Non-insto dealer group Synchron has increased its total adviser numbers by 10 per cent over the month of March, after lifting its grandfathering-inspired self-imposed hold on applications.
Thirty-four individual advisers have joined the group between 1 March 2014 and 7 April 2014, with a number of applications still pending.
Speaking to ifa, Synchron director Don Trapnell said it was reflective of “organic growth” and not an acquisition scenario, adding that the moves reflect the increasing attractiveness of non-vertically integrated licensees.
“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,” Mr Trapnell said.
Mr Trapnell also explained the self-imposed halt on adviser applications.
“We have always been in the business of making the process of moving to Synchron as seamless and cost-effective as possible. 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.
“Both sides of politics have now acknowledged that the grandfathering issue was in fact an unintended consequence of the FOFA reforms; ASIC’s no-action stance on the issue has given us the confidence to again accept adviser applications.”
Synchron now has 313 authorised representatives.
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