Vale Michael Harrison

Former Synchron chair Michael Harrison has died at age 78 after a long illness.

Harrison died on Sunday, 21 May in Melbourne after a long illness, a statement said, and was survived by his wife and five children.

He had first become involved with Synchron in 2007 when he was appointed as the firm’s business strategy and marketing consultant, then was appointed chair in April 2011.

He held this role until the firm’s sale to WT Financial last year.

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Don Trapnell, former executive director at Synchron, said: “With his help, we transformed Synchron into one of the largest non-institutionally owned licensees in the country and a preferred dealer group for both younger advisers and our traditional network of older advisers.

“He was one of the main instigators of our ground-breaking NextGen boot camp for young advisers and industry participants, and he went with me to the UK in 2015, to uncover the real story in relation to life insurance commissions in that part of the world.”

Harrison was also instrumental in the firm’s legal battle with the State Revenue Office of Victoria over the imposition of payroll tax on the earnings of financial advice practices that did not employ two or more people.

“It was Michael who successfully led that fight, saving not only Synchron but potentially all licensees across the industry, from a hefty payroll tax bill that could have had a profound negative impact on their businesses,” he said.

“He was not just committed to Synchron’s success, but to the ongoing success of financial advisers, particularly risk-focused advisers. He deeply understood the financial services landscape and the drivers of change. I greatly respected his business acumen and will profoundly miss his friendship.”

As well as his work at Synchron, Harrison was deputy lord mayor of Adelaide for three terms, sat on government and private company boards, and consulted clients including the Australian Competition and Consumer Commission and Zurich Financial Services.