Dealer group Synchron has announced it will aim to grow its adviser network over the next two years and become one of the largest licensees in Australia.
According to a statement, the dealer group’s goal is to reach 500 authorised representatives by September 2018.
This growth would make “Synchron the second largest licensee in Australia by risk new business and the fifth largest by adviser count”, the statement said.
Synchron director Don Trapnell said this goal, however, may be difficult to achieve.
“We are looking for slow and steady net growth, but even so, we realise we have our work cut out for us to reach the magic 500,” he said.
“This is because statistically, for every 100 people who make an enquiry about joining Synchron, only half end up meeting our rigorous selection criteria to become authorised representatives.”
One of the reasons for the high rejection rate is because some advisers do not meet Synchron’s compliance standards, Mr Trapnell said.
“Compliance must be the number one concern of all our advisers,” Mr Trapnell said.
“We want to know that their businesses are placing the interests of clients first, in a compliant and businesslike way. This approach also helps to build sustainable advice businesses. If the client is happy, the business is likely to be sustainable.”
Synchron’s growth announcement comes after Mr Trapnell and fellow director John Prossor said they are starting to “slowly relinquish” their day-to-day duties.
Mr Trapnell said this very slow process, which will take years, will help instil the Synchron culture into the new Synchron management team.
“There is no reason in the world why Synchron cannot continue to grow and prosper under that new team, with John and I in the roles of non-executive directors,” he said.
The corporate regulator has extended the temporary relief for financial advice a...
Two of the big four banks are now forecasting another rate cut at the RBA’s Oc...
The corporate regulator has roughly halved the number of individuals it has bann...