Wealth Enhancers departs Synchron, sets up AFSL
Formerly Synchron-aligned Wealth Enhancers has set up its own AFSL and moved to limit its client base to "high-achieving, high-performing" young individuals.
The financial planning firm became self-licensed earlier this year after working under Synchron since October 2006, a spokesperson confirmed. The new licence is known as We Are Gen Y – a reference to the firm's strict focus on Generation Y clients.
Speaking to ifa, Synchron director and compliance manager John Prossor confirmed it was Wealth Enhancer's choice to leave the licensee.
"They certainly left to establish their own licence and I think it's going very well for them," he said.
Wealth Enhancers' chief experience officer Sarah Riegelhuth was the daughter of Synchron co-founder, Paul Riegelhuth.
The move to cap clients is an effort to retain the group's quality of Generation Y "tall poppies", Wealth Enhancers announced yesterday.
The membership-based practice is now application-only, with requests for service processed through its new website, wealthenhancers.community.
"Our members join us because they want to be the best version of themselves that they can be. They want to push themselves and they want to be kept accountable, but most importantly, they value their fellow members. It's critical that we keep the quality within our community as we grow," Ms Riegelhuth said.
"Our team also put their hearts and souls into the members, and working with people who don't get it, don't value, or simply don't want to put in the hard work just isn't worth it for them. It's crushing for them to experience someone giving up on themselves as it's just not in our culture."
According to the website, members enjoy regular coaching sessions and ongoing financial advice. In addition, they can attend Wealth Enhancers member-only events and "get around high-achieving Gen-Yers because we all know that success breeds success."
Membership fees can range from $559 a month for individuals to $1,299 a month for couples, according to the website. When considering potential new members, the company said it looks for several traits, including a successful career, value of advice and engagement with the community.
"We are rallying against the tall poppy syndrome that runs rampant in Australia. We know that success breeds success and negativity is a real block to progress. Our members all identify as being tall poppies. It's what we call each other," said Wealth Enhancers chief executive, Finn Kelly.
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