Finding efficiencies essential to post LIF advice

23 February 2016

Advisers are being urged to find efficiencies in their businesses before the impact of the Life Insurance Framework (LIF) impacts their revenue, Synchron director, Don Trapnell, believes.

Trapnell said that "no matter how many ways you slice and dice it, life insurance advisers will be suffering from 1 July", as they feel the effects of the LIF.

Responding to the needs of advisers, Trapnell said Synchron had developed two systems to help advisers work more efficiently.

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"For this reason, we recently launched SyncAdvsr, a new software package designed to reduce the amount of work advisers have to do to maintain their business," he said.

"We also introduced a referral arrangement with AdvantEdge Financial Services which allows 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.

"The arrangement with AdvantEdge will facilitate that."

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