Synchron has developed a new succession strategy that benefits both young advisers starting out in the industry and older advisers planning their exit.
The program, which involves a younger adviser being provided with five potential clients per week, gives individuals who are new to the industry the opportunity to establish a viable business.
Providing leads to a young adviser who has been employed by an experienced adviser also provides the older adviser's succession plan with targeted support, Synchron director Don Trapnell said.
"One of the problems associated with bringing a younger representative into a business, with a view to succession, has been the aspect of how you fund the wages of the younger adviser," he said.
"As an industry we have to find ways to bridge the salary gap for the employing advisers and his protégé until the new player builds their own cashflow.
"By Synchron providing up to five leads per week, the younger adviser would hopefully meet his own costs through additional sales into the business."
Synchron will access these leads from within its adviser network with the potential clients seeking insurance services. Market research has shown that of every five qualified potential leads provided to the adviser two become real clients, Trapnell said.
Older advisers seeking to exit the industry also benefit from the mentoring program, he said.
"We believe the best way to service the older advisers' interest is to bring the younger adviser in."
