Synchron practice shuns platform for MDA
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Synchron practice shuns platform for MDA


Award-winning Synchron authorised representative Mediq Financial Services has gone ‘off platform’ in response to growing client demand and thirst for administration efficiencies.

Mediq managing partner Ravi Agarwal, who was crowned Practice Principal of the Year at the 2014 ifa Excellence Awards, has moved his business away from traditional investment platforms after “road-testing” a number of administration offers within the market.

Mr Agarwal will instead launch a managed discretionary account (MDA) in partnership with, with clients – most of whom are members of the medical profession – to be transitioned over the next 12 to 18 months.

“Many of our clients have a self-managed super fund and want to invest directly in a broad range of investments without the hassle of responding to a Record of Advice when there are changes to their portfolio,” he said.

“Medical professionals are time-poor and they want us to manage their financial affairs. We believe the new MDA solution will dramatically lift efficiency and help us add significant value for clients. This will ultimately help our business grow.”

Mr Agarwal pointed to a number of client and practice benefits that he anticipates will come from the change, including greater freedom for both and lower costs associated with service delivery for the adviser.

David Heather, chief executive of, said the movement of Mediq to an MDA structure is reflective of a recent surge of interest in managed accounts.

“It is great to see yet another firm wanting to gain better control of the client’s investment outcomes, but also deliver a business improvement solution,” Mr Heather said.

Synchron practice shuns platform for MDA
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