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”.
What self congratulatory indulgent BS. Don Trapnell would be better off dealing with things that’s matter. Also I’m a bit over the ‘independently owned’ tag as a means of favourable word association with true legally defined ‘independent advice’ It’s still a dealership and apart from a better than average talent for making less than remarkable statements in IFA don’t seem to do anything else to write home about.
Gee wiz,sycron paid it’s advisers over Christmas.Who would ever think that a dealer group would not forefill it’s obligations over the Xmas period! Pretty amazing stuff…. Not.
Advisors being paid daily…….who cares! If a business has to be paid daily to maintain a cashflow, then they’re in trouble………….not a good story!
Tongue in cheek guys!!! this line was extracted from an internal bulletin. It is the holiday period somewhat and news is slow. Smile. we have much more challenging issues to deal with as we move into 2015. BTW Philip until they change the licensee structure no one else can receive the income except an AFSL. It cant go to an adviser directly.
And the point of this story is that a dealer group pays their advisers daily…Wow! Please stop! How about telling us all a good story such as how your advisers have helped their clients with a claim or an investment strategy for example?
A better story would be “clients got serviced over the holidays”. Whilst ever the story is about the adviser and payment rather than the client and service it remains difficult for attitudes to change.
You mean there are businesses out there that don’t pay their staff during the holiday period because they are ‘closed’?
This is so Third World. Why aren’t the advisers getting paid by their clients? “Dealer Groups” sound more like commission agents collection services to me. It’s time the business model that separates advisers from their clients changed and the only “dealing” is for aggregation of matters such as compliance services and training, rather than revenue management.
Well done, Don. Yes GPS Wealth’s staff came in off holidays on the 29th just to process the fortnightly payments run for advisers so they continued to get paid. May not be daily but I am sure our advisers appreciated the effort to get money to them.