- Use of Synchron Medical Skyrockets;
- Investment Trends 2017 Planner Technology Report
Use of Synchron Medical Skyrockets
Risk-focussed licensee, Synchron, has released a statement noting engagement with its Synchron Medical service, established to help the firm’s advisers manage and monitor medical requirements for insurance clients, has more than quadrupled in a 12-month period.
Synchron Director, Don Trapnell, noted, “In 2015, there were 550 referrals to Synchron Medical from Synchron advisers. In 2016 there were 2,270…That is a phenomenal increase which demonstrates that Synchron advisers are finding the service highly valuable.”
The statement notes Synchron Medical is an Australia-wide service launched in 2012, which offers management of pathology, paramedical and medical assessments. It allows advisers to:
- Monitor the collection of medical information for life insurance clients
- Request, track and monitor the status of client medical tests and information online
In addition to these features, Trapnell said the service means advisers enjoy having more visibility over their clients’ insurance applications, while the adviser is also able to offer the client the comfort of brand recognition rather than a faceless unknown medical service. “There is huge comfort for a client to be informed that our own pathology service will be coming out to conduct the necessary tests. We regard the Synchron Medical service to be a premier service that goes beyond the normal to satisfy our advisers’ pathology needs,” said Trapnell.
Investment Trends 2017 Planner Technology Report
Research firm, Investment Trends, has rolled out its 2017 Planner Technology Report, where the key highlights included:
- Financial planners’ needs are evolving, but technology providers are struggling to keep pace. The door is open for tech savvy providers to stake their claim
- The newer platforms are mounting a strong challenge against the established players – existing planner relationships will be put to the test
- The top five platforms by overall satisfaction are:
1. Netwealth & HUB24 (joint 1st)
3. CFS FirstChoice
4. BT Wrap
5. Macquarie Wrap - The top three software providers by overall satisfaction score are:
1. AdviserLogic
2. Midwinter
3. XPLAN
…the average financial planner uses 3.2 separate systems to collect data
Interestingly, notwithstanding the endeavour of software providers to deliver a ‘one-stop-shop’ service for advisers, Investment Trends noted that the average financial planner uses 3.2 separate systems to collect data required for client reviews. If given the opportunity to consolidate to one single system, the researcher said planners and advisers overwhelmingly prefer their planning software to fulfil this role, ahead of their platforms or third party standalone solutions.
