The financial advice industry is mourning the loss of Synchron founder and director Paul Riegelhuth, who died late last week after an accident at his home on Sunday 28 April.
Riegelhuth had suffered a fall in his home which left him in a coma and on life support. The Association of Financial Advisers (AFA) president Michael Nowak advised AFA members late last week that Riegelhuth had passed away.
His fellow Synchron directors, Don Trapnell and John Prossor, said they were shattered by the news.
"We have lost not only our business partner but a dear mate and a lifelong friend," they said in a statement.
"This Sunday, 5 May, we were to celebrate the 30th anniversary of working together," Trapnell added. "That's longer than most marriages."
Riegelhuth, who was an AFA Life Member, entered the industry as an insurance clerk with South British United in 1965. He later moved to Mercantile Mutual where he became branch manager before going to Friends Provident where he met Trapnell.
Riegelhuth — or "Riggles" to his friends — founded Synchron in 1998. Trapnell joined him a year later, while Prossor came on board in 2001.
"Paul was incredibly knowledgeable and professional in the life insurance industry," Trapnell said. "He really believed in the value of the work we do with our clients and was a passionate supporter of the industry."
He leaves behind his wife Glenda, and children Sarah, Emma and Shane.
Sarah Riegelhuth, who runs Synchron-aligned financial planning business Wealth Enhancers, is the third generation of Riegelhuths to work in the industry, while Shane — his stepson — works in Paul's retail business WealthMap.
The Money Management team conveys its sympathies to the Riegelhuth family.