Synchron grows planning numbers despite grandfathering
Dealer group Synchron has confirmed it is accepting adviser applications to join its ranks irrespective of the still-to-be-decided rules around grandfathering.
In an analysis of where the group is currently headed issued this week, Synchron director Don Trapnell said the dealer group was doing so because "this is no doubt whatsoever that the anomaly in the grandfathering provisions will be corrected at the first possible opportunity".
"Both sides of politics have now acknowledged that the grandfathering issue was in fact an unintended consequence of the FOFA reforms," he said. "ASIC's no-action stance on the issue has given us the confidence to again accept adviser applications."
The consequence had been that Synchron had increased its adviser numbers by over 10 per cent during the period 1 March 2014-7 April 2014 and had had to recruit additional permanent staff members to its head office in Melbourne.
Trapnell said 34 individual advisers had applied to move to Synchron in just over a month and more applications were pending.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
