Synchron has confirmed that it is on track to reach 500 advisers by late 2018 despite rejecting around half of advisers who apply to join the group according to director Don Trapnell.
He said the group was aiming for net growth of 9 to 10% per annum over the next two years which would lift the group from its current number of 427 authorised representatives to around 500, and make it the second largest licensee by risk new business and the fifth largest by advisers.
Trapnell, who flagged the growth of the group earlier this year, said reaching 500 advisers would take two years “…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.”
He said the main reason Synchron was rejecting new adviser applicants was due to the group’s high compliance standards and despite this was attracting both risk adviser as well as those offering financial planning and superannuation advice.
“Advisers also seem to be attracted to us because of our size – we are now one of the largest licensees in the country; the third largest licensee overall by risk new business and the seventh largest by adviser numbers,” Trapnell said.
Trapnell also stated that while he, and fellow director John Prossor, had previously announced a gradual departure from the business the process would not be rushed despite the appointment of Michael Jones in June 2016 as Synchron’s Compliance Manager.
“We recently appointed Michael Jones as compliance manager to allow John to start the process of very slowly exiting the business and taking up a role as non-executive director. Within two years, I intend to seek a general manager for Synchron to enable me to do the same.”
“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 – but all in the fullness of time, not in the immediate future.”
Lonsdale Rewards Excellence
Lonsdale Financial Group has recognised a number of its advisers and practices for their high level of advice and investment in professional development at the group’s recent annual conference.
Lonsdale named Peter Fry of of Victorian-based, Fry Financial Services as its Financial Planner of the Year while Adviser fp from Parramatta in NSW was named Practice of the Year. The Dealer Associate of the Year Award was won by Morse Group based in Western NSW and the Future Leaders Award was given to Chris Rehbein of Capital Focused in Brisbane.
Lonsdale Chief Executive, Mark Stephen said the awards also recognised a commitment to clients through different financial life stages and were judged on detailed assessments of business productivity, compliance audit ratings, professionalism, education and industry participation.
“These awards recognise the dedication, quality and professionalism of planners within Lonsdale’s 120 practices across Australia. We are delighted for this year’s award winners and congratulate them on their outstanding achievements,” Stephen said.
