Synchron says it is “punching above its weight” after it announced figures showing major growth in new risk business as well as a need to grow the licensee in South Australia.
At an event in Adelaide yesterday, Synchron revealed it made $23.8 million from new life insurance business during 2016, a growth of $3.6 million.
It was ranked number three out of Australia's top 12 licensees in terms of new risk business with 12.4 per cent growth and a 4.5 per cent market share, behind just AMP Financial Planning and Charter Financial Planning, Synchron said.
Synchron said it was also the only licensee within the top 12 to have significant growth in new risk business, with nine licensees recording negative growth and the other two recording minimal growth.
Synchron noted its growth from 93 advisers in 2005 to its current figure of 445 advisers, making it the 7th largest licensee in terms of adviser numbers, as well as the only licensee in the top 10 to be non-institutionally owned.
Director Don Trapnell said he is proud of the licensee’s growth.
“For every 1,000 policies of life insurance sold in Australia today, 45 are sold by Synchron advisers. For every 1,000 advisers in Australia, 23 of them are part of Synchron,” Mr Trapnell said.
“That means we're punching way above our weight.”
In addition, Mr Trapnell noted Synchron’s intention to further grow the licensee in South Australia.
“Why haven't we grown in South Australia? 8.1 per cent of the population of Australia is in South Australia. We have 5 representatives,” Mr Trapnell said.
“They're lonely. I trust and know that Sheridan Wright will change that.”
In April, Synchron announced the appointment of Sheridan Wright as Synchron’s South Australia/Northern Territory state manager.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:30Adviser incentives still valuable: ElixirBy Killian Plastow
- 10:46ETF industry hits record high in 2018By Reporter
- 10:26Investors place support behind FinPalBy Charbel Kadib
- 13 Jul 2018FASEA exam may disadvantage clients: ConsultantBy Miranda Brownlee
- 13 Jul 2018Industry associations respond to FASEA updateBy Killian Plastow
- 13 Jul 2018Profile Financial Services acquires regional practiceBy Reporter
- view all