Finding efficiencies essential to post LIF advice
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.
"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."
AUTHOR
Nicholas O'Donoghue
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
