Financial planning group Synchron has released commission management software and a new referral arrangement to its advisers as part of efforts to reduce the impact on revenue under the Life Insurance Framework (LIF).
Synchron Director, Don Trapnell said the release of the two initiatives, announced at the group’s recent nationwide professional development days, was a response to the release of the LIF remuneration details.
Trapnell said Synchron believes these details will cause a progressive reduction in income from 1 July 2015 for life insurance advisers across the board and had moved to rollout the software and referral packages it had created.
The software package – SyncAdvsr, which was the result of a six-figure annual investment by Synchron – will automatically create fee disclosure statements and opt-in notices and monitor their return while also providing advisers with business metrics which group commissions and/or fees received per adviser, per life company and per fund manager.
Trapnell said the software would also calculate and create commission and fee split statements for advisers who have referral arrangements with accountants, general insurance brokers and finance brokers.
The second initiative, a referral arrangement with wholesale mortgage funder AdvantEdge, will allow Synchron advisers to refer finance broking to an AdvantEdge licensed adviser and be paid for that referral.
“We know that at any point in time, one in seven consumers is reconsidering their mortgage and finance arrangements. We believe it is appropriate that Synchron advisers be afforded the opportunity to satisfy that need by referring clients on to a licensed finance broker and be remunerated for it,” Trapnell said.
“As a licensee we believe it is absolutely critical to help our advisers stay in business, so that they are here tomorrow and the day after and the day after that in order to continue to support and service their clients.”
