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."