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.
Why in a world where we are finally understanding that goals based advice is the way forward are we pumping up a dealer group for selling more insurance policies than the average group of their size?
Sure, insurance is important but I think this is a strange article considering what has been posted in previous weeks.
I’m not quite sure what your insinuation is Anonymous. I’m no Synchron adviser, though in broad terms there are easy answers to your question.
For example
Perhaps they have a younger client base (working age as opposed to retirees)
And, obviously, better processes in advising/ implementing wealth protection policies. (e.g. no secret that SMSF advisers – as a cohort – are not as well equipped to advise on life and disability insurance).
I will say that I am a strong believer in life and disability insurance having seen successful claims paid on many occasions.
Reminds me of the saying “weighing the pig doesn’t make it fatter”.