Synchron director Don Trapnell told Risk Adviser last week that the group hired Michael Jones, formerly UBS Wealth Management Australia’s director of compliance.
The appointment is intended to help Synchron director John Prossor, who heads up compliance, to “slowly take a backward step” from his role.
“This will allow John to work from five days a week to four days a week and so on,” Mr Trapnell said.
The group is also looking to a hire a general manager, who will slowly replace Mr Trapnell. The transition will take place over the next five to six years.
The two directors plan to remain part of Synchron as non-executive directors.
Mr Trapnell said the years’-long transition is necessary so that the new hires “understand the way we think”.
He also shut down rumours that he is planning to sell Synchron.
“We’ve created a culture where people want to be a part of our organisation. We are a family business, we are not corporatised,” he said.
“We don’t want to lose that family feel […] We looked at how Michael related to our staff and he’s a good culture fit.”
Synchron recently hit 400 authorised representatives in its network, a new milestone for the group. Mr Trapnell said the new goal is to reach 500 in the next three years.
