Non-aligned dealer group, Synchron, has released data indicating it is the only top 15 licensee firm to have increased its adviser numbers in recent months.
On the heels of a recent report that reaffirms the decline in overall numbers of authorised representatives in Australia, Synchron’s MD, Don Trapnell, provided details at a press briefing in Sydney last week which reports recent positive growth for Synchron in its adviser numbers – according to ASIC’s Financial Adviser Register.
Unsurprisingly, most of the other top-tier firms are aligned with banks and other institutions, and have been subject to significant recent pressures applied to financial institutions and the advice businesses they own, particularly following the 2018 Banking Royal Commission and the release of its recommendations by Commissioner Hayne a year ago (see also: Lowest Adviser Numbers Since 2015).
Trapnell said 534 authorised representatives were licensed by Synchron as at 23 January 2020, making it the fourth-ranked dealer by adviser numbers, behind:
- AMP Financial Planning – 1,155 advisers
- SMSF Advisers Network – 907 advisers
- Charter – 579 advisers
While Synchron’s adviser numbers continue to increase, Trapnell emphasised that more than half of all advisers (54%) applying to operate under Synchron’s AFSL are rejected because of due diligence issues or because they did not fit the profile of advisers who work within the family culture for which Synchron is known to favour.
The Sydney briefing was built around introducing two of Synchron’s new senior management recruits: Ian Knight – GM Operations and Michael Jones – GM Legal, Risk and Compliance (see: New Management Team to Lead Synchron).
These appointments form part of a succession plan that will see Trapnell and fellow long-standing Director, John Prossor, commence a strategic hand-over of their respective roles to Knight and Jones, while still working within the business.