model. “As they currently stand, clawbacks are unjust – particularly for new advisers entering the industry – but overall, the LIF could have been much worse. It’s a matter of fixing the clawback issue and getting on with business.”
Synchron will be examining the impact of LIF on its business models, future revenues and adviser sentiment at its Management Planning conference in September.
“We hold Management Planning conferences every two to three years and as we have done in the past, we are bringing together senior external executives and senior Synchron advisers to provide us with insights into the direction they believe we should take, what we’re doing right and what we’re doing wrong – in particular, what needs to change. This time our focus will be on how to succeed in the new environment.”
Synchron has invited Olivier Sarah-Le Lacheur Head of National Accounts from CommInsure, Monique Le Roux WA State Manager from AIA and Shane Casey from Synchron-aligned Eclipse Financial Management to discuss a range of issues, including industry attitudes towards Synchron, the value of Synchron to advice practices and future directions.
Source: Synchron
