Synchron pays advisers $1 million over Xmas
Authorised representatives of Synchron were paid a collective $987,469 between Christmas and New Year’s while other licensees “weren’t even open”, says director Don Trapnell.
In a New Year’s message to his adviser network – seen by ifa – Mr Trapnell said the benefits of Synchron’s policy of paying authorised reps daily were well evident over the holiday period.
“We continue to be the only licensee that pays our advisers daily,” he said.
“Between Christmas and New Year’s we paid out $987,469.22. Most licensees weren’t even open but we paid out almost a million dollars to our advisers at a time when they need it the most.”
Mr Trapnell also revealed the licensee’s ambitious growth plans to enter the top 10 dealer groups by adviser count, estimating that Synchron is currently 12th largest and the largest independently owned group by a “large margin”.
“2013 was our annus horribilis,” Mr Trapnell said in a reference to the death of fellow Synchron director and AFA luminary Paul Riegelhuth.
“But we would have to say that 2014 has been our annus mirabilis,” he added, pointing to Synchron’s 18 per cent year-on-year growth rate and the additional $10 million revenue generated.
However, Mr Trapnell also said that while the licensee is pursuing its growth target, it will not be willing to forgo its “family feel” – despite external business advisers recommending a more corporate structure and outlook – arguing this change in philosophy is “too high a price to pay”.
Adviser banned for disregarding director duties
A former Sydney financial adviser has been banned for five years by ASIC for dis...
Quality advisers migrating to ‘non-aligned’ firms
A new whitepaper has acknowledged the push towards quality financial advisers mi...
Advice firms must rise to ‘fairness challenge’: ASIC
The corporate regulator has called on financial advice firms to rise up to what ...