A director at Synchron has responded to the departure of former authorised representative Wealth Enhancers, saying he is proud of their past association and has praised the new business model.
ifa reported this week that Wealth Enhancers had left the licensee to establish its own AFSL, and Synchron director Don Trapnell said he wanted to show his support.
"John [Prossor] and I and the team at Synchron would like to publicly show our support and best wishes for Finn [Kelly] and Sarah [Riegelhuth] and Wealth Enhancers," Mr Trapnell said, commenting on ifa's website.
"We are proud of their past association with Synchron and trust their different model will bring them the success they rightfully seek."
Wealth Enhancers' new licence is known as We Are Gen Y – a reference to the firm's strict focus on Generation Y clients. The company also announced this week that its membership-based practice has become application-only as a way to protect the quality of its client base.
Wealth Enhancers chief executive Finn Kelly – also responding on the ifa website – said he chose to describe his members as "tall poppies" because they identify with the term.
"We're proud of the important role we play in our members' lives," Mr Kelly said. "We support and coach them to achieve both personal and related financial goals. We have chosen the term 'tall poppy' because we identify with this and it speaks directly to our audience.
"This is how we have chosen to run our business in order to provide the best offering to our members. There are many different business models that work and we are certainly not saying that the way we run our company is any better than any other business model.
"We care deeply about what we do, and are very optimistic about the future of our profession," he said.
ifa sought further comment, but Mr Kelly and Mr Trapnell had not responded by deadline.
Amendments to superannuation law introduced in October have not yet progressed through Parliament. ...
The investment platform has added 12 ESG-focused investment options to its menu in an effort to meet growing adviser and client needs. ...
An ex-bank adviser’s financial services ban has been varied by the Administrative Appeals Tribunal. ...