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.
Haters gonna hate… Many great dealer groups out there, but Synchron is clearly one of the best. Never had an EU and works hard to build up its young advisers. Congrats to Don, John and all the Synchron Family
What’s even funnier, is that they reject anyone outright who has worked for another dealer that was under an EU at any given time (Anon, unfortunately that includes those Sentry advisers that came from Weathsure as well. They’ve been knocking them back too)
I don’t think so. I came from a dealer group that had an EU and they accepted me. My experience indicates that they examine each adviser on a case by case basis. All are not tarred with the same brush.
Funny given they have so many enforceable undertakings for Compliance Breaches. your 15 mins of fame was up a while ago Trapnell.
Apologies for the late response to this comment. I have been at the Synchron NextGen Conference in Alice Springs developing our young advisers. This comment is false – Synchron has never had an EU. Please factcheck before making defamatory comments.
Michael Melamed was issued with an EU after his advice between March 13 and January 15 was considered to be poor. Coincidentally he was licensed to Synchron in this time. Did Synchron know about this?
Talk to the Qld Sentry advisers. Unrest a plenty there.
They only reject advisers because they don’t have a compliance structure in place to help develop advisers to become better. They are doing absolutely nothing positive for the industry by not developing new advisers especially with the new regulations.
Synchron have a nextgen conference, specifically for development of young advisers under age 40. I haven’t heard any other DG doing this.
I’m not sure why you think they’re not doing anything to develop young advisers as they have a conference only for advisers under 40. . . .
Hey Andrew,
Funny you should say that, I have just come back from the Synchron NextGen Conference today. This was an entire conference for 4 days based upon building advisers under 40. We had 64 ARs attend, where the focus was on ensuring that we were able to develop a support structure amongst ourselves, and with BDMs from multiple providers to assist our clients further. Furthermore Synchron’s compliance structure provides all ARs with comprehensive assistance, guidance and audit. Synchron may not be for everyone, but you cant come with alleged accusations or statements without valid proof.
Have to say Andrew, a quick check would have shown Synchron has just wrapped up their 10th and most successful conference targeted specifically for advisers under the age of 40. Not to mention the in house mentoring system they implemented quite a few years ago. They as a licencee go above and beyond in this regard and work tirelessly to represent us all.
Andrew, as the only licencee that has a conference which focuses on training advisers (both technically and personally) who must be under 40 in order to attend. I’d say Synchron are the industry leaders in this area, especially with the new regulations. I do not know of any other licensee with something similar. Not only that, with the family style culture, the Synchron heads are all personally contactable to all advisers. Please get your facts straight before deciding to become a keyboard warrior.
Andrew, it is quite upsetting that you can make a statement like you did when you are so uninformed. If you can be open minded enough to do your homework and read more into Synchron’s implemented strategies for growth, support and compliance you may understand why statements such as “I’d say Synchron are the industry leaders in this area, especially with the new regulations.” are made and supported by many inside and outside of the Synchron Family. All the best!
Thanks for all your replies. I just don’t think that advertising you don’t check the advice provided to the clients or that the SOAs are compliant before them going out is a great method to ensure compliance is maintained.
And in terms of your conference that you all seem to have your back up about, surely you all realise most BDMs are happy to meet with you whenever you want. No need to go sit in Alice Springs for 4 days while they speak to a group of people. I would rather the more personal approach.
Look forward to the day when growth goals are set and measured by how many clients’ lives are positively impacted, not by how many products are sold.
Gosh, I could not agree with you more Susie. Unfortunately that is very difficult to quantify, so we turn to the only measurable yardsticks we have, and that is Adviser count and turnover. I guess, that translates to a certain extent to customers lives positively impacted.
Don Trapnell