Following on from its partnership with AIA to create a Life Insurance Framework-friendly insurance product, Synchron has announced two new LIF support initiatives.
The first is SyncAdvsr, a software package designed to automatically produce fee disclosure statements and opt-in notices. The software also monitors group commissions received per adviser, per insurer and per fund manager, along with generating commission statements for referral sources.
"Following the release of LIF details, we recognize that no matter how many ways you slice and dice it, life insurance advisers will be suffering from July 1st on a progressive basis due to a reduction in income," Synchron director Don Trapnell said.
"We have made SyncAdvsr available to every Synchron advice business as part of the Synchron suite of services and we expect it to not only improve business efficiencies, but to also help advisers with client engagement and ongoing client relationships."
Synchron has also introduced a referral arrangement to Advantedge Financial Solutions, the NAB-owned mortgage broking service. Trapnell explained, "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 Financial Solutions will facilitate that."
We invite you to watch our latest video featuring Bell Direct chief executive officer Arnie Selvarajah.
In the video and accompanying article he explains how easily the increasing number of advisers using ... Watch video
Financial Standard editor Mark Smith presents a roundup of the week's biggest industry news and executive appointments. In this week's news:
O'Dwyer says life insurance back on the agenda
After being ... Watch video
It is often said by equity managers with a mandate to scour the entire globe for investment ideas that getting the geographic allocation right in any given year is the most important driver of returns.
That's ... Watch video
We invite you to watch our latest video featuring the head of ANZ ETFS, Kris Walesby.
In it he introduces a new ETF, due for launch later in July, which tracks the Euro Stoxx 50 index of major companies ... Watch video
We invite you to watch our latest video featuring Zurich Investments senior investment strategist Patrick Noble.
The question of how to generate a satisfactory return to meet investors' needs is becoming ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.